6 Commercial Resident Retention Strategies for 2021
Keeping tenants in your properties month after month is a critical aspect of commercial real estate management. The strategies needed to retain your tenants can reap enormous benefits by helping you avoid unnecessary vacancies, especially during the COVID-19 pandemic. Consider these six commercial resident retention strategies for 2021:
1. Consider Hiring Salt Lake Property Management
Property management companies in Utah offer many benefits to commercial property owners, including the following:
- Improved tenant communication
- Property maintenance
- Market knowledge
- Superior resources
- Reduced turnover
2. Know the Market
Keeping track of current market rents and incentives allows you to benefit when renegotiating leases with current tenants who want to stay.
3. Stay Hands-On
Stay in contact with current residents. Aim to reach out regularly, so you can build on existing relationships that can help you anticipate tenants’ needs and maintain their satisfaction.
4. Consider Maintenance Renovation and Refurbishment
Both in common areas and within tenant spaces, there is a need to conduct regular maintenance as well as renovate and refurbish spaces. Including these aspects in negotiating the lease helps you make clear decisions.
5. Categorize Tenants
Some tenants are problematic, others innocuous, others actively beneficial. Knowing your tenants well helps you know which tenants to fight to keep versus which may be more trouble than they are worth.
6. Conduct Exit Interviews
Tenants will eventually leave whether it was their choice or yours. Asking them why provides insight into what future tenants may want.
Trusted Salt Lake Property Management
LB Hunt Management Group is one of the premier property management companies in Utah and has the expertise necessary to help you retain tenants. There’s no better choice in Salt Lake property management. We can be reached at 801.322.2505.
