Replacing a tenant costs 3x more than retaining an existing one. 

In commercial real estate (CRE), tenants, and the revenue they generate, are the lifeblood of the business. That’s why in our State of CRE Operations Report we asked over 900 CRE professionals what they do to make their tenants happy.  

Bottom line: We found that when it comes to attracting and retaining tenants, nothing is more important than serving them well throughout every step of the tenant life-cycle.  

Here are 7 quick tips to serve your tenants well, keep them happy, and make them stay:  

1. Track, and prove, your service (in your property management software)  

Best in class CRE properties are 1.6x more likely to track performance against service level agreements. Maintaining detailed performance records against set SLAs demonstrates to decision-makers and your key tenant companies that their employees are being served well. Chances are it will reflect in higher tenant satisfaction ratings if you track and know if you are always hitting service targets. 

2. Make it easy for tenants to request and track service  

Just having an online tenant facing work order system no longer gives CRE companies a competitive advantage. Today, having a system where tenants can request services is table stakes – a given, a must. In fact, 90% of best in class CRE organizations use a tenant facing system that makes it easy for tenants to request and track services, anytime, anywhere.  

3. Seek tenant feedback, early and often  

More than 8 out of 10 best in class properties seek tenant feedback about service performance. Capturing and monitoring this type of feedback and data allows property teams to keep a pulse on tenant satisfaction. It also allows them to spot red flags early on and proactively address issues with tenants. 

4. Mix up the channels you communicate with tenants on  

Best in class CRE organizations use multiple ways to get information to their tenants. They are 1.8x more likely to use a broadcast messaging tool and digital signage at their properties to deliver valuable information to tenants. This helps ensure your tenants receive critical information they need that may impact their experience.

5. Change the channels they can reach you on (hint: mobile) 

2 out of 3 of building management teams at trophy assets offer ways for tenants to communicate with them via mobile technology. Empowering tenants to use the devices like their own smartphones to communicate with building management makes it easier than ever for them to request services. The ease of use encourages tenants to actually use the technology provided to them by building management to make requests.  

6. Balance security and convenience with technology to manage visitor access  

On one hand, it’s never been more important to maintain the protection of your building. On the other hand, you don’t want to add unnecessary inconvenience that slows visitor access in your lobbies – creating frustration for tenants and their visitors. To mitigate this, use technology to make it easy for tenants to register their visitors and provide a simple check-in process for visitors.  

7. Create a valuable property website for your tenants  

An online public-facing website can strengthen a building’s brand. Not only can you use it as a tool to attract high-value tenants, but it can also act a one-stop service for your current tenants. Use this as a hub for your tenants to get everything they need from property management from tenant handbooks to service requests.  

At the end of the day, keeping tenants happy entails strong communication, adherence to service standards, effective measurement of tenant satisfaction and maintaining a safe building for them to work in. These 7 tips ensure that you are keeping your tenants happy and renewing their leases.