Create a property where commercial tenants will want to stay with these tips!
Whether the economy is booming or broke, there will always be a need for certain services. If you run a commercial property, you will know that tenant turnover costs you significantly. Commercial tenants tend to stay longer than residential tenants on average, but knowing how to make your property a place tenants will want to stay at for as long as possible is helpful. Take a look at these commercial tenant retention strategies below.
6 Commercial Tenant Retention Strategies
1. Maintain Building Safety & Security
All of your commercial tenants and visitors should feel safe when they come onto your commercial property. The area should feel safe, the property should feel safe, and so should the building. Safety is the priority.
2. Maintain the Premises
You can also promote safety and an inviting atmosphere by simply taking care of the property. Professional landscaping, building inspections, commercial cleaning, etc., are all it takes to create a space that commercial tenants will be content and happy with long-term.
3. Keep Lease Agreements Flexible
Some tenants will hesitate to abide by strict lease terms. If there are ways you know you can make the lease more flexible for different tenants, then providing those things will make it easier for tenants to sign the lease and stay on.
4. Streamline Communication
Trying to find information via email, text, and social media together is not ideal. The more you can consolidate information within one hub, the better. If the tenant has a request, a question, or a need to access relevant information, you can keep all of it within one tenant portal. Of course, it doesn’t hurt to create communication lines through private social media groups or other avenues as well, as long as it is orderly.
5. Foster Community
The more bonded together a group is, the more likely all parties will want to stay. The objective, however, should be to foster a community to give opportunities for partnerships between different commercial tenants.
6. Keep Pricing Fair
Some landlords might increase the monthly rent to bolster their income, but doing so is not always the best move and can price tenants out of your property. Keep the pricing as fair as possible to them.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.