Tenant Involvement Builds Tenant Loyalty
Commercial property management, like all services, focuses on customer satisfaction. By involving your tenants in the process, you can increase customer satisfaction. This, in turn, can build tenant loyalty and increase tenant retention.
Why is it Important to Involve Commercial Tenants?
There is a lot that goes into commercial property management. The more involved your tenants, the easier it becomes to manage the property to their satisfaction.
First, it makes it easier for the tenants to give you constructive feedback. This can alert you to problems of which you might have otherwise been unaware.
Moreover, an involved tenant will establish what expectations they have of the property. When you know exactly what a tenant’s expectations are, it is easier for you to meet these expectations.
Furthermore, good communication and transparent information sharing between you and the commercial tenant generally increases the trust between the two of you.
Therefore, tenant involvement is important because it leads to tenant retention and loyalty.
Obstacles in Constructive Tenant Involvement
The main obstacles for a memorable tenant experience and constructive tenant involvement boil down to communication.
One of the main obstacles is a gap in communication between you and the tenant. Another is non-existent feedback loops. These occur when a tenant is not provided with any feedback on issues they may have reported to you.
Good communication between you and your tenants should be able to help you overcome many of the obstacles in constructive tenant involvement.
Great Tips and Ways to Involve your Commercial Tenants
- A great way to begin the process of tenant involvement is to discuss the nature of your working relationship. Establish how involved your tenants will be, and how they can get involved.
- Put effective channels of communication in place. It should be easy for both you and your tenants to contact one another. Make sure you use these communication channels regularly to answer any questions or concerns your tenants may have.
- Announcements and newsletters are great tools to involve tenants. By keeping them in the loop, you will make your tenants feel more involved as they will know everything that’s going on around the property.
- Make it easy for tenants to report issues and give feedback. This ensures that you can resolve any problems timeously and see where you can make improvements around the property.
Doing this shows your tenants that you take their concerns and their opinions seriously and will do what you can to improve their experience. In turn, this builds trust and loyalty between you and your commercial tenants.
An estimated 41% of commercial real estate in Europe is used for offices. Therefore, given the pandemic-induced shift to remote work, it is more important than ever to have loyal commercial tenants.
If you are involved in commercial property management, increase your tenant loyalty by increasing tenant involvement. This way, you can improve your tenant satisfaction and retention, and establish good relationships with your tenants that will last for years.
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.
Tenant involvement has increased in popularity in recent years, emerging as an effective way to...
Lifetime value is an extremely important factor to consider when assessing and considering...
Tenant engagement and involvement require open communication, transparency, and accessibility....