When you own a commercial or retail property, it pays to keep in close contact with your tenants. They are a key part of the property performance and should be nurtured to stabilise income from the property.
Build a tenant retention plan to boost your tenant stability. Have reasons to talk to your tenants and do so frequently. Build positive and strong relationships with your tenants.
As part of keeping in contact with the tenants in your property, you can create a tenant contact plan that formalises the meeting and any feedback that may happen as a direct result.
Highly Performing Properties
Many larger landlords in high performing properties will create and hold tenant contact meetings with all tenants at least every 90 days. In retail property this cycle is shorter given that a retail property is a very active type of property investment and changes happen all too quickly with property pressures and retail sales.
So just what can and should you talk to your tenants about? Try this list:
- Need to expand premises
- Need to contract premises
- Maintenance needs in the property
- Interaction with other tenants in the same building
- Exercise of lease option
- Use of the building
- End of lease issues
- Renovation or refurbishment plans
- Terms and conditions of their lease and compliance to that
It is interesting to note that good tenants are constantly being networked by other property owners and real estate agents in your local area. More reason to keep in contact with your own tenants to make sure they are happy in occupancy.