As the 2018 holiday season is now officially in progress, you may be considering whether or not you will provide your tenants with a small (or even a large) gift or other token of your appreciation for their business.
Doing so can actually bring about a number of nice benefits. First, giving your tenants a gift could cause them to treat your property with care – ultimately leading to fewer maintenance issues. It could also be a catalyst for your tenants to remain in the property long-term, and in turn, eliminate the need for marketing a vacant unit in the near future.
There are any number of nice gifts that you can present to your tenants. Just some of these include:
- Gift cards for movie theaters and / or restaurants
- Gift baskets (these could include cookies, hot cocoa, or a variety of other nice items)
- A discount on rent for the following month
- Free painting of one or two rooms in the home or unit
In addition to exuding a feeling of good will for your tenants, there are some other monetary-related benefits for you when you give the residents of your rental property a gift. One of these can come in the form of a tax deduction.
Here, for instance, gifts that are given to tenants are an allowable business expense that can be taken on your federal income tax return. But there are some limits that you need to adhere to. In this case, when you give someone a gift for business purposes, the deduction cannot exceed $25 per person, per year.1
While giving gifts and doing other nice things for your tenants can equate to a number of positives, doing so can also take up a great deal of your time – especially when it is added on top of your regular year-round management of tenants and maintenance of the property.
If you’d like to hand off some of these time-consuming duties, though, we can help. By partnering with an experienced property management team, you’ll be able to focus on other things, while still attaining the benefit of being an investment property owner.
Want more information on how a property management team can work for you? Just give us a call today!