As a commercial property owner, your foremost goal is to sustain a return on your investment. That’s why tenant retention is a big part of what keeps you and your business in the black. Here are a few quick tips to ensure that your tenants are satisfied and not looking elsewhere.
Property Upkeep is Essential
Maintaining your commercial property should always be at the top of your list. High-paying reputable tenants will expect this when it comes to the presentation of the building and its overall cleanliness. A well-kept commercial property can be a source of pride for your tenants. Make sure they can count on you to keep the exterior and interiors in showroom condition.
This should include making sure that your commercial property is up to date with all the current technology that successful businesses might need. Broadband, of course, is a must, so make sure that your facility or facilities are tied into the worldwide grid with a high-speed reliable internet connection.
Also, consider adding smart and green technologies such as energy-efficient lighting and HVAC control. Another attractive option might be to include on-site security that can be remotely accessed by your tenants. These days security hardware and software are remarkably affordable and the cost can be easily rolled into the lease agreement.
Don’t Slack When It Comes to Issues
No matter how prepared you might think you are, every commercial property will develop an issue. It could be something as basic as an easy-to-fix plumbing problem. It might be something more advanced such as a failed backup generator. It might also be foundation issues or aesthetic concerns. No matter the issue, the point here is to be proactive when it comes to dealing with tenant complaints. A happy tenant is an incentivized tenant.
Keep it Competitive
Everyone loves a good deal. When you’re able to offer your commercial property at a competitive price tenants are more likely to lock down that rate and stick around. This is generally one of the most important factors that tenants consider when it comes to shopping for a new business home.
As a commercial property owner, it’s your job to stay up to date on the overall value of your property and manage your lease accordingly. If a rent increase is necessary, be transparent in that regard. Make sure your tenant understands why an increase is warranted and, of course, be sure to provide adequate notice. For commercial property owners juggling many properties, you may find that commercial lease management software solves niche issues programs such as Microsoft Excel are not intended to address.
Go Above and Beyond
If your commercial property houses multiple businesses, then go the extra mile. Host networking and social events so that these tenants feel as though they are part of that immediate business community. If a tenant “feels” connected to the environment then that tenant is much more likely to commit to a long-term arrangement.
The “Mi Casa Su Casa” Approach
In summary, treat your tenant like you would want to be treated. Offer good deals and amenities and foster the sort of professional relationship that can’t be ignored or dismissed. Build on that reputation and tenant retention should never be a problem.
