I'm currently starting my REI journey; I'm about three months since finding my interest for SFH rental properties. My goal is to have my first property by next fall. I am developing systems for my local market. I've been thinking about trying to develop a system in which I can offer an incentive for my clients, rather than always focusing on the negative punishments (fines, fees, eviction, etc.). Don't get me wrong, I believe those are important guidelines to establish. Yet, I'm starting to think that if I could reward good behavior from my tenant rather than focusing on finding something to punish, then we could have a much more positive experience. Some brief examples of what I've been brainstorming includes:
- Thorough documentation of the property before the tenants move in and before their lease ends. Compare both the images/video and if the property is equal or better condition then the last months rent will be dumped.
- Take off X amount of dollars in rent per month for no neighbor noise complaints.
- Agree to not raise the rent prices if the tenant agrees to upkeep property to your standards.
- Give a stipend for all repairs done by the tenant with your approved contractors.
These are just a few of the ideas that have been bouncing around in my head. I would love to hear others thoughts, ideas or experiences in regards to this topic. Cheers!
