Property Manager: Improving Tenant Relations
As a commercial building manager, you are part of a high energy and exciting industry that is commercial real estate. As opposed to being stuck behind a desk or in a cubicle, you are on your feet solving problems and ensuring your buildings are running efficiently. And, not to mention the myriad of other tasks that you need to take care of such as meeting contractors and dealing with tenant issues.
Connex Property is working diligently to help professionals like yourself to hopefully provide valuable resources in our posts and running a comprehensive commercial contractor directory. So we’d like to share a couple of issues that affect every property professional from time to time.
TENANT TURNOVER- This is obviously a tough issue that you face, especially when good tenants leave and your stuck looking for new ones to fill their place. It’s all about communication and being responsive to your tenant’s needs. If you foster a positive environment and you are approachable, tenants will feel a stronger sense of community. And with this stronger sense, tenants tend to stay where they are valued. Also, remain competitive in terms or rents and amenities. Run weekly web searches of buildings in your market and see what they are offering. A great site for this is loopnet.com. They provide in-depth details of available listings for commercial and multifamily properties.
PROFITABILTY, OR LACK THEREOF- This can also fit in nicely with number 1, however, there are few other ways to increase profitability. Again, keep a keen eye for local area rents to ensure you are staying competitive. If you are too low, it may be time to think about a gradual increase to new tenants. An exercise you probably know all too well, however, quality advertising should be high on your lists. You do not want to run the risk of low exposure and leaving too many spaces open. Lastly, have a solid maintenance plan. If you are not keeping up with your building maintenance, tenants will leave for more accommodating spaces.
As you may notice, the above has a common thread. It’s really understanding your tenant’s behavior and how to best align your company’s mission with your tenant’s expectations. Of course, you cannot give everything your tenants want, however you can offer them a high-quality living situation through open communication and market area research. By ensuring that you foster a welcoming environment, staying on top of maintenance concerns, and providing competitive rates, you are much more likely to retain your tenants longer.