Property management firms work with a variety of clients from owners and tenants to vendors and contractors. The holiday season is a perfect time of year to thank those who have made an impact on your life and contributed towards the success of your rental business with properties to manage, occupied units, and jobs well done.
Holiday gift giving should always be about the message your gift represents, not the item you are giving. In that sense, you should never stretch your purse strings to accommodate a present list that would negatively affect you or your business. For property managers or landlords with multiple people on their nice list, a simple holiday card with a personalized message is an excellent and affordable gesture to show your gratitude and spread the seasonal cheer.
If your budget allows for a bit of flexibility to pick out a special treat to nurture your professional relationships, here are some ideas for your tenants, owners and vendors:
Gifts for Tenants
- Great Gift – Gift Certificate: $10-$20 at a local coffee shop or Target is an inexpensive way to give your tenants something special as a thank you for a great year of tenancy.
- Amazing Gift- Rent Discount : With most people’s budgets tight this time of year, a rent discount can be an extremely generous gift to your tenants. Even a $50 rent reduction for the month of December or January can make all the difference and help them feel truly appreciated and even encourage a lease renewal when the time comes.
Remember, if you thank one tenant, thank them all. A good property manager should not pick favorites when it comes to your tenants. If you decide to give a tenant a thank you gift, make sure every tenant receives one.
Gifts for Owners
For property managers, it is important to recognize the business your owners provide by signing up for your management services. According to Annie Pilon’s contribution to Small Business Trends, you should send something small to all of your company’s clients at least once a year. Depending on the client and how ma
- Great Gift – Box of Chocolates: Chocolates are perfectly crafted gourmet items to send your owners this holiday season. Depending on the chocolatiere you chose to order from, you can find chocolates priced from $15-$50 (or more if you want to get really fancy). You can even think outside the box, and get custom printed chocolate bars for this time of year. What about having a picture of one of your owner’s properties engraved into the sweet treat you send them?
- Amazing Gift – Gift Basket : Why send out just chocolates when you could include a variety of items in a custom gift basket. Companies like Harry & David, Wine Country, and Gourmet Gift Baskets, make is easy to create a gift basket full of different treats, including customizable options. If you know your owner enjoys wine or golf, you can theme a basket around their interests to personalize the present.
While most gifts are acceptable to send to clients, Pilon notes that this is not the time to send promotional items, like branded pens or stress balls.
Gifts for Maintenance Vendors
Maintenance vendors and service providers are likely to prefer gifts like cash or gift cards. You can decide on how much to spend based on how closely you work together and the types of work they do for you.
- Great Gift – Gift Card to a Home Improvement Store : Most maintenance vendors find themselves regulars at home improvement stores to stock up on supplies or find new tools that make their jobs easier. A gift certificate to the local hardware store or Home Depot is an easy industry gift for your service providers.
- Amazing Gift – Cash Tip : If appropriate, a cash tip this time of year may be the best way to thank your maintenance vendors. While a gift card to a home improvement store would certainly be appreciated, a cash tip can be spent on themselves or used to get something for their business.
It is important to remember not to spend too much on holiday gifts, especially when it comes to service providers. Certain vendors will have a limit on how much they are allowed to accept in terms of monetary value, while others cannot accept gifts at all. Do your research, or even ask your vendor what is appropriate in order to avoid an awkward situation down the road.
Don’t forget about your employees.
Consider hosting an employee appreciation event like a cocktail party, dinner, lunch or other social activity. The idea is to bring your team together outside of work to celebrate another year together. You could also consider giving each member of your team a small gift, like those listed above, a monetary bonus to celebrate a great year, and at the very least, try to be lenient about giving your employees time off to spend with their family on special holidays.
For more ideas about how to thank you tenants for a great year this season, check out our Holiday Gift Guide for Your Tenants.