The commercial real estate landscape has changed a lot since 2019, especially with what defines happy renters. With more and more companies encouraging hybrid in-person and work-from-home scenarios, potential tenants are looking more closely at building amenities and offerings. Even for an apartment building owner, new office requirements may be necessary for living spaces. Or if your commercial spaces are at or near capacity, it’s always good to think ahead on how to keep happy renters renewing year after year. These same strategies will also help draw new tenants to your building.
Don’t wait for tenants to ask for improvements down the line. Think about including a tenant improvement allowance clause in every new contract. This will not only make your commercial real estate holdings more marketable but will potentially raise your income per square foot on spaces in your holdings. It also gives tenants flexibility knowing they can decide the changes that will be most meaningful to their company. This tenant improvement budget opens up a clear line of communication to find out changes that can make for a happy renters mean a long-term tenant relationship.
Even simple changes like offering daily sweeping and cleaning services can help bolster tenant morale and make happy renters. If your tenants and their employees are seeing your team’s effort daily, it will be something they remember when inevitable problems arise or simply at their time of renewal. Also, consider deeper maintenance services like hiring an on-site engineering contractor. This trusted person can do routine things like change lightbulbs, perform regular maintenance, and emergency repairs. Think about plugging in Rubicons’ comprehensive facility management service.
Consider also, that when someone brings sustainable practices into any field of business, there are often times rebates, or even notable savings on things like energy. Going green allows tenants to feel like their carbon footprint is smaller as well, which is something that makes happy renters especially in larger cities where conservation is a personal goal of many.
Don’t forget about shared or common spaces on your grounds or inside your commercial buildings. Take pride in keeping your lobby, breakrooms, restrooms, hallways, and outdoor/green spaces looking their best. Many offices are looking for ways to encourage their team members to return to the office, and having green space for employees to break or take their lunch break can be a game-changer. It’s also important to remember that any visitor on your commercial properties is a potential future tenant, regardless of your current occupancy.
The way your property looks on a daily basis is a reflection on you, even more so than your business card or LinkedIn Page. Tenants will always give word of mouth about their living arrangement. So, happy renters will most likely provide future renters much better than renters that part from the place in a negative light.
Don’t be overwhelmed. If you are not yet ready to bring on a trusted partner like Rubicon to help you take care of any or all of the above—start with a manageable goal. Focus on a small green space at one of your properties—make it look nice. Or pick one of your existing employees or contacts to oversee a building. It’s better to start somewhere and then grow as your business grows.
If you find that it might be a bit more on your plate than you were expecting, then take a look at Rubicon's simplified services. Where you can have a flat hourly rate for experts to come and finish a project for you, at a rate that fits your budget.