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How do I put myself in the best position to retain current tenants?

It’s a given that tenants expect you to effectively and efficiently manage and respond to their property management needs. That’s the minimum. To be in the best position to retain those tenants beyond the initial term, however, you need to go beyond responsiveness. It’s important to keep in touch with them on a regular basis, and work with them proactively and collaboratively to anticipate their needs and exceed their expectations. What’s more, you need to spend the time to really get to know them, socialize with them, and be part of their lives and businesses -- even when you don’t have a specific agenda in mind.

In other words, you need a real relationship with them.

It’s not good enough to think that, because a tenant signed a ten year lease, you don’t need to talk to them or pay attention to their business until they are nearing renewal. If you wait until that decision point to reach out to them, it’s too late. Someone else who values that tenant will have swept in and stolen that relationship from you.

Keeping in touch with your tenants and exceeding their expectations during the entire lease term is demanding of your leasing brokers. It’s hard work, and requires an appreciation for the long term value of tenant retention. It’s all about relationships. If you fail to regularly and directly communicate with your tenant, you sacrifice that relationship – and you lose the advantage of valuable lease renewals.