US office vacancies have crept higher in the past year, with vacancies averaging 21.9%. As leases expire, more tenants are upgrading to smaller spaces in better buildings. If your commercial real estate is sitting empty, you'll lose thousands every month per property.
Before that happens, consider developing tenant retention programs. With these tips, you can keep quality tenants you trust. Read on to boost your occupancy rate today.
Communicate With Tenants
Prioritize building strong landlord-tenant relationships the moment new tenants move in. Otherwise, your tenants will feel neglected and abandoned. They'll think you don't care about their needs or concerns.
Use multiple channels to communicate, including text and email. To consolidate messages, move to an online tenant platform. You can draft and automate commonly used messages to save time.
Talk to your tenants about their needs and concerns. For example, they may request a flexible leasing option. Perhaps they want to make changes to the property.
Remain flexible and open to finding a compromise. Be proactive about leasing management.
Send tenants a 90-day notice when their lease is about to expire. Ask where you can make improvements to meet their needs. Proactively managing leases can improve tenant satisfaction and retention.
Maintain Your Commercial Real Estate
Complete maintenance on your commercial real estate properties without delay. Otherwise, tenants may decide to take legal action. Maintaining the building will show them you care and want to keep them safe.
Schedule routine inspections and develop a preventative maintenance plan. Manage your HVAC system with regular cleanings and upgrades.
Consider offering tenants property upgrades. Personalize their work spaces based on their preferences. You can offer utility packages, free Wi-Fi, or other added-value services.
Simplify Processes
Make rent collection and lease renewal hassle-free. Be transparent about any changes to the rent or lease terms.
Making life easy for your tenants could encourage them to stay another year. They won't want to switch spaces if it means a less reliable landlord.
Hire a Real Estate Management Company
Partner with a commercial real estate management company. A full-service company can take care of your quality tenants for you. They'll respond to tenant inquiries to reduce delays and frustration.
A full-service company can handle:
- Marketing
- Tenant management
- Property maintenance
- Financial accounting and reporting
Working with a real estate management company can boost your reputation. Satisfied tenants are more likely to renew their leases. You can start keeping tenants and avoid the stress of long-term vacancies.
Create Tenant Retention Programs Today
Keeping quality tenants in your commercial real estate properties can boost your occupancy rate. As that rate improves, your ROI will as well. Use these tips to create effective tenant retention programs today.
You don't have to stress about keeping tenants. Instead, hire a real estate management company. Our team at PMI Advisory Group has 20 years of local experience.
We use state-of-the-art technology to let property owners know how their investments are doing in real time. Rely on our resources, experience, and award-winning strategies. Contact us today for help developing your retention program.
