How Is The Tenant Experience Changing?

(January 16, 2020)

Tenant experience is a top priority for most Commercial Real Estate leaders.

The on-demand economy is reshaping tenant expectations about how real estate is consumed, technology-enabled facilities and personalised experiences are already transforming the CRE industry.

Today, creating superior experiences is not just about engaging the tenant. It is also about extending services to the “end-user,” or the day-to-day consumer of that space: a retail shopper; a resident living in a multifamily property; an employee working in an office space; or a manufacturer using a warehouse.

As attention spans wane, it will likely become more difficult to attract and retain tenants and end-users.

What should CRE organisations do in 2020? How to make tenants happy?

Turnover is expensive.

Getting your property ready to rent, advertising the vacancy, showing the property, and screening tenants are some of the most costly and labour-intensive tasks involved in owning and profiting from a rental property.

Once you’ve found an ideal tenant, retention of that renter will become an important aspect of your business. Here are some tips on how to do just that:

 

  1. Establish a good relationship with a clear agreement: Nothing sets the stage for a trouble-free landlord/tenant relationship like a clear rental agreement. Beyond the monthly rent and utilities, your agreement should spell out who’s responsible for what in the event that repairs are needed. If the property you’re renting includes a yard, be clear about who will maintain it.
  2. Be professional: You want to deal with a tenant who is reliable, respectful, and responsive and your tenant wants the same thing from you. Be friendly and flexible and your tenants will likely return the favour.
  3. Answer the phone: Most tenants prefer to deal with professional property managers for the simple reason that they know it’s someone’s job to quickly help them resolve any issues that may arise. Regardless of what your other obligations are, make it a priority to take your tenants phone calls, or to return their calls within 12-24 hours.
  4. Take care of repairs in a timely manner: In addition to answering the phone, let your tenant know that they’re important to you by taking care of any needed repairs without delay. Problems with subsidence or floor settlement pose a major problem for retail outlets and other commercial buildings. Closure of premises, loss of revenue and disruption to trading often incur costs higher than those of the repair itself. Allowing subsidence to go unchecked is a recipe for damage and potential accidents. Our advice would be to not let it get to this point.
  5. Cracks in walls and doors and windows not shutting properly will all make your business look unprofessional, which will turn off potential clients and customers, as well as demotivate your tenants. Geobear specialises in fast ground improvement and slab lifting which allow commercial premises to remain open and able to continue conducting their business. No excavations are involved and the only drilling required are small holes near the site of subsidence to inject our geopolymer.
  6.  If you’ve been fortunate enough to acquire the Holy Grail that is the long-term tenant, be sure to offer fresh paint and a professional carpet cleaning every two or three years.

Environmental and security technology investments will improve the tenant experience. Adding smart building features such as lighting sensors, smart plugs, and lowering energy usage, water, and waste reduction.

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