According to a recent survey from Building Engines and BOMA, 61% of commercial real estate (CRE) professionals are seeing more companies/tenants transition back to the office full time. As buildings continue to grow occupancy, the need for a robust tenant experience strategy has never been greater. Learn what the data shows, and then take actionable steps to improve your tenant relationship management.
Tenant issue management: What the data shows
When we asked property teams to share their most common method for communicating with tenants, email communication reigned (74%). However, respondents also noted that tenant issue management continues to be a top time-consuming task for property teams.
Here could be some insight into why it’s so time-consuming, especially if property teams are primarily using one-off emails to receive tenant requests.
Tenant issue management: What you can do
The adoption of a work order management system could be a game changer for property teams. By helping to prioritize requests and streamline tenant communication, this tool could alleviate time constraints and make managing tenant issues a more swift and effortless process.
In keeping with this trend toward digital tools, tenant experience software is rapidly emerging as a principal area of investment for property teams. An encouraging 52% of respondents foresee such an investment in their future plans for 2024. Clear indications of a shift toward advanced technology for tenant engagement are already visible. There was an impressive 63% year-over-year increase in respondents who indicated their most common method of communication is notifications via a tenant app.
To continue riding this wave of technological advancement, property teams should explore options tailored specifically toward their needs while also considering the communication preferences and ease of use for their tenants. Future-oriented property teams are leveraging these tools to not just communicate better, but engage in a way that enhances the overall tenant experience.
Tenant engagement: What the data shows
Interestingly, the data shows that property teams are missing a huge opportunity to continuously stay connected to their tenants. When asked whether they are using tenant survey or polling data to help guide their business decisions, 69% said no or they weren’t sure.
Tenant engagement: What you can do
To bridge this engagement gap, property teams should consider adopting dedicated tenant communication apps. These digital platforms offer instantaneous chat functions, alongside features for pulse surveys and polling.
Adopting such technology offers dual benefits. First, it establishes immediate and regular communication channels between property teams and tenants. Second, these applications facilitate data collection reflecting tenant sentiments and preferences, which can subsequently be analyzed and utilized to make smart, data-driven decisions.
For instance, if there’s noticeable discord between what the tenants articulate as their desires (sentimental data) and how they actually use the space and amenities (usage data), property managers can leverage these insights. By aligning business decisions with these metrics, CRE landlords can more accurately cater to the needs of their tenants, thus improving overall tenant satisfaction.
Discover the latest CRE trends
Property teams should actively explore and invest in tenant engagement technologies, keeping up to date with current trends while also acknowledging the critical role of data in strategy formulation. These tools not only simplify communication but also facilitate informed decision-making, an approach that ultimately leads to tenant-centric business growth.
Download the free report “The state of commercial real estate property management for 2024” to stay up to date with more CRE trends.
