As the old adage goes, the only constant is change, and CRE is undergoing a massive one. The current economic climate places commercial real estate in an increasingly complicated and nuanced position and the focus has shifted to value creation for tenants.
Taking a one-size-fits-all approach to leadership and employee recognition results in teams feeling unseen and quickly uninterested. Recognizing potential self-starters, nurturing their ambitions and mentoring them through the early stages of their careers are the best ways to build successful teams.
Data is a key component in the success of commercial real estate but data alone isn’t enough. You need benchmarks to contextualize that data. Industry benchmarks provide a framework for evaluating performance against competitors, highlighting strengths and weaknesses and identifying trends.
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.