Managing a retail space is a business with profit to be made at the end of the day. As a landlord, if you lose a retail tenant, it’s basically going to impact the future success of your business. So in order to ensure tenant retention and earn steady profits, there should be a plan of action in place that will enable you to manage, oversee and maintain these tenants. The aim is to foster a strong positive connection with each tenant leasing your retaíl space. This can be set up as follows:
• The initial step is to be clear on the nature of your tenant’s business; this means understanding their technology needs, the number of meetings they hold, particular amenities required, and how your space contributes to their overall brand.
• Schedule regular communication with your tenants, through once-a-week meetings or once-a-week telephone calls. This will offer the tenant a regular and steady means of communicating concerns, queries or worries.
• In order to further facilitate communication on your end, aim to communicate through emails or memos. Whether your communication discusses a new outlet or a new project, be sure to keep your tenants in the loop.
• Be sure to document and measure tenant satisfaction and concerns every six months, and do a thorough analysis of the results periodically. Use a periodic survey to be completed by all tenants. Request honest and transparent feedback that will be critical to your future tenants as it will help enable a more conducive and productive retail environment.
• Once you have critical feedback from your tenants, you will be better equipped to meet their needs and, therefore, keep tenants satisfied with your retail space.
• The goal of each landlord is to attain overall tenant satisfaction
• As a landlord, communication with your tenants must be regular
• Document and measure tenant satisfaction on a regular basis
Source: Saadiya Ahmad, Special to Properties
The writer is a freelancer