27 Feb The three pillars of satisfied tenants
The commercial Real Estate market in 2020 is booming. Having said that your property’s size, value, or earning potential will no longer attain tenants. The tenant-centric mindset has changed. The methods that landlords have used to maintain a good tenant experience by considering their concerns don’t seem to work anymore.
| Technology doesn’t just help investors find properties; it also helps property owners to fill properties. In a developed world, time is money. The longer your property sits empty, the more money you lose.
Nowadays, instead of going to a restaurant to eat lunch, we order it online. These ideas have started to get implemented in the real estate business too. As one of our partners has mentioned the new trend is the “space-as-a-service”.
If you are an owner, especially if you have bought your property as an investment, thinking that space is enough, is a mistake. The physical space remains important but not in a long term value proposition. It is the data-driven technology that transforms the space into a “space-as-a-service”.
| Phil Mobley has been a consultant to the commercial real estate industry for over a decade, telling stories with data that help building owners and managers better serve their customers.
This transformation depends on the property managers since they are closer to the users’ experience. If real estate now is more than just considering the user’s experience concerns, property managers face it first. To create a great user experience, the combination of the technology, data, and the human element is essential.
To satisfy the tenants, we need to collect data to know what they need in order to provide it in the best way possible. Since it is about meeting humans’ needs, human responsiveness is crucial. Lastly, technology will collect data and responses.
How is this strategy of meeting the tenants’ needs going to look from the landlords’ perspective?
Technological Foundation – Satisfied tenants are profitable tenants. Incorporating tech to interact with tenants will be beneficial for both sides in order to improve their collaboration.
Data Collection – Knowing is better than guessing. Collecting the data through surveys, polls, etc will help them to make better decisions.
Branding of both property and owner – Residential style, extended stay leader in satisfaction and performance.
On-site community – When tech, data, and branding have been combined the community eventually starts growing.
Customizing the tenant experience based on data – Get to know your community. Conduct surveys and polls to understand what tenants want, analyze the results of your content and tenant experience initiatives, and use the intelligence to guide future programs and investments.
To sum up, in order to keep your tenants satisfied integrating these three pillars; tech, data, and the human element are crucial to a long term profitable investment. If one of these pillars gets neglected finding prospective tenants will be hard. Keep in mind that they are only a click away if their needs aren’t being met – in any direction.