The costs of a high tenant turnover rate are best avoided, especially when you’re managing a commercial property. Empty offices and buildings don’t earn income, and the marketing and administration costs of filling the spot can mean you never regain that money. These 5 tips help you manage premises in a way that keeps your tenants happy, and your rental book full.
Establish a professional relationship with your tenants from the moment they move in. Start off your relationship with a detailed rental agreement, and build trust by sticking to its terms. When they move in, set up a key handover — it’s the perfect place to outline your expectations, reiterate any codes of conduct that govern the premises, and to respond to their questions and concerns. Getting them to share their expectations with you will also help them to feel heard — a key factor in tenant happiness.
Offer incentives to encourage existing tenants to renew their lease. Word will get around that you value (and reward) trusted long-standing relationships. These rewards don’t need to break the bank, even when dealing with anchor tenants. It could be as simple as welcoming returning tenants at the start of each year with an “office-warming” gift, or giving them a choice when it comes to picking colours for the next office/building repaint. If you use something like the Barker-Whittle colour picker, you’ll be able to safeguard the look and feel of the premises as a whole, while still offering your tenants a range of choice. It lets you choose from a complementary range of on-trend colours, and see what it could look like in your own space. It’s a failsafe way to do the maintenance you need to do, in a way that makes your tenants feel valued.
Even with an up-to-date maintenance and repair schedule, pipes will burst or windows will break and you’ll find yourself dealing with maintenance emergencies. At the less extreme end of the spectrum, you’ll have a growing list of issues that your tenants bring to your attention over the course of the year. The trick to keeping tenants happy isn’t in maintaining a perfect property — that’s a unicorn — but in making sure that you respond to emergencies and flagged problems promptly. Even if you simply let them know that you’ve received their message and when they can expect action.
Happy tenants live and work in well-maintained buildings. If you’re responsible for a premises, you’ll be in charge of its always-on maintenance schedule. Maintenance and improvements should be a part of your annual budget, and can be arranged in a way that minimises disruption in your clients’ day. Reputable commercial painting services, for instance, can offer a strata painting retainer that ensures your exterior paintwork is always in excellent condition, without getting in the way of day-to-day business.
The best plans are useless without a team to execute them. In order to maintain a working premises in a condition that keeps your tenants happy, you’ll rely on your maintenance schedule and a team of trusted service providers to help you make it happen. Building your network takes time, so, in the meantime, we’d recommend limiting your search to service providers registered with relevant authorities, with extensive experience. This means you’ll be able to deliver high quality repair and maintenance work to your tenants, on time and within budget.
Barker-Whittle have been commercial painters in Perth for more than 40 years. Whether you’re looking for a registered, award-winning painting team or would like a recommendation for related services, get in touch. We’d also be happy to get you started with a free no-obligation quote, so you get on top of your budget early-on.