Consider Paying Your Tenants To Keep Them Happy (or Leave)

Have you ever PAID your tenants? If not, you might want to reconsider. Normally it’s them that pays you, but in some circumstances it can be to your benefit…

 

Have you ever paid your tenants to leave, or to keep them happy?
Leave a comment below and tell me your story

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Paul Blacquiere

Paul is an entrepreneur, investor, speaker, and educator.
He's experienced in multi-family properties, renovation, flips,
joint ventures, and is Canada's top RRSP mortgage expert.
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  • Robert says:

    Great video Paul and I agree totally!

    A fridge in one apartment i have bit the dust and the tenant lost some groceries. I had them a new fridge within 24 hours and offered to pay for their groceries. They never took me up on the offer but I could tell any frustration they had seemed to go away as soon as they realized I was looking after them and willing to compensate them. They were also happy to have a brand new fridge instead of the older model that was in there.

    Robert

    • Paul Blacquiere says:

      Thanks Rob. Too many new investors get stuck into the mindset of ‘why should *I* pay *them*?’, and it ends up costing them money.

      Yours is a great example of how ‘investing’ in a new appliance (which you had to do anyways) kept your tenants happy, and saved you having to clean up the apartment, patch and paint the walls, advertise, maybe lose 1 month’s rent, and potentially worse (if they were upset when they left and caused damage).

  • Eva O'Grady says:

    Great tips Paul! I fully agreed that a little cash up front could save you a bundle (plus headaches) down the road.

    Thanks very much!

    Eva

    • Paul Blacquiere says:

      Personally, I think the ‘headaches’, the lost energy, and lost time are the worst part. You can always recover money, but never time and energy spent!

  • Radek says:

    Great advice, thank you Paul.

    One question: When offering to pay a Tenant to leave, how do you ensure that he won’t take your money and stay anyway?

    • Paul Blacquiere says:

      Hi Radek, you can get them to sign a form agreeing they will end the tenancy and vacate the unit by a certain date. The exact form varies depending on the province, but the concept is the same. Once they signed, you hand them the cash 🙂

      Hope this helps

      Paul


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