Managing a multitenant building and ensuring a healthy revenue flow comes with a wide set of responsibilities. Along with the efficient running and maintenance of the property, there is a lot of work that goes into ensuring the wellbeing and happiness of the tenants. As experts in user services for commercial and residential buildings, from Smart Point we come to you with 5 golden tips to meet your tenant’s needs and increasing tenancy renewals.
1. Investing in your property look & feel
Starting with the bare basics, investing in keeping your building functional and attractive is key. Aside from ensuring that the structure, systems, and installations in the building are well kept and run smoothly, it is important to put special attention on the aesthetics and the offer of amenities. Tenants pay a price with the expectation of a certain level of comfort and luxury, and it is important to ensure that this expectation is met. This includes but also goes beyond their own homes. That means that the building’s common areas need to be assorted with amenities oriented to make their time at the building more enjoyable: electric car charging stations, smart delivery lockers or multiservice Smart Points, gyms, restaurant or bar areas, etc.
2. Make sure your building’s management runs smoothly
Taking care of maintenance in a timely manner, preventative and reactive, is extremely important. Any structural or systematic issues that affect negatively the user’s interaction with the building need to be resolved quickly. For instance, the reception area is meant to guide visitors to where they need to be and fulfill certain security duties, amongst other things, with clockwork efficiency. Because online shopping has now become an active part of our day-to-day, it can happen that the reception staff becomes too busy pointing courieurs in the right direction or keeping track of packages entering the building. That means that the reception area becomes clogged up with forgotten packages waiting to be picked up (not a good look!) and that the staff members are constantly too busy to fulfill other duties. One way to help this issue is by adding a smart delivery locker at the entrance of the building.
3. Be proactive with tenancy renewals and look for solutions
Reaching out to your tenants around 90 days before their lease is up, gives them enough time to consider their future plans. It also gives you enough time to find a replacement if they decide to leave, as well as a good chance to take proper feedback around their decision. For instance, if they decide they want to move out, you can ask what would make them reconsider – is there something that they have been missing in the experience? Can something be done differently from now on?
4. Make your tenant’s complaints heard and needs met
Taking your tenants’ feedback shouldn’t be restricted to the lease renewal period. Rather, it should be a fairly regular occurrence. One way to understand what they might be lacking could be by running quarterly surveys, asking about their general overview of the property, the installations, services offered, etc. Of course, if the same feedback comes from several tenants, it might then be the time to take action – for instance, depending on how far off the city centre the building is, it might be a bit of a trek for the users to access to their favourite local shops. If that seems to be a common worry amongst the residents, it might be a good idea to add a parcel management service that is accessible by local businesses. Also, adding smart services that fulfill an important UX role can transform your building into a Smart Building.
5. Reward your tenants’ fidelity
You have played your cards well, and you now have a strong set of tenants who are happy to keep on renewing their contracts year after year. This too can become an opportunity to strengthen even more your relationship with them as your clients. To thank them for their loyalty, you could make use of the existing services in the building to give them rewards. For instance, if you are managing the building’s parcel and service reception through a Smart Point, you could use the inbuilt marketplace to offer product and service discounts, or even thank you gifts. Or if your building has got a gym, you could expand their access rights and even gift them credits for extra classes and activities.
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