Effective Property Management
Tenant Relations Equals Tenant Retention
One of the most important yet often overlooked factors in commercial property management is tenant relations. Establishing good tenant relationships is the lifeblood of an investment/income property. Without it, a property will certainly struggle and most likely fail.
Studies have shown that it can take up to two years to make up for the loss of a tenant. Tenants are three times more likely to renew their lease if they are satisfied with their current leasing experience.
The most important way to maintain positive tenant relations is through effective property management. Once a lease is signed, the tenant will have more daily interaction with the property management staff than any of the other parties involved in the leasing process.
Two essential elements of effective property management are good communication and superior service. Communication is paramount and takes many forms: email, texts, letters, and phone calls. However, nothing replaces personal contact and collaboration.
Some people still prefer to receive and share information face to face. Regular visits and personal interaction with tenants are an absolute must.
With regards to service, responsiveness is key. A proactive approach to tenant needs along with rapid response and completion of service requests are vital to tenant relations.
By establishing direct tenant communications and active engagement, tenants see the benefit of working with the property management team and are far more likely to have positive feelings about remaining in the property. Positive tenant relations equals tenant retention which ensures a profitable property.
Director of Property Management
For information regarding our available properties for lease or to inquire about us managing your property, call 770.632.4000, or email Brian at email@example.com