Tenant Attraction and Retention
Why it's important to focus on tenant satisfaction and relationship building
Focus on Satisfaction & Building Relationships
Providing value to tenants by empowering them to appeal to new talent is one piece of the puzzle for attracting and retaining high-quality tenants. Relationship building has become more important than ever before, and CRE owners and operators will need to make tenant satisfaction a top priority.
To do that, you’ll need to:
- Enable a data-driven leasing strategy that aligns building and tenant needs
- Enhance communication and feedback loops with all tenant employees
- Become a critical component of tenants’ talent and workplace experience strategy
- Engage tenants every day
How Engagement Builds a Better Tenant Experience
Among many things, your tenants’ goals include creating a workplace their employees want to be part of. They can’t be successful in meeting their goals if they aren’t properly connected to the property team. Tenants want to be valued. They want to feel heard if they have a complaint. Simply put, your tenants need to be able to easily contact your team.
That’s where technology comes in. When you give your tenants access to one app with everything they need – including a workplace experience component and a building operations platform – they can engage with you quickly. And, property management teams can handle requests in a timely manner. In turn, you’ll foster greater tenant relationships and satisfaction.
What is Workplace Experience?
Workplace experience (WX) connects employees with each other, their companies, and the workplace through experiences that enable them to be more productive, effective, and connected to their company.
Source: Office Insights 2022, HqO
of employees now value hybrid work as being equally as important as salary
What landlords can do: Partner with tenants and employees to achieve their flexible work models and create experiences that bridge the gap between hybrid and in-office workers.
of employers say WX and engagement tools will be critical for offices
What landlords can do: Technology in the workplace is more than just a short-lived demand. Implement tech tools that combine tenant experience software with a building operations platform that allow you to connect and engage with your tenants to meet their needs.
Source: The State of Workplace Experience, HqO (stats)
It's time to connect tenant experience + building operations through tech.
What can tenant experience software do?
- You can create content and event programming, and take advantage of out-of-the-box, pre-built tenant engagement programs that are updated on a continuous basis.
- Building communication is improved with push notifications and building community forums.
- Tenants can serve themselves through visitor management, resource booking, and self-service work order submissions.
What can a building operations platform do?
- A building operations platform simplifies processes. Tenants can submit work orders, register guests, and reserves spaces quickly and all from one app.
- Data is centralized. That means property teams can streamline work order management and automate billables and invoices, freeing up time and resources.
- A building operations platform not only connects you with tenants. It also connects your entire team. The platform can be used by everyone, including property managers, engineers and maintenance staff, asset managers and executives, tenants, and vendor partners.
The Details Are in the Data When you integrate tenant experience software with a building operations platform, you not only streamline processes for your tenants but also your teams. You also now have data all in one place, empowering you to make data-driven decisions in near real time. That’s because every event registration, booked resource, and tenant survey sheds light on what your tenants love — and what they don’t. You can use this real-time data to remain proactive about your office programs and amenities.
You can also make more informed financial decisions. With rich tenant data, you can:
- Increase asset value and NOI by gaining visibility into key tenant metrics
- Understand property utilization – spaces, amenities, and experiences
- Make smarter CapEx choices by spending on the areas the data shows you that tenants want
When you make data-backed decisions, not only do you save time and money by focusing on the right things, but you also differentiate your brand. (Learn more in Chapter 3.)
Did You Know?
Employees who switch between apps are also more likely to struggle with effectively prioritizing their work.
Source: Anatomy of Work Global Index, Asana
10
On average, employees switch between 10 apps 30 times per day to do their work.
What can you do?
Empower tenants to control their workplaces. Provide one app with everything they need to meet their goals. The app should include a tenant experience component and a building operations platform all in one.
26%
of employees say app overload makes them less efficient
Did You Know?
Employees who switch between apps are also more likely to struggle with effectively prioritizing their work.
Source: Anatomy of Work Global Index, Asana
10
On average, employees switch between 10 apps 30 times per day to do their work.
What can you do?
Empower tenants to control their workplaces. Provide one app with everything they need to meet their goals. The app should include a tenant experience component and a building operations platform all in one.
26%
of employees say app overload makes them less efficient
of landlords collect annual surveys to keep in touch with tenants
But with the industry changing so fast — and tenant and employee needs following suit — annual data collection is not frequent enough to keep pace.
Sources: The State of Workplace Experience, HqO
of landlords leverage the following to inform their workplace decisions: amenity and services usage data, access control and visitor management data, and digital surveys to collect feedback and information on tenants
There’s a huge opportunity for landlords to leverage digital tools like tenant experience software + a building operations platform to capture real-time data that can inform better business decisions.
