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As a real estate investor, it’s easy to overlook participating in the local community, but in reality, the success of your business depends on it. Thanking those people you do business with (or might do business with one day) by giving back to the greater community and the neighborhood sows the seeds of good will and may enhance your reputation as contributor to its well being. Even more than that, though, giving back to the community just feels good. It lifts your spirits and boost the morale of the people you work with, which is good for everybody!
Here are a few ideas for how your business could give back to the community that supports it.
Ways to Give Back to the Community
- Buy locally. Tempting as it is to find the best possible value when you’re upgrading your properties, opt instead to choose products from small businesses in your community. The sense of satisfaction and recognition you’ll garner will more than make up for the savings you might achieve buying online or from a distant big-box store.
- Donate used materials. After a property upgrade or remodel, donate the usable fixtures you won’t need to organizations that resell them.
- Join the local chamber of commerce. You’ll be listed in their print and online directories. The more your name comes up on online directories, the more credibility you build in the internet community.
- Buy ads from community groups that promote concerts or use printed programs for school activities.
- Contribute to local public radio or TV. Their listening and viewing audiences are fairly large and well informed. Your donation will give you discounts on targeted advertising campaigns locally and online.
- Look for nonprofits for volunteering opportunities or serve on committees and boards. You might be able to expand your networking opportunities with the people you meet.
Ways to Give Back in the Neighborhood
- Keep your property looking good. Investing money in the outdoor appearance of your property from the street helps you and the entire neighborhood. Whether it needs landscape improvements or regular maintenance, it may serve as a trigger for your neighbors to do the same. Plus, over time, home values may increase, too.
See also 4 Ways to Decrease Maintenance Costs
- Participate in a community garden. Since the movement toward healthier, fresh eating has gained foothold, community gardens get a lot of local attention. Sometimes schools, houses of worship, and the parks department want to offer these gardens, but lack the funding. It may be an opportunity for you to provide the basics for the group to get started, or sponsor their website. The local press looks favorably on these activities and presents them periodically as “feel good” stories.
- Sponsor a sports team at local public schools. If you target families for your investment properties, there’s probably no better place to put your local investments than a school team. The funding opportunities are nearly endless. From jerseys and equipment to complimentary beverages at events, it’s a good way to show yourself as a team-spirited, generous member of the community.
- Organize a food or clothing drive. Food banks and churches always need donations to help the needy in your community. If your tenant base is large enough, ask them to contribute their unused clothing or nonperishable food items. Your employees or employer may also welcome a chance to contribute to a worthwhile local cause. Contributions to food banks and charities fall off once the holiday season is over, but demand is always there.
- Make a cash donation. Lastly, if your cash flow warrants it, financial donations are always welcome at any community organization.
See also A Real Estate Investor’s Guide to Taxes
Even though giving to the community may not immediately increase your bottom line, the good will it generates is priceless. Establishing yourself as a contributing member of the community will reward you in ways immeasurable.
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.