Know your tenants it’s a statement that landlords or asset managers hear multiple times. But how do you really understand your tenants? What is going to make them excellent tenants, stay for longer and pay rent on time?
Firstly, we need to understand who our tenants are. Without tenants we have an empty building – devoid of energy and life and importantly revenue. Knowing our tenants or customers, and what attracts them to our spaces and makes them stay, whether in commercial, retail, industrial or residential properties, is critical to ensuring the right tenant is attracted to successfully optimise revenue from your asset.
A single portfolio view of data on tenant activity and types of tenants that are reliable and retainable is key - reducing risk of a leases lapsing or rents not being paid on time. On a role-based level, finance and asset management teams have the tools to visualise the total number of deferrals and abatements, and aging AR understand in real-time the health of their leases, and property management have oversight and comprehensive data pertaining to collections and communications with tenants.
What do tenants want?
As companies grapple with new ways of working and how to attract people back to their spaces there is the risk of tenants not renewing or requesting shorter leases due to this uncertainty or clarity on what the future holds. Giving property owners and property managers real-time visibility of the data that relates to enables them to foresee and mitigate any risks.
But it’s not just about lease sign ups, once you have the tenant satisfying them to ensure retention is equally important to will stable returns and increased value for your asset.
Demand for hybrid and flex workspaces is becoming more prevalent. Yardi’s recent partnership with WeWork to develop their enhanced Workplace offering is an example of the market responding to this. The enhanced WeWork Workplace will manage spaces to accommodate on-demand space for its members. Allowing corporate members to offer employees the ability to seamlessly book a desk, private office or conference room in any company leased of owned office space, at any WeWork location or affiliate WeWork.
Competitive property owners understand the importance of responsive maintenance. Digital tracking and scheduling tools are a great way to facilitate a better service delivery to tenants. Allowing tenants to make maintenance requests and have a communication channel to monitor response and progress, helps to manage expectations for resolution times. It also ensures efficiencies by streamlining maintenance and inspections required.
Benefits of digitisation
Accuracy, visibility and timeliness are the key benefits of digitising processes. In the property sector this is true along with the ability to enable collaboration – internal and external stakeholders on the same page for better more efficient delivery of the services and assets you provide.
Steven van Ginkel, Manager of Finance and Control for GREEN Management says, “Yardi provides an ideal platform for communication between team members. Information is easily accessible on mobile platforms and finance information is now combined with business information. That’s a win-win situation. Workflows with Yardi have helped us streamline our business processes.”