There are several ways to improve tenant retention at your commercial property. You need to screen your tenants thoroughly, in the beginning, to help you find the right ones. If you have multiple rental units, such as in a strip mall, you need to be careful not to rent to tenants that compete with one another. You need to handle all of the maintenance you’re responsible for and you need to act professionally.
When it comes to treating your tenants professionally, remember that without them, your rental could sit unoccupied for weeks or even months. You depend on these tenants to keep your investment a success. That doesn’t mean you have to settle for people who won’t pay their rent, but it does mean doing what you can to keep them satisfied.
Think about being a landlord like you would being a customer service representative. While you don’t have to believe that “the customer is always right,” you should strive to be friendly and professional in your interactions. When a tenant comes to you with an issue, try to handle the problem in a timely manner. Talk with the tenant about what is going on and find the best solution for moving forward. Let the tenant know you care.
Continue to build a great relationship with them. Be reliable. When you say you’re going to do something, always come through. Be prompt in all of your interactions with tenants.
Continue to improve your communication skills. Effective communication is the key to making a business relationship work. All of us can improve in terms of communication. If you find you struggle to listen when others are talking, practice being a better listener. If you find that people tend to misunderstand you, be more specific in your explanations. Pay attention to how long you speak and how much time others have to speak when you’re in a conversation. If you tend to interrupt, take a few deep breaths and wait your turn.
When trying to improve tenant retention, you need to think of everything that can impact it. Take careful consideration when choosing tenants and then treat them with the utmost professionalism throughout the lease. If you’d like help managing your commercial properties or you need help increasing tenant retention, please reach out to us at PMI: https://www.flintpropertymanagementinc.com/. Effective communication is part of our brand promise. We look forward to hearing from you!
