CPE Executive Council: Tips to Ensure Tenant Satisfaction
How can you ensure high occupancy rates at your properties? A big component of this is making sure you’re providing what your tenants want and what the market is demanding. This month the CPE Executive Council shares their strategies for tenant satisfaction.
Tools of the Trade
At JLAM, we have a core philosophy of creating and investing in places people want to be. We use this principle because we believe differentiated real estate leads to happier residents and tenants, which ensure high occupancy and satisfaction.
We closely monitor both occupancy rates and tenant/resident satisfaction, using a variety of tools and processes—including surveys (quantitative and qualitative) and metrics—to assess our success in adhering to that philosophy.
But that is just the output, there are countless inputs that contribute to these outcomes. Tactically, we deliver a unique physical space (luxury apartments, vibrant offices), design highly valued amenities, provide great customer service, and curate events that enhance the living or working experience. All of this is backed by responsive and expert on-site management and maintenance teams to ensure our properties look and function up to our high standards.
Our comprehensive approach—from design to day-to-day—delivers results, as demonstrated by our most recent resident satisfaction scores over 90 percent and our consistent high 90s percent occupancy levels. —Doug Motley, Managing Principal, JLAM
Key Strategies
Ensuring high occupancy rates and tenant satisfaction involves a combination of understanding market trends, strategic pricing, property improvements and excellent tenant relations. Here are some key strategies:
Understand Tenant Preferences: Stay informed about what tenants are looking for, such as flexible lease terms, pet-friendly policies, or high-speed internet access.
Monitor Market Trends: Keep an eye on economic indicators and local developments to anticipate demand and adjust your strategies accordingly.
Strategic Pricing: Set competitive rental prices by analyzing local market conditions and the unique features of your property.
Effective Marketing: Use targeted marketing strategies to highlight the unique selling points of your property.
Quality Maintenance: Regularly maintain the property to ensure it remains attractive and functional for tenants.
Excellent Customer Service: Provide exceptional service and respond promptly to tenant concerns or complaints.
Lease Management: Offer incentives for lease renewals and maintain flexibility to adapt to tenant needs.
Community Building: Foster a sense of community among tenants to encourage long-term stays.
By implementing these strategies, landlords can maximize occupancy rates and improve tenant retention, leading to a more successful and profitable rental property business. —Doug Ressler, Manager, Business Intelligence, Yardi
Interested in joining the CPE Executive Council and being featured in future articles? Email Jessica Fiur.
The post CPE Executive Council: Tips to Ensure Tenant Satisfaction appeared first on Commercial Property Executive.
