What are some creative and low-cost ways to reward your tenants for referrals?

1 Give them a rent discount

A rent discount is a simple and effective way to thank your tenants for referrals. You can offer them a percentage off their next month's rent, a flat fee, or a free week, depending on your budget and policy. You can also make the discount conditional on the referral signing a lease or staying for a certain period. A rent discount can help your tenants save money and reduce their financial stress, especially during challenging times.

2 Send them a gift card

A gift card is another easy and flexible way to reward your tenants for referrals. You can choose a gift card from a popular online or local store, a restaurant, a coffee shop, or a service provider that your tenants would enjoy. You can also tailor the gift card to their interests, hobbies, or needs, such as a book store, a spa, a gym, or a pet store. A gift card can show your tenants that you care about their preferences and well-being, and give them an opportunity to treat themselves or their loved ones.

4 Throw them a party

A party is a fun and social way to reward your tenants for referrals. You can organize a party for your tenants and their guests, either on-site or off-site, and provide food, drinks, entertainment, and prizes. You can also theme the party around a holiday, a season, or a special occasion, such as Halloween, summer, or your property's anniversary. A party can foster a sense of community and belonging among your tenants, and create positive memories and associations with your property.

5 Write them a thank-you note

A thank-you note is a personal and heartfelt way to reward your tenants for referrals. You can write a handwritten or digital note to your tenants, expressing your gratitude and appreciation for their support and loyalty. You can also mention something specific about their referral, their unit, or their relationship with you or your staff. A thank-you note can make your tenants feel valued and respected, and strengthen your rapport and trust with them.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?