Tenant Ready launched in 2015
As Ireland’s first “Tenant Reward Scheme”, instead of deducting money from a bad tenant’s deposit at the end of the tenancy – for damage, cleaning or repairs – instead Tenant Ready offered to pay good tenants for keeping their property in order.
Over the years, I’ve found that if you’re rewarding people instead of threatening to take away part of their deposit, people are more likely to work with you.
Under the scheme, a tenant who looks after their property will receive 5% of their one month’s rent back at the end of the lease. That’s €100 for a typical four bedroom house.
Not a king’s ransom but it does successfully flip the tables on the traditional fines-and-deductions structure.
Tenant’s rewarded over €3,800
After their first highly-successful year, Tenant Ready are pleased to announce they rewarded their exemplary tenants over €3,800 in the last year.
52 tenancies were successfully rewarded for looking after their homes last year, at an average of €75 per household.
Brid and Kris were a typical example, renting a two bed apartment in Dun Laoghaire just over a year ago. Conor said they were ideal tenants:
Throughout the tenancy they have both been a pleasure to deal with. Rent is paid without fail before its due date every month and the property is kept in immaculate condition. They take pride in the apartment and threat it like their own home, which it is.
While the reward is not designed to encourage tenants to maintain a property, it is purely a “thank you” to those that do, a way of giving something back.
At the end of the year, Kris and Brid were rewarded with €75. They used to to pay for a lovely dinner out but more importantly they feel they have a a positive relationship with their landlord and their letting agent.
Landlord’s are rewarded too…
Although not monetarily, landlords are benefitting too. First of all the reward is not coming out of their pocket, but direct from Tenant Ready. So it costs them nothing!
The benefit to the landlord includes great occupancy rates, better tenants, less wear and tear and maintenance costs, and longer tenancies as happy tenants stay put for the long term. Overall landlords feel they get peace of mind that their property and income is well looked after:
Tenant Ready offer more than the traditional letting agent and thats why I decided to use their services. My property is really well managed and the reward that Tenant Ready pays to tenants is brilliant. I don’t have to worry about my property or tenants anymore.
Conor’s clients are so happy they are referring Tenant Ready to other landlord and friends, with referrals already the leading source of business for the young company.
They are doing something right. With already well over 60 active tenancies, Conor expects to have over 100 clients and properties on his books by the end of the year. That’s hundreds of happy landlords and a couple of hundred happy tenants too…
Find out more about Tenant Ready at www.TenantReady.ie