3 May Building Satisfied Tenants For Your Commercial Property May 3, 2023 By sma Commercial Inspection, Property Maintenance, Property Management business tips, commercial real estate tenants, exterior maintenance, interior maintenance, NPI National Accounts 0 BUILDING SATISFIED TENANTS FOR YOUR COMMERCIAL PROPERTY May 3, 2023 | Property Management, Property Maintenance, Commercial Inspection | business tips, exterior maintenance, NPI national accounts, commercial real estate tenants It’s no surprise that the secret to success in the commercial real estate industry is through retaining quality tenants. Advertising, maintenance, and upgrade strategies are all centered around finding tenants who are responsive and reliable, then keeping them long term. The costs accrued from advertising and identifying new tenants can be eye-opening, and leaving space vacant for too long means missing out on income. This is all why seasoned commercial property owners and managers know that good commercial tenants don’t grow on trees. Happy tenants are less likely to make a change or look for different options, which is why the most successful property owners and managers prioritize tenant satisfaction. If you’re looking for ways to lower your turnover rate and keep your best tenants, consider incorporating a few of these strategies into your management process. Practice Effective Communication Responsiveness is a trait that will lead to success in many different industries, but when it comes to tenant satisfaction, this might be the most important factor to focus on. Tenants largely want their privacy and room to operate their businesses as they see fit, but when they reach out with a concern or complaint, radio silence is a common cause for frustration. Property owners and managers who establish a clear and consistent line of communication, then react to requests in a prompt manner will build trust in their tenants. For many landlords, improved communication in the modern age comes from improved technologies like mobile apps. According to a survey reported by Forbes, 80% of landlords believe employers are interested in building-related mobile applications. Finding ways to streamline communication, especially when dealing with a large number of tenants, can be difficult. For some, new technologies are a pathway for making communication clearer and easier compared to sending mass emails or returning calls. Consider Offering Incentives Tracking industry standards for rental and lease fees is always important for landowners to remain competitive in their regions, but for lessees that always pay on time, offer constructive feedback, and act with professionalism, special allowances might be worth considering. Again, the costs that go into replacing tenants is nothing to scoff at, and chances are good that new tenants will bring their own set of quirks (both good and bad). To help retain quality tenants that behave well and have already established a positive relationship, consider offering discounted rates for rental or covering portions of utility fees. Beyond financial breaks, landowners can look into upgrading internet speeds or improving upon the quality of common areas or landscaping. (For more ideas on how to upgrade your landscaping, check out this article!) Your best tenants may also have relationships with others who could be quality future tenants. Employing a referral program can be a great way to make your best tenants happy while also filling vacancies with new tenants that should continue that high standard of behavior. Make Your Tenants’ Experience Positive Overall, the best way to keep tenants satisfied is to manage your commercial property well! Perform maintenance proactively, rather than reactively to save money and avoid downtime of key utilities crucial to your tenants running their businesses. A great way to stay ahead of breakdowns and costly repairs that might require extended closure is by schedulingrecurring commercial property inspections. No one likes being caught by surprise. Referring to experts to keep informed on your property’s condition is invaluable for maintaining a quality commercial property. Additionally, listening to tenants’ requests and concerns is important when it comes to selecting the right amenities to offer when upgrading the property. Free and expanded parking can be great, but if tenants aren’t bothered by their current parking situations, there might be other amenities worth exploring. Fitness centers are also valued highly for many, but investing in expensive gym equipment that goes unused isn’t worth the effort. By upholding a standard of adaptability and understanding, you’ll have a much better time keeping your key tenants happy with their choice to stay. Plus, your best advocates will always be your current, happy tenants. Cut down on vacancies by keeping your current tenants satisfied for sustained success. Whether you’re looking for a PCA or an FCA, National Property Inspections is your go-to resource for experienced commercial property experts across the US and Canada. Give our team a call today to arrange your next inspection! Comments are closed.