You’re an amazing landlord; I’m sure you haven’t been told this enough! It’s hard to believe we are nearing the end of another year. Still, it allows us to take a moment, reflect on all the accomplishments, and express our gratitude to the hardworking professionals in the rental industry who are making a positive impact.
Spotlight on Amazing Landlords
In the last few years, we’ve highlighted landlords that did a reverse rent escalation, provided support and kindness during the pandemic, and served their community in numerous ways. This year is no exception in how landlords showed up as heroes. In no particular order, you’ll find just a few examples we’ve run across of how landlords across the country go above and beyond to show care for their tenants.
Zach Powers Named Housing Hero
Sonoma County, California, in conjunction with the city of Santa Rosa, initiated efforts to address the area’s housing shortage and named Zach Powers, a local landlord, the Housing Hero for November. For the last four of his 8 years as a landlord, Zach has been accepting housing vouchers to help meet the challenge for residents to secure quality affordable housing. His willingness to work with the SHARE initiative and the local housing authority when he has an opening has helped many in need find housing.
Vouchers (also called Section 8) are often provided to prospective tenants to help ease the burden of renting and provide the landlord with guaranteed and consistent payments. However, not all landlords see these benefits, and the demand is greater than the supply of available rentals which will accept them. In a press release by the county, Powers says,
“It feels good to provide housing to people who really need it and provide housing that is safe, secure and stable,”
And goes on to say in an article by The Press Democrat,
“What I look for is a stable tenant that pays the rent and takes care of the property. What I found is, in general, the tenants that I have on vouchers meet that criteria as well or sometimes better than any other tenant.”
Second Chance Leasing Programs
Tenants in the Louisville, Kansas area find a local hero in Alltrade Property Management who provides a second chance leasing program for those who may have experienced a previous eviction. In partnership with the Louisville Urban League, their eviction forgiveness program helps those with evictions older than one year find housing.
Buffalo landlord gives tenant a remodeled apartment
This construction company owner-turned-landlord went above and beyond and gave the gift of homeownership to a tenant in Buffalo. Instead of renovating and renting the lower half of a property, he gifted it to a tenant to help her have enough space to welcome her daughters from Puerto Rico. As a refugee in his youth, he wanted to ‘pay it forward as others helped him with his American Dream.
How you can be a Hero Landlord this year
Some choose to rent out of convenience, and others out of necessity. Still, both could benefit from some gifts of support from their landlords regarding security deposits and credit reporting.
Security Deposit Insurance
Moving becomes almost impossible when your original deposit is held until at least 30 days past move-out. Trying to save up for moving costs, the first and last month’s rent, and a new security deposit is tough. Security deposit insurance can make you a hero landlord by opening up the possibilities and create some very grateful tenants. There are many reasons tenants are on the move (or wish they could be). Offering security deposit insurance can open up opportunities for tenants to move closer to friends, family, a new job, schooling, or more affordable housing options. Giving tenants options makes you a landlord hero!
Credit Reporting
If you want to show up in a big way for your tenants, consider offering them the ability to have their rent payments reflected on their credit report! They will be beyond grateful for how easy it is for them to use the feature to enroll through their tenant portal when you activate the feature in your property management software. Who doesn’t want a boost to their credit score for on-time recurring payments like rent?
The Cycle of Gratitude
Despite economic uncertainty, property managers are apt to find opportunities to spread kindness and generosity. As we approach the holiday season, here are some tips to support tenant retention efforts and bring light to your community.
Resident Retention and Stress Free Property Management | A Gratitude and Mindfulness Approach
You are not in this alone, and when times get stressful, here is a little support and encouragement: Two Truths and a Lie about Stress Management: Landlord Edition.
Remember, as you need encouragement, so do those around you. Be sure to pass along that type of encouragement to your employees, vendors, and community. Share a ‘thank you with your accountant, maintenance crew, landscaper, postal and package delivery persons, neighbors, and coworkers whenever possible. The habit of expressing gratitude can, at minimum, better a moment and, at full impact, change a life.
“The habit of expressing gratitude can, at minimum, better a moment and, at full impact, change a life.”
Thankful for YOU!
You show up day after day even though managing properties can be a thankless job! We want to remind others in this season of thanks that landlords and property managers like you profoundly affect society and are worthy of recognition. Your occupation provides more than a residence for your tenants; it also gives them a place to call home. Although tenants might not understand or appreciate what you do, it doesn’t go unnoticed.
Thank you for choosing rental real estate and property management as your vocation. Your heart for serving others and your contributions to this industry are greatly appreciated,