Think of it this way: If you worked hard at setting yourself apart from the rest to finally get the girlfriend or boyfriend of your dreams… and then all of a sudden, you stopped giving them the same attention you were giving before, do you think you’ll still have the same relationship with that person? Heck to the no. They’re going to be telling you peace out.
The same concept applies because, in the end, it costs you more to find a new tenant than to keep them!
Remember: Just Because They Were Hard to Get, Doesn’t Mean They’re Easy to Keep…
If you worked hard for your building’s tenant acquisition, that’s amazing. Unfortunately, it doesn’t stop there.
We wrote this article because we know our clients’ values revolve around keeping their tenant retention. So here it goes!
What are your tenants’ needs? Don’t know? Then, ask and take note.
It’s as simple as that.
Listening is the simplest, easiest, and cheapest way for your tenants to feel valuable. Additionally, it gives value to your property because as you gain their input you make improvements. Even though being in charge of even one commercial property can feel like a zillion full-time jobs compressed into one, actually taking time to engage with your tenants face to face gives them trust and confidence that they feel valued and that their business means something to you as well.
Losing a tenant is never fun and it can take a long time to win back the deficit of money they were putting in. On the other hand, if your tenant has their needs continuously met, then they are more likely to stay and renew their lease.
Helpful Tip: Send your tenants surveys to save time and still get the feedback you need! If you don’t want to send annual surveys then you can adapt by going mobile or use social media platforms to get input, but you have to be actively engaging!
You can always attract more tenants by maintaining and upgrading your building, which will ultimately increase the value of your commercial property. If there’s a lighting issue, fix it. If you have outdated walls, dirty windows, hard water stains, dusty blinds, cobwebs, leaks, chipped paint, lacking security, hazardous areas, etc… fix it!
Since your tenants operate out of the building, they want their best work and little, additional problems like these are never appreciated.
Make sure that your property has regular check-ups that ensure everything is running smoothly to prevent more serious issues from HVAC systems, to standard building codes, leaks, and etc.
The CRE world in the Bay Area has some of the “smartest” building technology in the entire US. Therefore, expectations have increased and tenants desire more than just a space to work in. They desire functionality and efficiency. If you think about the evolution of buildings, much of it has to do with your tenants’ desire for convenience. Easy access to parking, higher security technology, fast Wifi, environmentally friendly and other amenities like dining options and even firefighting systems! (Check out our article on firefighting systems)!
According to the 2016 Tenant Relationship Management Benchmark Report by Building Engines provided by BOMA, the most valuable tool to help gain a sense of tenant service expectations and needs was used through “Automated/online Work Order Management Systems” (73.04%) which helped building management give better customer service by:
1. Giving tenants the ability to submit work order requests via a mobile app
2. Identifying problems (malfunctions, supply shortages, etc.) through mobile tools
3. Communicating directly with a larger percentage of building occupants (beyond the primary tenant contact)
4. Creating a sense of community among workers at the building(s)
5. Understanding how a broad range of tenant employees feel about their workplace
**This PDF Report is extremely helpful in seeing how your peers address tenant concerns! Be ahead of the game!
Helpful Tip: Consider a transition to becoming a LEED (Leadership in Energy and Environmental Design) Certified building. The good news is any building can become LEED Certified, but the reason you should consider being LEED Certified is they’re more energy efficient. People (especially in SF Bay Area) are happier to be a part of environmentally friendly establishments that boost the building’s public image. Plus, other benefits like lower energy costs and qualify for tax rebates.
At Pyramid and Century, we’re all about helping you keep your tenants happy because that’s what our clients value. That maintain section we were talking about…that’s where we come in! We specialize in window cleaning, pressure washing, and building maintenance services.
Shoot us an email at firstname.lastname@example.org for a list of our services!