In commercial and retail investment property today, you can do well by implementing a ‘tenant retention’ strategy and service into the buildings owned by your good quality clients. The idea here is that you are helping your good clients keep desirable tenants and drop the poor quality tenants when lease expiry situations allow.
Why worry about this or do it? The facts are clear; today there are too many ordinary brokers and agents out there that do the ‘simple stuff’ with not much bias towards strategy or planning. If a client owns a well-situated property of a high grade and complexity, then they will appreciate the benefits of a tenant retention plan.
What are the parts of this plan? Try some of these for starters:
- Market rental consolidation
- Stability of tenant occupancy
- Vacancy minimization
- Better quality lease documents
- Investment targets of the client
- Full tenant occupancy assessment
Here is an extract from the recent podcast about implementing a leasing service like this in commercial brokerage today: