The Hampton Roads area is a hotspot for commercial rental space, with vacancy rates hovering at around half the national average. This isn't the case for all commercial buildings, though; only the best spaces are in high demand.
So, if you're a commercial real estate owner in this area, you need to be at the top of your game if you want to keep your existing tenants or attract new ones.
Read on to discover the best property management solutions for effective facility management.
Talk to Your Tenants
The idea that happy tenants renew their leases isn't a lease management mystery; it's plain common sense. The best way to ensure you're meeting your tenants' expectations is to ask them.
Open communications are key to tenant satisfaction, whether you're dealing with maintenance or requests for upgrades. Talk to your tenants about areas where you can improve and how you can make your facility better suit their business needs.
Implementing energy-saving innovations is one of the best ways to impress your tenants. You'll save them and yourself money in the process.
If you agree to upgrades and improvements, be sure to provide training about any new systems. You must also inform them about any potential business disruptions while the refurbishments are underway.
Feedback channels for any complaints or concerns are vital to ensuring their ongoing satisfaction. Consider implementing an online tenant portal so your tenants can reach out easily when they need to.
Commit to Aesthetics and Ongoing Maintenance
Keeping your building in good condition is a legal requirement under Virginia law. Regular maintenance is also imperative if you want to keep your tenants.
For residential tenants, a poorly maintained building creates inconvenience. For commercial tenants, it can mean a loss of income.
You must stick religiously to a routine maintenance program to ensure business continuity for your tenants. Cloud-based facility management software helps you keep track of:
- Routine maintenance
- Emergency repair requests
- Work orders
- Vendor payments
- Maintenance records
- Financial reporting
Smart systems can help you save energy and monitor the performance of energy-saving systems. This can help you keep track of recurring issues and best calculate when to implement improvements.
Many commercial tenants welcome their clients on their premises. You can help them create a great first impression by taking good care of your building's interior and exterior appearance.
If you have outdoor space, consider hiring a landscaper to boost its appearance and functionality. Appealing outdoor rest areas are a big drawcard for tenants, as they help improve their employees' work experiences.
Streamline Your Facility Management
Working with a property management company is the ultimate solution for commercial property managers who want to maximize tenant retention.
These experts will oversee property maintenance and help you implement state-of-the-art systems to streamline communications. They can also advise you on worthwhile improvements to your commercial space.
PMI Virginia offers expert facility management services in Virginia Beach, Norfolk, Chesapeake, and Portsmouth. We can assist you with marketing, tenant management, accounting functions, and property maintenance.
When you work with us, you enjoy the benefits of over 20 years of experience in the Hampton Roads real estate environment. Explore a better way to optimize facility management with us.