Real Estate Tips Archives - ParqEx

6 Effective Ways to Attract and Retain Commercial Tenants

Claudia Bechthold — Tue, 10 Jan 2023 12:28:16 +0000

6 Effective Ways to Attract and Retain Commercial Tenants

Commercial tenants are the lifeblood of any property. They provide the revenue that pays for the building’s upkeep and management. So it is crucial to work on attracting and retaining them.

You can attract commercial tenants to your property in many ways. You can offer them amenities like a gym, parking, restaurants, etc. You can also provide them with services like facilities management, marketing or leasing agents, etc.

Retaining commercial tenants is just as important as attracting them because you will have to continuously persuade them to stay on your property if they decide not to renew their lease with you.

If you are a landlord, it is your responsibility to create an environment that attracts commercial tenants. With that in mind, here are 6 Effective Ways to Attract and Retain Commercial Tenants.

1) Be Searchable

Be Searchable - ParqEx's innovative technology helps streamline parking operations and access control.

To attract and retain commercial tenants, you need to be searchable. You are searchable means that potential tenants can find your property easily through search engines such as Google.

The first thing to do is create an attractive website with an easy-to-use interface. The website is where potential tenants will find you in the first place. You should also have a social media presence, as this can be a good way for people to find your company if they don’t know about it.

The website and social media account should have all the information about your property. This information includes pictures, video tours, floor plans, and other information about the property. All this information should be easily accessible for people to find when looking for a place.

Secondly, ensure that you regularly update your website and account with new content to stay fresh in people’s minds, and they are more likely to revisit it.

2) Welcoming Lobby

A welcoming lobby can mean the difference between attracting and retaining commercial tenants. So what are some ways to make a welcoming lobby?

There are different ways for you to create a welcoming lobby in your commercial property. According to a home cleaning services NYC company, keeping your entry clean and tidy is one way to make it more welcoming for everyone that sees it. Here are a few other tips on creating a welcoming foyer:

Keep the entrance clean, have a good smell, and have plenty of light.
Create an environment that is warm and inviting.
Create a space that is flexible for various needs.
Include features like artwork and greenery to create an inviting atmosphere.

With a welcoming lobby, people may be more interested in using your services and coming on as a tenant.

3) Easy access to parking and transportation

Parking and transportation access are essential for attracting and retaining commercial tenants. The more parking spaces a property has, the more likely it is to attract commercial tenants.

Commercial tenants want to know that parking will be available close to the building they are leasing, so they can park their cars as close as possible. They also want to know that there will be enough parking spaces for their employees or customers. You can use tools like ParqEx for that.

Property managers need to provide accessible parking and transportation access to retain commercial tenants. If a commercial tenant has difficulty accessing the building and finding a place to park, they may look for another property with better accessibility.

4) Offer a Modern Experience

To attract and retain commercial tenants, it is necessary that the building be up-to-date with modern trends. These trends include providing amenities such as a fitness center, conference room, and concierge service.

Aside from modern amenities, modern tools and features in the spaces your tenants are renting are also critical.

5) Improve the Exterior

Improve Exterior - ParqEx's innovative technology helps streamline parking operations and access control.

There are several things that commercial landlords can do to improve the exterior of their property and attract and retain commercial tenants.

The first thing is to make sure that the exterior looks attractive. This step means having a well-maintained building with a fresh coat of paint, gorgeous landscaping, and clear signage.

Another thing that commercial landlords can do is to make sure the building is safe. Making it safe includes:

Installing adequate lighting.
Providing access control systems.
Ensuring no significant safety hazards on sites, such as broken glass or loose scaffolding.

These steps make a positive experience for current tenants and appeal to anyone interested in staying in a safe place.

6) Ensure Your Tenants’ Voices are Heard

To attract and retain commercial tenants, one must first ensure their voices are heard. The landlord or property manager must be open to feedback, complaints, and comments from their tenants.

Landlords often have a lot of work on their plates when it comes to managing a building. These tasks can lead to them losing sight of the needs of the tenants in their construction. The best way to avoid this is by ensuring that you listen to all feedback by having an open dialogue with your tenants.

Conclusion

Creating positive experiences for current tenants can also attract more potential tenants for your commercial property. If you want to improve your chances of retaining and finding tenants, follow these 6 Effective Ways to Attract and Retain Commercial Tenants.

Guest Author: Andi Croft

The post 6 Effective Ways to Attract and Retain Commercial Tenants appeared first on ParqEx.

9 Effective Ways to Retain Your Best Tenants

Claudia Bechthold — Wed, 15 Dec 2021 17:08:26 +0000

9 Effective Ways to Retain Your Best Tenants

Finding tenants who pay on time and will not vandalize your property can be challenging. So once you are confident that you have the best tenants, you need to ensure that they will stay.

Here are nine practical ways to retain your best tenants:

1) Keep your property clean.

