A common question often faced by property owners and landlords is whether they should give Christmas gifts to their renters. Some see it as a lovely gesture that will build a foundation of goodwill, increasing the likelihood that your tenants will stay longer. But does that mean you ought to as well?
The short answer is YES — if you genuinely want to. Among landlords, there are varying opinions on giving Christmas gifts. Some property owners might feel that it is appropriate to express their appreciation and to let their tenants know that they’re valued through modest, yet thoughtful gifts or seasonal greeting cards. On the other hand, other landlords don’t view gift giving as a necessity. They prefer to keep things strictly business.
Here are some of the positives and negatives of landlords giving Christmas gifts to their tenants.
The Pros of Landlords Giving Christmas Gifts To Renters
In keeping with the holiday spirit of the season, people in the business world see the value in giving gifts to their contacts, customers, service providers and business partners to let them know that they’re appreciated. The same can be said of landlords providing Christmas gifts to their tenants during the Yuletide season.
More often than not, landlords giving out moderate Christmas gifts cements their business relationships and fosters positive feelings between them and their renters. This certainly helps in resolving future concerns or issues that may arise with your property. When you have high-quality renters that you would like to encourage to stay for the long haul, even just small tokens of appreciation can foster goodwill and make them more likely to renew their lease.
The Cons of Landlords Giving Christmas Gifts To Tenants
On the other hand, some property owners prefer to keep the relationship strictly professional. Some landlords feel that providing Christmas gifts will give renters the wrong idea and could alter the dynamics of the relationship to something other than a mere business relationship. Some landlords feel that they’ve already done enough for their tenants and are of the belief that they’re only obligated to give gifts to their immediate family and friends.
Other property managers have a number of properties in their portfolio. They reason that the practice of landlords giving out even small Christmas gifts can add up over the holidays and take a chunk out of their designated budget for spring renovations and other upcoming upgrades they have planned for properties.
Our Take On Giving Holiday Gifts
Every case is unique, at least to some degree. Therefore, it is entirely up to you to decide whether the practice of landlords providing Christmas gifts to tenants is appropriate for your circumstances. If you’re out of budget or simply aren’t 100% comfortable with the practice, that’s perfectly fine. Go with your gut. The other side of the coin is that when you take the time to provide small, helpful gifts to your tenants, it could go a long way toward solidifying your relationships with tenants and ensuring longer tenancies.