Tenant Experience Starts With Involvement
A tenant's experience with commercially-leased premises and the person managing the premises is becoming increasingly important. It's the experience that decides whether a tenant stays in the commercial space for years to come or moves out as soon as the lease is up.
One of the best ways to improve a commercial tenant's experience is to involve the tenant in the management of the premises. Read on to learn how to increase tenant involvement, both from the part of the tenant and the property manager.
What is Commercial Tenant Experience?
As the name indicates, commercial tenant experience boils down to the experience a tenant has when renting a commercial workspace. This includes the experience the tenant has with those involved in leasing the premises, such as the landlord or facility manager, as well as the experience with the leased premise itself.
Staff that respond quickly to tenants' queries or concerns will generally give tenants a better experience. Moreover, staff that follow through on their tasks and deal with tenants' concerns quickly also give rise to a better tenant experience.
When it comes to the actual premise, there is a multitude of questions that affect the overall experience. Do the facilities all work well? How long is the distance from the parking to the office? Is cleaning done as it should? Is it too hot or cold? Is it too bright or dark? How about the humidity and oxygen levels? Does it help them focus or make it difficult to work? The list goes on.
These are all things that influence a tenant’s experience at a commercially-leased property and should thus be addressed by the people managing it.
Why is Tenant Experience Important in Commercial Property Management?
It is often said that we are moving into an experience economy. The actual goods and services being sold, while still important, are no longer the only factor influencing a customer’s decision to consume a product or service.
Another factor, which is becoming increasingly important, is the customer’s experience buying and using the product or service. This includes the experience with the people or company providing the products and services.
And what does this mean for commercial tenants? Simply put, it means that commercial tenants are no longer seeing commercial property as four walls and a location.
There is a lot more that influences both potential and current tenant’s decision as to which premises they will lease. Most notably, their experience with the property and the manager plays a huge role in their decisions concerning leased premises.
Providing a positive commercial tenant experience influences tenant retention. But if you provide a negative experience that leaves tenants unsatisfied, they will likely leave as soon as they’ve found a new location to move to.
How to Become More Involved in the Property Management of your Rental Space
As a commercial tenant, you may want to be more involved in the property management of your rental space. This will allow you to participate in the decisions regarding the space you lease, giving you more control. It also keeps you up to date and in the loop on any developments happening on the premises.
If you want to become more involved, indicate this to the person tasked with managing your property. Most property managers will welcome your input and there are many ways you could get involved. For example, you could give the property manager feedback on any changes made or you can suggest possible improvements to the property.
Additionally, you ask the property manager to implement a communication channel if they don’t have one already in place. This will make it easier for everyone to stay in touch, in the loop and up to date.
How can Property Managers Improve the Experience of Tenants?
One of the most effective ways for property managers to improve the experience of tenants is to facilitate the tenant becoming more involved in the ongoings of the property.
Here are three key steps to optimising tenant experience through involvement:
- The first step is to establish tenant expectations. You cannot meet your tenant's expectations if you do not know what they are. Engage with your tenants from the beginning. Ask them what their expectations are. Find out how they intend to use the property and what is required to achieve that.
- Next, ensure that there is constant communication between you and the commercial tenant throughout the lease period. If any new needs or problems arise, the tenant should be able to tell you as quickly and easily as possible.
- The final step is to perform. It is not enough to know what needs to get done if it does not, in fact, get done. Make sure all of your facilities are properly maintained. And if a problem arises, fix it as soon as possible.
3 Tips for Maintaining and Facilitating Constructive Tenant Experience
Keep your tenants in the loop with building conditions
According to a report conducted by PWC, an estimated 80% of global tenants value a knowledgeable service when it comes to leasing premises. Give them insider information about the state of the building. Keep them up to date on any developments and changes being made both now and in the near future.
Provide a single channel for communication
Make it as easy as possible for your tenants to contact you through one centralised system.
Having a clear channel enables better property management and communications. It makes it easy for tenants and property managers to track tasks and follow-up on any activities or issues.
At Falcony, we offer a mobile-first tenant communication portal to make it easy for everyone to use and get involved. This leads us to our final point.
Ask tenants how involved they want to be
It is a waste of your time and money trying to involve a tenant in processes they may not want to have anything to do with.
At the beginning of your working relationship with your tenant, ask them if they want to be involved in managing the property. If so, discuss how they want to be involved and establish the nature of their involvement from the outset.
In an experience economy, a tenant's experience plays a huge role in whether or not they keep leasing a premise.
Use these tips and tricks to increase your commercial tenants’ involvement in property management. This, in turn, will improve your tenant’s experience and turn them into long-term tenants.
If your organisation is looking for a tool to involve all tenants in property management for better decision-making on workplace and property strategies, have a look at Falcony | Observe.
We are building the world's first operational involvement platform. Our mission is to make the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them.
By doing this, we are making work more meaningful for all parties involved.
More information at falcony.io.
As a property manager, owner or landlord, providing the best support and service to your customers...
The landscape of commercial real estate has changed dramatically in the last few years. An increase...