Does your space management platform help you attract and keep the best tenants?
Space management and tenant retention might seem unrelated. But, managing your space so that it’s easy for prospects to visualize their new space is important for attracting new tenants. And, making tenant floorplan access and updates quick can help you keep existing tenants happy.
If you don’t manage your space well, it can impact your tenant count and revenue. Neither prospects nor tenants want to wait weeks just to see floorplans. So, if you don’t have an efficient space management process, you could lose both potential and current tenants to buildings with faster response times.
How can you manage your space better to attract and retain tenants?
By having a space management system that makes it easy to create marketing floorplans, help prospects visualize floorplans and respond quickly to any requests.
Wondering how you can manage space this way? Read on to find out how space management can help you attract and retain tenants.
1. Up-to-Date Marketing Floorplans
One way to attract tenants with space management is with updated marketing floorplans.
When you’re marketing to prospects, you likely use floorplans to give them an idea of what their space will look like. However, with traditional space management, you don’t always have the most up-to-date floorplans.
With old marketing floorplans, you could show prospects a completely different space than they’ll actually have. When prospects realize what their space really looks like, they’ll feel deceived by your leasing team – which can cost you those potential tenants. Or, you could be using a less desirable floorplan in your marketing – hurting your chances of attracting the best tenants.
To always have current marketing floorplans on hand, you could hire an architect on your team who can draw new plans as needed. But, hiring a full-time architect can be expensive.
Instead, you could use space management software that allows you to find the most recent floorplan in minutes – not weeks. With centrally managed floorplans, you can make sure your marketing floorplans are current with a quick glance. That way, you always have what you need to impress prospects – and convert them to tenants.
2. Fast Floorplan Access and Changes
Another way space management can help you attract and retain tenants is by making floorplans easy to access and change.
When tenants want to see what changes to their space would look like, you first have to get plans from your architect. Because architects focus more on constructing new spaces than on changing current spaces, you could wait weeks before getting floorplans.
Then, you need expensive CAD software just to view the floorplans. Once your tenant looks at the floorplans, you then need to contact your architect with any changes your tenant wants to see. This can take an additional 2-3 weeks.
To see even simple changes, your tenant has to wait more than a month. Tenants don’t want to wait days for what they need – much less months. So, this long wait time can make tenants dissatisfied with your property. This can cause tenants to leave – decreasing your building revenue.
Plus, prospects might want to see updates to their potential space, particularly during COVID-19 when they might need to add additional space to meet social distancing guidelines. If they have to go through the same time-consuming process your tenants do, it will take you months to close the deal. By that time, prospects will likely already choose another building with a faster leasing process. So, you’ll lose out on potential tenant revenue.
To fix this, you need a space management process that makes it quick and easy for current and future tenants to see and change their space. While you could look for an architect firm that prioritizes floorplan access and updates, this search can be time-consuming. And, if you do find an architect firm that does this, it will be expensive to hire them.
An easier way is to use space management software that stores floorplans on the cloud for easy access. And, you can read and edit floorplans on the platform – without the need for expensive CAD software.
So, you can find floorplans and update them for current and future tenants in minutes. This fast service can help you increase tenant retention and convert more prospects into tenants – both of which allow you to maximize building revenue.
3. Quickly Respond to Tenants
Along with updated marketing floorplans and easy floorplan access and updates, space management can help you attract and retain tenants by making it easy to respond to tenants quickly.
When prospects or tenants want to know information like lease terms or expiration date, monthly rents, and more, you likely have to hunt for this information. Instead of responding quickly, you respond hours (or days) later because it takes time to find this info.
However, this slow response time can make both prospects and tenants unhappy. Prospects have a lot of choices, so you need great customer service to win them over. Taking hours to respond to information requests is subpar customer service – which can cost you tenant revenue.
Current tenants expect everything to be lightning-fast – from shopping to food delivery to your responses. So, when you take more than 1-2 minutes, you’re not living up to tenant expectations. This can cause tenants to leave when their leases are up – increasing your vacancies and lowering revenue.
Improving your response time is crucial to attracting and retaining tenants. While you could hire more team members to respond to everything quickly, this can be expensive.
Instead, you could use space management software that stores tenant details on the platform. That way, you can instantly access everything you need to answer prospect and tenant questions. So, you can exceed tenant expectations and respond in seconds or minutes – helping you attract and retain tenants.
Wrapping It Up
How you manage your space can impact how well you can attract and retain tenants. Having out of date marketing floorplans can hurt your chances of winning over prospects. And, taking weeks to get and update floorplans can cause prospects and tenants to look for other buildings. Plus, if you’re slow to answer space inquires, you’ll fail to meet current and future tenant expectations.
The easiest way to attract and retain tenants with your space management system is to use space management software. With this software, you can access updated floorplans instantly, create compelling marketing plans, make changes to current plans, access tenant info, and more. That way, you can get and keep more tenants – boosting your revenue.
Looking for space management software to help you attract and retain tenants? Give Prism a try. Prism’s Space Management module has updated floorplans, easy scenario updates, automatically generated marketing plans, tenant data at your fingertips, and more.
Wondering what else space management can do for you? Check out our eBook: 3 Ways to Boost Efficiency While Remote with Space Management Software.