Improving tenant satisfaction is a top priority for property managers, especially as the workplace continues to evolve. It might be intuitive to think that many property teams are grappling with tenants requesting shorter or more flexible leases.
However, research from a recent report, “Property management trends & technologies for 2023” shows that’s not necessarily the case. In fact, leasing changes were toward the bottom of the list of tenant requests, according to property managers. That’s why focusing on the tenant experience will be key for property managers in 2023 and beyond. Improving tenant satisfaction is a top way to keep your buildings occupied.
Here’s three ways property managers can improve tenant satisfaction and win back the commute at their buildings.
1. Start with the low-hanging fruit
When evaluating your current tenant experience strategy, start by tackling what will have the most impact. Tenant requests are the biggest low-hanging fruit for property managers. Of all the property managers surveyed for this report, 72% said comfort issues – even simple things like temperature – are still the most common request they get from tenants.
It takes a lot for tenants to want to leave the comforts of their homes. And if those spaces are not comfortable for them, it puts added pressure on CRE property managers to get their buildings up to par.
At the end of the day, your buildings need to provide a better, more appealing experience to woo tenants away from working within the comforts of their own homes. Starting with something as simple as quickly responding to tenant requests could go a long way.
Work on improving your response time to work orders and be sure to continuously communicate updates to tenants so they aren’t left in the dark. In doing so, it’s also important for property teams to make sure they are equipping their engineers with the resources necessary to complete such tasks.
One way of equipping engineers is by helping them to prioritize and manage their workloads. Whether that is through adopting mobile/app technology, reducing safety hazards, or bridging the generational technology gap, these resources can help teams to refocus their attention on tenants and immediate building needs.
2. Address tenant comfort and indoor air quality issues
The pandemic put the biggest spotlight on why healthy buildings are essential to tenant satisfaction. As a result, attention has shifted to focusing on ways to improve indoor air quality (IAQ) at commercial properties.
Indoor air quality refers to the air quality within and around buildings, according to the EPA. And it’s especially important as it relates to the health and comfort of your tenants. Healthy IAQ goes hand in hand with tenant comfort, and it’s up to property teams to make sure their buildings meet or exceed new standards.
Research also suggests that property managers need to find a better way to manage HVAC systems. One solution is to implement an intelligent HVAC optimization management system that learns and monitors all HVAC equipment operations 24/7. Such a system can leverage artificial intelligence and data inputs to make real-time micro-adjustments to maximize tenant comfort while reducing energy consumption and costs as well as exceeding indoor air quality standards.
So, as tenants continue to return to properties, they are also rethinking their priorities. To ensure their spaces are safe, tenants are demanding for more robust health and wellness protocols. Air filtration, ventilation, and purification are some of the top drivers of tenant satisfaction.
3. Evaluate your tenant amenities
In a recent study, JLL found that come 2025 there will be 12% higher demand for commercial buildings with tenant amenities. This should come as no surprise considering that property features are not only a huge draw for tenants but also a major driver behind building re-occupancy.
It might behoove the CRE owners who don’t have amenities on their radar to start rethinking how they can utilize their buildings – especially as workplaces continue to change. Property managers will need to work with building owners to provide feedback on what amenities tenants want and/or currently use.
Data extracted from tenant experience technology is the key. It comes down to accessing real-time data on tenant preferences and behaviors to evaluate which amenities are best fit for your property. Property managers should also have a continuous communication strategy and conduct pulse surveys to collect data from tenants and report back to building owners.
It is important to note that when it comes to amenities, one size doesn’t fit all. Each property is unique, as are their amenity needs.
Refocus your tenant satisfaction efforts
Creating and maintaining commute-worthy buildings is a constant battle for property teams. Property teams must meet tenant standards and industry standards all while remaining within budget. It’s a very gentle balance.
The best place to start is with the low-hanging fruit. Make sure your tenants’ needs are met, then plan to focus on the overall comfort and health of your buildings. From there, take stock of the building’s amenities, and work with owners to provide tenant feedback. With this strategy mind, teams can begin to execute what will look like a “commute-worthy” building.
For more information on what tenants are looking for or how properties can accommodate new standards, read the report, “Property management trends & technologies for 2023.”
