Tips For Increasing Commercial Tenant Retention Rates

Ask any commercial property owner and they will tell you that retaining existing tenants is absolutely essential for creating and maintaining a healthy and steady stream of revenue. They will also tell you that it is not an easy task to accomplish, especially if you intend to manage a high volume of tenants.

Commercial tenants, when properly evaluated and selected, are unlike residential tenants in that they are more likely to look for a more permanent solution for their business. So how as a commercial property owner do you attract, and more importantly, retain this type of tenant?

Though hiring a company that specializes in Tampa property management is the most effective way to increase your tenant retention rate, the following tips will help serve as a good start.

HAVE AN OPEN LINE OF COMMUNICATION AND BE RESPONSIVE

Typically, commercial tenants do not require much attention, but when they do call for a maintenance request or other concerns, they expect to get a hold of someone or receive a response in a timely manner. If you are unable to give your tenants the amount of attention that is required, consider hiring a Tampa property management company to assist you with this responsibility. Property owners who hire Tampa property management companies that are attentive to tenants’ needs and concerns will find that their tenants will be more satisfied and more likely to renew their lease.

STREAMLINE PROCESSES AND PROVIDE INCENTIVES

When possible, it is important to streamline processes for tenants. Streamlining tenant processes can aid in creating more satisfaction, which can lead to tenants wanting to renew their lease. Simple ways to streamline processes include offering tenants the option to make payments through an online payment system and providing an online portal to submit maintenance requests. Offering tenants incentives for renewing their leases is another great way to increase tenant retention rates. Good examples of incentives include discounts, free services, or limited time offers.

HAVE SYSTEMS IN PLACE

Managing a commercial property is like running a business. In order for the property to be lucrative and successful, systems must be in place. Effective property management in Tampa for commercial property owners includes maintaining a smooth and functional, well-kept property, and keeping new and existing tenants satisfied. Through efficient management systems, a property owner can address maintenance issues, repairs, tenants, and other responsibilities that come along with commercial property management with ease and control.

Are you in need of commercial property management? Then give us a call at (813) 968-5665 or submit our proposal request form for more information.

SERVICE FIRST

Our founder, William C. Spivey, is a man who believes in the power of people...

LEARN MORE

FAMILY OWNED

We are a family-owned and operated company built in the Tampa Bay Area by a working-class Tampa family.

LEARN MORE

CUTTING EDGE

In today’s day and age, technological advancements are occurring at a rapid rate. These developments...

LEARN MORE

EASY TRANSITION

At WPM, we understand the sensitivity and importance of a management transition. We will proactively work in...

LEARN MORE

SEE WHAT OUR CLIENTS ARE SAYING

  • Couldn’t have asked for better service. It’s NEVER this easy dealing with property management companies. Great Job! Thanks so much!

    Brent I.

  • Cody Glass from the accounting department was very helpful and professional with a lot of courtesy to help me to understand and set up a new payment process.

    Eric F.

  • I work with Wise on a regular basis, as the nature of our business requires quick turn around times. They are kind and helpful when you need something.

    Natasha A.

  • I have always received great service from Wise. Any time I need help someone always answers the phone and directs me to the right department.

    Elaine R.

  • My name is George Florence, I am the Board President of Villas of Northdale, and I have been a Board member for 5 years now. We have had perfect help from Wise Property Management.

    George F.

  • Wise Property Management is the quintessential image of a professional, organized, comprehensive, deligent and knowledgeable Property Management company.

    Kristy D., South Pointe HOA Vice President.

  • I have been working with Jeanie Hunter of Wise Property for several years now. She has handled all our Tampa Villas South association issues promptly and with great efficiency.

    Ken C., Tampa Villas South HOA Vice President.

  • Very easy to work with and everyone is friendly. We have worked with them for a very long time and love the experience. They take pride in their work and truly enjoy what they do.

    Joey V.

  • Contact Information

  • Community Information

  • This field is for validation purposes and should be left unchanged.