Filling vacancies when renters leave a commercial space may be costly for homeowners in Salt Lake City. Apart from the loss of revenues due to vacancies (which last on average 40 days), there is a bevy of other costs to take into account:
- Recruiting new renters through advertising the property (online and in print)
- Processing paperwork and collecting information to screen/approve requests
- Cleaning and tidying the commercial space in preparation for a renter
With these expenses in view, it’s easy to see why tenant retention is such an important statistic for property owners. Commercial buildings with consistent cash flow and reduced administrative and maintenance costs have a higher profit margin and, as a result, a more viable business model.
That brings us to the main point of this article. We felt the need to share these tenant retention suggestions with property owners because of the benefit that high renter retention rates bring to the table.
Try One of These Five Tenant Retention Strategies
1. Consistently perform renter surveys
Why guess what renters want when you can ask them? Tenant surveys allow commercial property owners to get direct input from renters in a handy online format. By inquiring about the tenant’s experience, is there anything you think the home lacks? What can be done to improve planning? — Management can learn where to concentrate their efforts to keep renters pleased. While surveys are primarily valuable to owners, renters cherish that their opinions are solicited and considered.
2. Hire people that are both personable and knowledgeable
Whether it’s a lease staff member who exhibits the commercial building and manages documentation, or service employees who arrive to handle a repair, renters are certain to interact with property managers at some time. In either situation, renters assume that workers will be kind and informed, and if this isn’t the case, they will become upset with the lack of service. Commercial property owners need to choose employees passionate about servicing renters and who have the necessary experience to carry out their duties.
3. Ensure that tenants’ privacy is protected
An unexpected visit from building workers can be more than simply a surprise – it can frequently be perceived as a violation of privacy, whether it’s workers in the middle of a meeting or tenants lounging at home in their apartment. This can make renters feel uncomfortable in the area and resentful towards the workforce as a whole. Property management employees should always give tenants enough warning before entering their area, save in an emergency. The tenant will be able to prepare for their arrival and feel more at ease.
4. Pay Attention to Tenants Requests
Consider the scenario in which a renter makes a repair request and receives no reply from the property manager for several days. Even if the demand is a minor annoyance, following up multiple times before the issue is resolved can be aggravating. When a property management business receives a request like this or is asked generic questions, employees must respond quickly and clearly. In general, the more tenants have to communicate with you (e.g., email, SMS, and online renter portal), the more open the communication channels will remain.
5. Make repairing a top priority
While responding to repair requests is an important part of property upkeep, it’s also better to be informed. When routine care is provided to keep the commercial place clean, tenants are significantly more inclined to renew their contracts. This holds for both the interior and exterior of the structure.
Investing in landscape care services, such as those provided by Millburn, ensures that the property is well-kept, healthy, and safe for tenants in Salt Lake City
Millburn can handle it all, from big creative projects to smaller specialized jobs like retaining structures, splash pads, smart water sprinkler systems, waterfalls, terraces, open fires, and more. They also look after commercial and residential buildings’ maintenance. It provides lawn mowing, cutting and trimming, aeration, sprinkler maintenance, fertilizer, pruning, snow removal, and other services