According to Cleaning Exec Maid Service NYC, keeping the property clean can help you attract the best tenants and keep them as well. For example, when you’re taking potential tenants on tours around your rental property, you want to make sure that the space is clean. This can help highlight what it would be like to live in this property and the features that come with it.

Even in online listings of your rental property, you want to make sure that the photos perfectly highlight the cleanliness of the space.

You may not dictate how your tenants keep your apartments clean. Nonetheless, you can manage the common areas in your rental property. Thus, it would be best to remember to keep up the overall maintenance of those areas.

2) Make seasonal maintenance.

When you find a great tenant, you should do everything you can to make their stay as warm as possible so that they stay with you for as long as possible.

It would be best if you treated them with care and respect to keep them for a long time. However, this also means doing your due diligence and conducting regular maintenance checks.

You are likely to spend on the repair anyway; you might as well ensure that you won’t incur that much. In addition, by doing consistent and seasonal maintenance, your tenants will appreciate it and want to stay in your rental property for a lot longer.

3) Have routine inspections.

A part of the seasonal maintenance should be your routine inspections.

Instead of fixing things only when a tenant brings up an issue, it would be best to conduct a regular maintenance check. That way, you determine if your property needs fixing and prevent further damage. This initiative can also help encourage your tenants to stay with you for a long time.

Just because a tenant is willing to put up with specific issues in the rental doesn’t mean that they’re happy campers. Therefore, doing your routine inspections can help you fix the problem before it gets worse & retain your best tenants.

4) Provide amenities.

Providing amenities is a great way to increase the rental yield of your property. If someone is willing to live in a place filled with all sorts of amenities, then they are willing to pay the price as well. Aside from that, you get more ideal tenants living in your rental that way since many people who need these amenities are usually more agreeable.

Amenities like parking lots are a great way to stand out from the rest of the rental properties in the area. To streamline your parking space management, you can use parking technology like ParqEx. That’s because this app allows property owners or tenants to reserve a secured parking space for their visitors and guests without hassle. Furthermore, among other benefits, ParqEx’s technologies can enable transient external renters access to these parking spaces, thus increasing the property’s revenue. ParqEx will help you retain your best tenants & make more money!

Mind you, this technology is helpful if you own multiple rental properties with parking spaces.

5) Enforce reasonable rules.

Since you’re the rental property owner, you will have to set some rules in place. As long as they’re pretty reasonable, any good tenant will be willing to comply with them. But, of course, you have to ensure that you enforce these rules and indicate beforehand the consequences of failing to abide by the rules.

Also, you shouldn’t bring up arbitrary rules on the fly if they weren’t indicated in the contract in the first place. When you emphasize clear and actionable rules, it becomes easier for your tenants to fulfill their responsibilities.

Thus, you are less likely to have issues in the long run.

6) Improve the security and retain your best tenants.

Improved security is a great way to attract the best tenants to rent your property. Hence, it would help to let potential tenants know that you have security features in place.

What would make people rent your place? Well, security will give them peace of mind, knowing that they are safe.

Some security features you can install include a CCTV that your tenants can monitor through a mobile app. A motion sensor light can also come in handy. Or, if you are looking to up your security, ParqEx’s access control system or license plate recognition technology can bring great peace of mind for property owners and tenants alike.

7) Be responsive and proactive.

Many bad rental property owners aren’t proactive and don’t reach out to their tenants even when they are contacted. Therefore, if you want your good tenants to stay with you, make sure you are as responsive and proactive as possible. A prompt response is always appreciated, but a proactive approach is going to take that one step further for your tenants. Be responsive and retain your best tenants!

8) Keep your property updated to retain your best tenants.

Make sure that your property is updated so that it’s, at the very least, equal in quality to the rest of the properties in the neighborhood. That way, your tenants are compelled to stay in it because all the appliances are up to date.

In addition, your rental property can increase in value, and you can increase the rental fee as well.

Of course, you shouldn’t be unreasonable with the updates and make sure that your updates are not too extravagant and wasteful.

9) Spruce up the exterior.

Aside from taking care of the interiors of your rental property, it would help if you didn’t forget about the exteriors. After all, if the exterior doesn’t look inviting, appealing, or even well-maintained, it can make people not want to go in it.

That means that you can discourage tenants from living in it, and you might not be attracting the right kind of tenants when you have a shoddy exterior.

It doesn’t even have to be extravagant to do a good job. It simply needs to be clean, well-maintained, and minimally decorated to elevate the look.

Being a proactive, attentive, and kind rental property owner is what it all comes down to when retaining the best tenants. Therefore, make sure that you follow the tips on this list to help you maintain your best tenants and have them rent your property for a long time.

Let ParqEx help you retain your best tenants! Book your demo with us here.

Guest author: Andi Croft

The post 9 Effective Ways to Retain Your Best Tenants appeared first on ParqEx.