Regardless of what type of commercial real estate you manage, improvements to tenant satisfaction are central to a healthy bottom line. There is quantifiable evidence of a direct correlation between the contentment of tenants and renewal rates, and higher gross and effective rents.
When things are going well, people tend to let them be. “If it ain’t broke, don’t fix it” is the standard approach when everything flows smoothly. But, what if those “unbroken” solutions are actually causing hidden problems because all the focus is placed on other things?
A lesson from recent hiring and retention challenges is that employees possess a powerful desire to thrive in their careers and go beyond a paycheck. This presents owners and operators an opportunity to build lasting connections with their employees, which in turn creates success in hiring and retention.