It can be tricky to find retail tenants who are loyal, pay rent timely, contact you in a crisis, and treat your property like their own.
If you are lucky to find a tenant like that, it should be your first and foremost priority to ensure that they don’t leave. Here are a few surefire things you can do to keep retail tenants happy.
Address Maintenance Concerns Quickly
Maintenance is the one thing that every tenant wants to get, which is why it should be the way to go if you want your beloved tenants to extend their lease. This includes regularly conducting property inspections, property management, and ensuring that everything is up to date.
Providing your tenants with a safe living environment and routine management and maintenance checks to ensure that you are there to maximize their comfort will surely make them want to stay for the long run.
Be Respectful and Cooperative
Being friendly and approachable should be your priority while also being understanding in case of a problem. This can also be done by supporting maximum communication while also being respectful of the tenant-landlord boundaries, thus allowing easy contact.
Being a good landlord also entails that you make your tenants feel at home fully and are cooperative in case of any difficulty.
Be Proactive With Lease Renewals and Encourage Them to Take Longer Leases
Often, your tenants may not be aware that you want to renew the lease; thus, it is highly efficient if you clarify to your tenants about it.
You should let your tenants know 90 days before the lease expires and if your tenants do want to renew the lease but are hesitant, make required changes to satisfy them. Communication and comprehension are definitely key while doing this.
Also, in certain cases, make sure that you provide your tenants with longer leases or encourage them to ensure extended leases. Also, offer a longer lease at a reduced price, so they have more incentives to take you up on your offer.
Retail Spaces Available In NY, NJ, and FL
It is essential to make sure you hold on to the tenants who tick all the right boxes and ensure that you keep them satisfied, so there are fewer problems. If you do everything discussed above, you’ll be able to keep your retain tenants happy and increase the chances of lease renewal. Contact Milbrook Properties today for more information!