More office space is sitting vacant in the US than at any point since 1979. How many of your commercial spaces are vacant? Without the right lease renewal strategies, your occupancy rate will rise instead.
Before that happens, learn how to retain commercial tenants. With these lease renewal tips, you can improve your occupancy rate and ROI.
Retain the amazing tenants you already have! Discover how to encourage a commercial property lease renewal today.
Find Reliable Tenants
Before developing tenant retention strategies, establish a tenant screening process. Make sure you're selecting renters you want to retain. These renters will:
- Respect your property rules
- Always pay rent on time
- Won't damage the property
To find reliable tenants, partner with a property management company. Rely on their established tenant screening process. They'll vet applicants to confirm you're choosing trustworthy tenants with strong rental histories.
Leverage Leasing Technology
Make it easier for tenants to renew their leases. Use leasing technology to simplify and streamline processes. From the portal, tenants can:
- Automate rent payments
- Submit and track maintenance projects
- Review lease documents
- Submit lease renewal documents
Use automation to send tenants a reminder that their lease is about to lapse 90 days beforehand. This will give your commercial tenants time to consider their options.
If it's difficult for tenants to renew their leases, they may not bother. Using this technology can ensure the process is fast and easy for everyone.
Offer Incentives
Retain commercial tenants by offering incentives and property upgrades. You can increase your commercial property's value with:
- Exterior upgrades
- New security measures
- Renovated interior spaces
- Adaptable floor plans
- Modernized amenities
- Upgrades electrical and mechanical systems
- Enhanced curb appeal
- Sustainable practices
- Optimized parking and accessibility
Incentives include discounts and gift cards. Talk to your commercial tenants and ask what they want. Their requests could make your commercial properties more desirable to new tenants.
Complete Maintenance
Don't neglect your tenants. Instead, offer great rental experiences to improve their satisfaction rates. Start by completing maintenance requests.
Scheduling routine inspections and completing repairs will show tenants you care. It can also protect your commercial properties. You won't have to pay for huge, necessary renovations as often.
Outsource to Retain Commercial Tenants
You don't need to apply these lease renewal tips alone. Instead, partner with an experienced property management company. Their proven tenant retention strategies will improve your occupancy rate.
A full-service property management company will respond to your tenants' needs. Having someone they can turn to will improve their satisfaction rates. Meanwhile, you can save time and money by operating more efficiently.
Utilize These Lease Renewal Strategies
Leveraging these lease renewal strategies can improve your occupancy rate and earning potential. Remember, you don't have to apply these tips alone. Instead, request help from an experienced property manager.
Our team at PMI Parker has a strong record of success and the awards to prove it. We've had 10 consecutive years in Entrepreneur's Franchise Top 500. Trust our experience, expertise, and proven strategies.
We can help you retain commercial tenants. Contact us today for a free rental analysis.
