As a landlord, do you recall the last time you took care of your tenant relationship management and called your tenants to ask if they are happy with their premises? Or even visited them to find out if they have any concerns with your property?

There are four equally important reasons why you should pick up the phone and call your tenant today, and not tomorrow: 

  1. Secure your cash flow
  2. Understand the local property market
  3. Boost your marketing
  4. Avoid unexpected operating expenses

Enhance your tenant relationship management

Being in contact with your tenants or visiting them is essential for improving tenant relationships. It shows your tenants that you care about them and want to serve them the best ways possible. 

1. Secure your cash flow

According to JLL’s survey, you should contact your tenant, as it takes 2 years to reclaim the lost income of one lost tenant. Another survey, by Kingsley Associates in 2011, shows that the likelihood of a lease renewal is tripled when tenants are sufficiently satisfied with their management.

The same survey states that it is the overall satisfaction in the relationship between landlord and tenant that matters, not just the premises.

By getting constant feedback from your tenants – business needs, concerns, development needs etc. – you will have insight into your tenant’s business. This gives you the time to prepare for their changing situation and proactively offer relevant solutions to your tenants before they give notice.

Tenants can be a huge asset for your marketing if you keep them happy.

2. Understand the local property market

By talking with your tenants, you have first-hand information on the local property market; needs, trends, and key players. That local market knowledge is almost impossible to acquire in any other way than with direct communication with your tenants.

Local market insight gives you the advantage to plan your property investment and development decisions better, to get better yields and add value to your properties. Or even spot undervalued properties – which you could turn into prosperous investments.

3. Boost your marketing

Tenants can be a huge asset for your marketing if you keep them happy.

They are normally widely networked through business contacts and personal networks in the area which could be very beneficial to your business. If they are happy to recommend you and your premises, you will save money and time from your marketing activities.

The classic example is business parks.

Companies operating on the same domain get synergies and innovations by working together in a cluster. Another example is getting an attractive shop as a tenant to your retail park or shopping mall.

It will attract others to sign the lease. The benefit of a neon sign of a known brand is tremendous. The same effect can also be achieved through the low vacancy rate at your retail park. It is all about the BUZZ.

4. Avoid unexpected operating expenses

It is really important to get your tenants to take good care of your property and also to inform you of the needed repairs before the premises get worse.

To keep costs under control active and continuous dialog with tenants is essential. Systematic collaboration with your tenants and documented feedback gives you a good foundation to analyze the shape of your premises and properties well in advance.

Keeping operating expenses manageable may turn average property to a top property.

To gain and to maintain a professional reputation in the domain is hard work, like in any other.

A good and close relationship with your tenants will ensure that they will inform you if anything goes wrong. In addition, taking your tenants seriously will make them trust and respect you and your property.

Start calling your tenants today!

The beauty of better tenant relationship management is that you can start it right away and enjoy the benefits immediately. Just pick up the phone or visit your tenants today.  

Show that you care about their business and that you want to help their business perform even better.

Of course, tenant relationship management, in the long run, requires a systematic and strategic approach. You can start by asking them the following simple questions:

    • How does their space contribute to their business? What could be done to improve their situation?
    • Are they likely to expand? Or to open new locations?
    • Have the requirements for the space changed? Do they require special technology or service in the future?

You read our text to the end. Should you now pick up the phone and perhaps have a call with your tenants?