In today’s era of outsourcing and cost cutting, nothing can replace the value of a high-touch tenant relations program. But what does this really mean? To find out, ask yourself some critical questions. Do your tenants consider you an indispensable partner and critical asset to their business? They should. Do you know your tenants’ long-term goals? You need to. When was the last time you had a face-to-face meeting with your tenants’ key contacts? If there was snow on the ground, it has been too long.
As a result of current market conditions, commercial landlords are facing fierce competition. One way to distinguish your property from that of the competition is to invest time and energy – not necessarily dollars – in a tenant relations program that is focused on addressing tenant needs and delivering meaningful and high-quality services. A well-designed and well-executed program can yield numerous benefits to tenants and landlords, often uncovering otherwise hidden opportunities for both.
A high-touch approach to tenant relations relies primarily on understanding tenants’ business needs, personalizing the services afforded to each, and customizing programs that enhance their relationship with the building. This is accomplished by establishing lasting relationships between tenants’ key personnel and members of the firm’s management and leasing teams.
Some tried-and-true principles for effective tenant relations:
All teams work in unison. At certain points in the leasing cycle, both leasing and property management representatives have opportunities to uncover what is important to individual tenants and to cultivate long-term relationships in the process. Instead of a handoff when the lease is signed, leasing and property management teams work together, sharing information and developing creative solutions that meet both the tenant’s and landlord’s objectives.
Ask the right questions. Whether over a cup of coffee or lunch, establishing regular, face-to-face interactions between property management professionals and key tenant contacts deepens personal and business relationships and builds trust. How might their projected business plans affect their office space needs? Which variables will have a significant impact on their projected business plans? What are the long- and short-term implications of those variables? Learning this information too late could prove costly for both tenants and landlords.
Customize events. Considering the unique interests of tenants when planning events and outreach programs will often provide strategic opportunities to enhance the overall tenant experience and create meaningful opportunities to interact with the building community. Such a customized approach will appeal to existing tenants’ employees, customers, and visitors, and it can generate interest from potential prospects outside the building.
Anticipate tenants’ needs. By understanding tenants’ priorities and the economic factors affecting their businesses, property managers are able to better anticipate tenants’ changing needs and, consequently, the leasing team can better manage the building’s space inventory. A thoughtful tenant relations program can help greatly in this regard. The efforts of a well-executed tenant relations program are often rewarded with above-average tenant retention, valuable referrals to both prospective clients and tenants, and treasured friendships that can last a lifetime.
Have the right team in place. From the property manager to the security personnel to the engineering staff, each individual representing the property is hand selected by the property management and ownership team to meet the specific needs of the building and its tenant base. By ensuring that each property professional has superior experience, skill sets, and knowledge, management will be well positioned to deliver a broad range of creative, high-quality services day in and day out.
