As a person in property management, it is your responsibility to keep both the tenants and the landlords of the buildings you manage happy. If you are currently struggling with getting all of your tenants to pay rent on time and take care of their properties, and are also having to deal with a landlord who isn't happy they aren't getting paid on time, you need to set up a reward system for the properties that you manage.
How The System Works
A reward systems is a great way to help your tenants develop model tenant behavior, such as paying their rent on time, taking the trash out, keeping common areas looking nice, and keeping their apartments in good shape. If this is something that you are struggling with, you need to develop a rewards system for your tenants where they earn points for doing the type of tasks listed above.
By earning points for these behaviors, your tenants will have some additional incentive to do them. It will also give your tenants a sense of accomplishment and achievement when they complete the tasks that you reward points for.
This system benefits you and the owners of the property you manage in multiple ways. To start with, if there is a reward for paying rent on time or early, you will most likely increase the rate of rent paid on time and decrease late payments.
Next, when your tenants earn rewards for taking care of their apartment and the community they live in, the property will stay in better shape which will benefit the owners of the property. The better taken care of their properties are, the more attractive they will look to prospective tenants. It will also mean less maintenance for the property owners if the tenants respect and take care of their apartments.
Determine What You Reward Points For
Focus on rewarding points for behaviors that you want to see your tenants exhibit, such as paying their rent early or on time. You can also give out points for community involvement, such as volunteering to do yard work, clean a common community area, or do a security check of the property at night.
The reward points do not have to stay the same throughout the year. For example, in the fall, you can give out points to all the tenants who rake up their own leaves. Or in the winter, you can give points to all the tenants who shovel their walkways when it snows.
Determine What The Rewards Will Be
You may want to poll your community of tenants and see what type of rewards they would be interested in warning; that way, you can ensure that your rewards are things that your tenants would actually be invested in earning.
Send out a survey of interest in the program either electronically or through the mail, and attach a reward for completing the survey, such a free pizza for anyone who gets it in by a certain date. Then use that survey to finalize the structure of your rewards system.
Rewards could vary from gift certificates to local restaurants and stores to apartment improvements.
A rewards system is a great way to get your tenants to exhibit the type of behavior that would make your community thrive. It will also benefit the owners of the property by having engaged tenants who take pride in where they live. Start planning a rewards system for the properties you manage this week.