No one wants to lose a tenant, but it’s inevitable in the world of commercial property management. Whether you’re a small business or a large corporation, there’s always something to keep in mind. As businesses outgrow the space you have to offer, they will be forced to move out to a new location. This guide will teach you how to keep your tenants happy and avoid costly turnover.
Operations sometimes need to shift across the country due to changes within the company. Sometimes, though, tenants simply aren’t happy where they are – and this can and should be prevented. Keeping tenants is always going to be easier than acquiring new ones. So, what can you be doing to keep tenants happy operating from your commercial property? Let’s find out.
This blog discusses the importance of keeping tenants happy and comfortable in their space, as well as detailing some of the easiest ways you can make this happen as a property manager. If you’re interested in facilities management services to keep your tenants interested in staying with you, contact First Class FM today.
Your Role in Keeping Tenants Happy
As the property manager, you act as the first port of call for tenants. It falls on you to maintain the condition of the building, meeting the needs of your tenants to ensure nothing is causing them problems. When you let maintenance duties slip or make decisions that negatively impact your tenants, they will react in kind. If you’re looking to have a long-lasting business relationship with your tenants, then being proactive in your duties and handling all issues before they worsen is the clearest way to do so.
Why Keep Tenants Happy?
The answer to this question isn’t going to surprise you: you should want to keep tenants happy because doing so will keep them around. Any property manager should want to avoid a high and constant turnover rate for businesses in your building. Ongoing partnerships with businesses begin with a consistent renewal of leases, and you aren’t going to get your tenants jumping to continue operating in your space if they feel as though their happiness isn’t a priority.
This means going above and beyond. If anything, you should want your clients to contact you as little as possible. When you take preventative measures to ensure your building is in the best condition possible, you’ll find yourself needing to respond to fewer emergency situations. The more you minimise potential problems, the more likely your tenants are to value the work you do and stick around.
The Best Ways to Keep Tenants Happy
If you want to keep your commercial property bustling with activity and full of happy tenants, then you need to create a safe and positive environment for every single workspace. There are some obvious ways to achieve this – providing upgrades, maintenance duties, being proactive in your property services. These are all essential, but impressing tenants goes beyond that. Knowing when to request a handyman is one thing, but here are a few ways a commercial property manager can go above and beyond for their tenants:
1. Responding to Their Needs
Meeting the unique needs of your tenants will look different for every property manager. No businesses are the same, and all will demand specific attention to ensure they have all they need to succeed within the building. In a retail lot, for example, property managers must remain cognizant of tenant spacing. Two shoe stores probably shouldn’t go right next to one another – unless they each specifically target different audiences, chances are the overlap will damage their success.
Here, a manager’s role is to create the perfect homeostasis within the property, and poor planning will decrease a tenant’s revenue. Chances are, they’ll be inclined to leave the property.
2. Encouraging Communication
One of the best things a building manager can do is keep themselves as available for communication as possible. Tenants will be left endlessly happier if they feel heard, and trust that any issue they have will be instantly addressed by their manager. Communicate regularly, and establish yourself as somebody who cares about the success of the businesses you work with. Additionally, communication with your clients is the easiest way to find out straight from the source what makes them feel dissatisfied with their rental space.
3. Building Personalised Relationships
Nobody knows their individual spaces more than your tenants. Taking the time to learn about their businesses and their needs will help you considerably in the long haul. Invest into personalised attention directed at each individual client, seeking to connect with them and finding ways to offer unique service. This will help them to feel more comfortable in their spaces, leading to better property maintenance and lease renewals.
Contact First Class for Effective Facilities Management Services
Let’s face it: keeping tenants happy isn’t an easy job, especially when you’re tackling it alone. If you’re looking to take your commercial property management to the next level, then investing in great quality facilities management services is the logical next step.
As specialists in this industry, First Class Facilities Management can offer everything you need and more to keep your tenants happy and comfortable in their workspaces. Reach out to our team today to enquire about our services and find out what we can be doing to help your property thrive.