I established a Tenant Retention Program, (TRP) as it’s commonly referred to around the office well over a decade ago to encourage lease renewals and offer our tenants in good standings a well deserved “Thank You” for signing another year lease agreement. The program offers selected tenants the choice of 1 of the following options upon successfully completing the lease renewal.
Option 1) Have the property cleaned by a third party professional cleaning service.
Option 2) Have the carpets professionally cleaned.
Option 3) Have an accent wall painted a color of their choice based on these shades
(Light Browns), (Light Greys) or (Light Greens).
The TRP Program is voluntary to our clients and most owners agree that the minimal cost associated with offering these simply yet thoughtful incentives are well worth the cost of retaining good tenants and keeping their property occupied. In addition, the options offered are geared toward maintaining and enhancing the overall appeal and condition of the property while showing appreciation for the tenants continued residency and cooperation.
It’s truly a win-win situation.
For more helpful landlord tips download my Free 27 Page eBook “How to Avoid Bad Tenants“