Few words are more unwelcome to a property manager’s ears. Some tenant loss is inevitable as companies expand, downsize or change their focus. Implementing the following principles will both improve your tenants’ overall experience and prevent problems before they arise. This will keep your commercial tenants happy and will most likely improve your bottom line.
1. Keep the property safe. Making safety your No. 1 priority will make tenants feel secure. Conduct regular safety inspections and be sure to communicate your safety concerns to your tenants as well. Landscaped areas often get overlooked when it comes to safety. Inspect them regularly for tripping hazards such as eroded areas, fallen limbs and heaving pavement due to overgrown tree roots. Also, be sure shrubbery is trimmed back and your outdoor areas are well lit to deter would-be assailants.
2. Keep it pleasant. A clean and well-maintained property will command higher rent and encourage tenants to stay. Be sure to inspect your properties regularly for aesthetic as well as mechanical issues. Don’t underestimate the importance of “comfort”. Something as simple as installing a thermostat so tenants can adjust the temperature of their space will make a big difference in the level of satisfaction.
3. Make it easy. In all interactions with tenants, consider their point of view. For you, property management is your primary business. For them, it’s an interruption. Set up systems that make it easy for your tenants to pay their rent. Setting up a system that automatically drafts payment is a good option.
4. Communicate, communicate, communicate. Much of the time when tenants are dissatisfied, it’s due to miscommunication or not understanding. Keep your tenants in the loop about any upcoming changes and ask them how they feel their needs are being met.
Keeping these four golden principles of tenant relations—safety, comfort, convenience and communication—top of mind will help pave the way toward better tenant retention.
There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters