GOLD STANDARD: CONTACT AND SERVICE SPEED
CONTACT AND SERVICE SPEED ENHANCE TENANT SATISFACTION
Tenants desire that their property managers excel in a range of areas, and “responsiveness” is at the top. The most efficient way to improve tenant satisfaction is for property managers to shorten the time between contact by the tenant and response or action by the property manager.
Property managers who enable tenant engagement through technology (e.g., issue resolution, contact, building services and interfaces) will demonstrate increased responsiveness. The result is likely to be happier tenants, improved tenant recruiting, higher rates of lease renewal and higher asset value.
EASE OF CONTACT AND SPEED OF REACTION
Tenants want to quickly and easily access their property managers when necessary. While the larger proportion of tenants (47%) are satisfied with their manager being visible and accessible, 40% would prefer even more frequent contact. The need is highest for retail tenants (47%) and least for industrial tenants (21%).
The flipside of responsiveness is a slow or confusing process to contact property management and resolve an issue. By a sizeable margin (42%), tenants say that the biggest obstacle to their successful partnership with property management is “long delays between contact and action by property managers.” This rises to 48% in the retail sector and 60% for office tenants in EMEA.
The clear message is that when communications and speed of response can be improved, tenants are likely to have more success in employee retention and a greater rate of lease renewal.