Retaining Tenant Accounts
Hold on to them – tenants are an asset!

So here’s how to ensure that you are being tenant retentive. To optimize your tenant retention strategy, include these general items in your Tenant Retention Plan: (click here for the Checklist and complete Tenant Retention Kit)

A Friendly & Curteous Staff: All property management staff should operate in customer service mode all the time. Attire should be appropriate and staff development training opportunities should be ongoing and include maintenance, janetorial and security staff.

Rapid Response: Set up an online, automated system to respond to all tenant service requests and issues within 1-2 hours. Tenants should be able to track the status of all requests.

Surveys: Every six months, ask tenants to evaluate the property — ask about such matters as cleanliness, maintenance, exterior areas, amenities, noise, parking, and management.

Inspections: Schedule annual inspections to your tenants’ spaces. Make a point to find something small to repair or update during each inspection…especially if a rent increase is imminent.

Building Website: Create a tenant-facing website where tenants can schedule building resources, view building announcements, or access their Tenant Handbook and other building documents.

Retaining Tenant Accounts
According to “Leading on the Edge of Chaos”, a 2% increase in retention has the same effect as decreasing costs by 10% !

Preventive Maintenance: Set-up an aggressive, proactive PM Program. The less equipment breaks down, the more satisfied your tenants will be. A web-based property and operations management system can automate this process.

Energy Efficiency: Improve energy efficiency and then make sure to promote these operational savings to your tenants. I.e. “We installed X number of energy efficient lighbulbs in the building.” or “We saved X $ in energy costs this year.”

Tenant Profile: Create a profile of each tenant that inlcudes include a history of maintenance and service activities, especially those actions that might have been extended as a courtesy beyond the scope of the lease.

Learn more about the top factors that keep tenants happy and renewing leases in a complimentary webinar: Full House- Strategies for Tenant Retention. Presented Tuesday, September 13th at 12 EST by tenant representation specialist Patrick Braswell and operations veteran Brett Lazar, this Webinar delivers practical information on tenant retention best practices.

Building Engines is a Commercial Real Estate (CRE) Web and Mobile Property Management and Operations Software
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