In our last survey, only 22% of respondents reported occupancy levels above 90%. Odds are, most property managers and owners could use a lesson on the components of tenant retention and attraction. In the age of echo-boomers, digital natives and social media mavens, the strategic application of technology is a key component to maintaining and raising occupancy levels.
While the primary factors of location and price are significant, they are not as easy to control as service and technology. For most CRE firms and properties, there are some essential technological tools that will aid their ability to retain and attract tenants.
Following our recent spot as a panelist in Realcomm’s recent webinar Tenants, Tenants, Tenants – Using Technology to Maximize Occupancy, we decided to share a summary of recommendations for using web-based tools to fill a building. With the time-sensitive professional in mind, we compiled the webinar’s highlights into an Executive Summary!
Executive Summary (1:34)
As one of Realcomm’s panelists, Building Engines’ Scott Sidman summarizes his recommendations for using technology to maximize occupancy:
For your Tenant Retention Efforts:
1. Automate as many of your day-to-day operational practices as you can through web-based tools.
2. Apply a strategic objective to their use. One possible goal: tenant retention through responsive service.
3. Set clear targets and use your tools to measure performance against those targets.
4. Make that information easily accessible organization-wide and transparent to your tenants. The culture of service and accountability will pay tremendous dividends.
5. Use communications and data collection tools like Surveys and CRM applications to aid in meeting preparation and data driven decisions based on real tenant need.
For your Tenant Attraction Efforts:
1. Develop a social media and content strategy. Align brokerage and management through managed use of LinkedIn and blogging.
2. Re-think your website, or build one. It is an external and internal sales tool. Make it interactive, engaging and consistent with clear messaging.
3. Create new positions (e.g. content manager or social media strategist) or distribute tasks. This will require an acceptance of change management.
4. Foster a top-down organizational commitment to leveraging technology effectively.
5. Start with objectives, create the strategy and measure everything you can.
For more tenant retention see the steps in our Tenant Retention Strategy!