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.