Giving Thanks: 5 Reasons Landlords should be thankful to their tenants
Even though every landlord has a handful of horror stories about a tenant that made life difficult, the majority of tenants are good people and have been a great asset. Let’s face it, if it weren’t for the good ones, no one would take the risk of leasing his or her property. This holiday season, I wanted to share some of the things I am thankful for about my tenants.
- They take care of my property when I’m not there. They watch for roof leaks, doors that don’t close, clogged toilets, strangers that shouldn’t be there and alert me to these situations. I would much rather get a leaky roof taken care of right away, then find out about it after months of leaking and then have to deal with mold, ruined carpet, stained walls and the clean-up.
- They pay the bills. Face it, this is a big one. They pay every month without complaining and make it possible for me to own property that I otherwise wouldn’t be able to afford. They are helping me pay off my debt and helping me save for my retirement, as each year I owe less on the property.
- Tenants offer me a buffer from my real estate sales job so that in years of slow sales and leasing, I still have an income from my rental properties. This kind of stability is a big plus for a salesperson that is paid strictly on a commission basis, and it has allowed me to continue in a career that can be difficult, but that I love. Without this stability, I wouldn’t have made it as far as I have, so thank you!
- Over the years I have watched the size and success of many of my tenant’s businesses change. The growth and success is inspiring to watch and I always enjoy either being able to lease tenants more space or seeing them find a new location because they have outgrown their old location. Even the downsizing tenants that need less space for a slowing business offer me an education in the economy, business cycles and the local market that make me appreciate both what I have and the insight on business and commerce that I have received.
- My tenants have helped me become a better person. By dealing with people and becoming an active member of the business community I have learned a lot of new things and dealt with situations that have helped me grow. Both professionally and personally. The education I have received by having my own business and finding out how the world really works have been invaluable. For this, I say thank you to all my tenants.
I have heard that good tenants seek a good landlord and based on all the great tenants I have, I feel it is a personal compliment that I must be doing a good job as a landlord. When I first moved to Traverse City 20 years ago, I rented an apartment and I rented a retail space for my business. My landlord would bring a giant 5 lbs. box of chocolate every December in appreciation of having us as a tenant. This was above and beyond what a good landlord needs to do, but it made us feel special and appreciate our landlord. In turn we took good care of her property. Now that I am the landlord, I want to say how much I truly appreciate my tenants and all they do for me!
Dan Stiebel, CCIM