Tenant retention is an incredibly important aspect of property management. As tenant retention ultimately equates to revenue and asset value retention, it basically tells you how satisfied your customer is with your product. If your tenant isn’t satisfied, then it is unlikely that your property will occupied. The physical condition of your property is crucial. To remain competitive, the rented space should be continuously monitored, well maintained, and suited to your client’s needs.
In addition, your property is constantly competing with properties around it,so it is important to assess the strengths/weaknesses of the properties that are attracting similar tenants to your own. This will help you to remain competitive.
The main factor in having good tenant retention is communication between the tenant and the owner. One way to this communication can be achieved is by having the tenant participate in satisfaction surveys. The responses will let the manager know if there is anything that may need to be changed. In addition, if your tenant wants to leave the space, it is also beneficial to conduct an “exit interview” to better understand why your tenant is leaving the property., This insight can help to determine if you should alter your practices or the property itself.
Of course, the foundation for a strong relationship between tenant and owner is to provide the needed services
and amenities. TRITEC’s Asset Management Team works together to keep the buildings in pristine condition and is prepared to respond to the eventualities that are part of building ownership. The TRITEC team’s ultimate goal is to keep a smile on our tenants’ faces. One of the ways TRITEC tries to do this is through tenant appreciation programs like Free Ice Cream Day. This takes place in the heat of the summer and doesn’t just satisfy taste buds; we hope it let’s our tenants know they are valued.