Today, building owners cannot rely solely on property location or building size to attract high-value tenants. To remain competitive in this newly cutthroat market, property owners must provide a measurably better tenant experience than rival properties.
As waves of new generations are entering the workforce this challenge is no easy feat. These employees – and potential building occupants – place a significant worth on experiences over material things. They want to be highly engaged by what they do and expect a level of convenience and immediacy from their place of work.
An owner’s responsibility to the tenant is to create an environment where the tenant can attract and retain talent.”
BOMA Chair Brian Harniteaux, BOMA 2017 Winter Meeting
This is impacting buildings owners’ continual goal of attracting and retaining tenants. Today, CRE organizations that are set up to thrive must undergo a shift from traditional property management to experience management. In other words – stop purely managing and focus on serving your tenants. To successfully make this transformation focus on the following aspects that largely impact the tenant experience:
Provide the right amenities, not all the amenities.
Because of the dramatic shift in tenant expectations, it’s no longer enough to install a new bike rack or community space to appease the new workforce. On the opposite end of the pendulum swing, it’s overkill to add every single amenity possible to a building. Instead, it’s necessary to understand what people in a CRE building actually want. Rather than assuming what they want, make it a point to consistently ask them for feedback about amenities. This will save building owners from spending money on unnecessary amenities that will rarely be used and instead allow teams to use the budget more wisely on capital projects that will make an impact on the tenant experience.
Dedicate time and resources to focus on continually improving the tenant experience.
The workday experience for building occupants is a relatively new focus for the CRE industry. CRE organizations are spending more time and resources on improving the experience of their buildings than ever before. In fact, 80% of CRE professionals dedicate at least half of their time to improving the tenant experience, according to the “Tenant Experience Gap Report.” Additionally, 60% of CRE organizations have established tenant facing roles in the past year. This is a clear indicator of the direction the CRE industry is heading. If building owners aren’t putting a strong focus on the tenant, it’s impossible to create the experience they crave from the buildings they choose to work in.
80% of CRE professionals dedicate at least half of their time to improving the tenant experience.
Communicate early and often with information that matters.
Outside of work, today’s tenants have all the information they need at their fingertips. They also crave this same convince at work. To serve them well, CRE organizations must communicate better with tenants giving them the information they need, when they need it, where they want to find it, and on-demand. Keep in mind that the information that is sent must provide value to tenants. While building maintenance notifications are important, many CRE teams neglect to send additional information about amenities and services that may have a direct positive impact to a tenant’s experience. Buildings that are most attractive are the ones that provide information tenants want, when they want to access it, and how they want to receive it.
Monitor overall operational performance behind the scene.
Building owners need visibility into the performance of their entire portfolio to understand the effectiveness of their teams. Building owners can maximize the number of hours in a day for their property teams by equipping them with property management technology that enables teams to focus on the most pressing priorities. Owners that keep a pulse on the health of their property operations are able to spot problems more quickly and do so before it negatively impacts tenants. This will make for an optimal experience for tenants when they are in CRE buildings.
To create the type of building people want to work in, building owners must offer more than the sleekest design or prime downtown location. The success of CRE teams’ performance depends on the ability to create an employee experience that is designed to attract the best talent for your tenants. Meet tenant expectations and create an outstanding tenant experience by continuously understanding their needs, equipping property management teams with the necessary tools to solve tenant problems, and stay on top of operational performance. This is how you own and operate a building that people are proud to work in.
For more tips on becoming a building people want to work on and how to meet high tenant expectations, read this insightful eBook.
Building Engines has helped hundreds of buildings transition to buildings that tenants are proud to work in. Find out how we can help you with a brief demo.