Need to plan your commercial property management to help retain tenants? Read on for the best technologies to facilitate property management.
Commercial property management isn’t just about securing your property to protect your assets. You also need to implement systems that will help retain tenants.
A Kingsley Survey shows that 86% of commercial tenants reported that they were satisfied with property management in their building. The reasons for this include the successful operation of management regarding problem resolution, communication with tenants, and service delivery.
So, how do you provide property management to retain tenants?
Keep reading for information that will help you optimize the management of your commercial property to improve tenant satisfaction and thus increase occupancy in the property.
The process of perfecting your property management processes involves four main areas- utilizing property management software, improving your tenant communication processes, planning building maintenance, and creating an integrated security system. This section will provide in-depth tips about using these property management strategies so that you know exactly what you need to provide for your tenants.
Commercial property management software allows you to keep track of transactional details, regulations, and other information related to your property management. You can store all of this information using commercial management software:
- Rental income rates
- Monthly expenditure
- Local and federal regulations
- Tenant turnover rates
- Property maintenance work orders
- Inspections and appointments
- Cleaning schedules
To manually track this information would be complicated. Using property management software will facilitate the logging and tracking of this information to help inform your business decisions regarding your properties.
Your tenant communication plan is what will improve your relationship with tenants by responding quickly and resolving issues fairly. Improving your tenant communication services involves:
- Keeping precise records of all leases – dates, permitted uses, tenant and landlord covenants.
- Monthly meetings with your tenants to provide updates and allow them to raise issues.
- Perform regular property inspections to increase the safety and function of your building.
- Document all communications between property managers and tenants.
If you communicate with your tenants, you will increase their faith in property management by resolving issues quickly and creating a space where the tenant’s voice matters.
An integrated security system will help you keep your property secure and protect it from damage. Tenant satisfaction will increase in conjunction with the amount of security you can provide without inconveniencing them. Your integrated security system can include the following features:
You can install an RFID access control system to manage access to your building and prevent unauthorized access. Stored access cards on mobile devices allow easier access for the convenience of your tenants. Using a cloud-based access control system will enable you to manage your physical security remotely.
To provide added support against cyber threats, you will need to install cyber security technology that integrates with your physical security.
To make your tenants feel protected in the wake of the pandemic, you can integrate hygiene technology with your security. This involves temperature checks and wellness surveys before access is granted. Touchless access will also prevent the spread of germs via door handles.
Visitor access can be granted and logged remotely to ensure that you have an accurate log of the people who have visited your building. In emergency evacuation procedures, it is essential to account for all visitors.
You can set up automated building management triggered by physical access control events. Your building management system will allow you to control the electrical systems such as lighting and temperature controls. This means that when nobody is using the room, you can save electricity by adjusting the climate and lighting.
If maintenance on your property is lacking, you will have difficulty retaining tenants. To make sure your tenants are satisfied with your building’s condition, be proactive when it comes to maintaining your building’s:
- Electrical Systems
- Pest control – be sure to hire the best pest control service to keep occupants of your commercial building safe from harmful toxins and insect bites.
- Building cosmetics (paint etc.)
Commercial property management needs to be oriented around your tenants’ experience, not just protecting your building as an asset. You can improve tenant satisfaction by ensuring that the building is perfectly maintained, communicating effectively with tenants, and using commercial property management software.
The safety of your tenants is at the height of importance. By providing a safe place for your tenants with measures that will protect their health, you will be proving that you are a property manager that cares about quality and safety.