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11/17/2009 21:43:48
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Subject: Retention Ideas
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Robert Garay
Joined: 11/17/2009 21:25:11
Messages: 2
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Does anyone have any effective ideas that can impact retention rates?
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05/04/2010 19:25:29
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Subject: Re:Retention Ideas
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Jeffrey Warwick
Joined: 05/04/2010 19:20:43
Messages: 2
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In the Houston, TX Market our Property Management Dept. increases our personal site visits to our Retail Portfolios 18 months out to make sure the Tenant is very well taken care of leading up to the renewal discussions our Leasing Department has with the Tenant. This reduces the opportunity for the Tenant to use "ignored/unanswered" issues they may have against our company for lower rent or the option to leave for another property.
Thanks,
Jeff
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05/09/2010 11:31:53
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Subject: Re:Retention Ideas
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TAWNY SCHNURBUSCH
Joined: 05/09/2010 11:10:21
Messages: 4
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I think that the best method of tenant retention is the relationship that you build with the tenant. When you have their trust and loyalty, they will share the important information about how their business is doing and may just share with you the idea that they may be looking to re-locate. Early contact regarding renewal discussions is imperative. At least 18 months out.
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06/08/2010 18:15:09
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Subject: Re:Retention Ideas
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Drew Vernalia
Joined: 06/08/2010 17:40:35
Messages: 1
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Retention of commercial or residential tenants is best done by direct communication on a regular basis to build relationships. I offer courtesy inspections as well as regular ones. Surveys also help me figure out where I can improve.
In addition, social events, gifts and community newsletters are essential in getting the tenants to feel significant and appreciated and part of a community. These can be small budget items with little effort but big impact.
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06/09/2010 10:13:03
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Subject: Re:Retention Ideas
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James Liggett
Joined: 11/12/2009 13:44:48
Messages: 2
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I agree that personal contact with the tenant is the best way to obtain retention. In these tough economic times, personal contact might not be enough. In the residential market, some tenants, ones that you would consider quality tenants, are being layed off work. On the commercial side, various retailers, also long-term tenants, are not generating income as they once had. What are some creative suggestions, besides some short-term rent adjustments, on retention under these circumstances?
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06/11/2010 20:42:50
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Subject: Re:Retention Ideas
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Keri Kirrane
Joined: 06/11/2010 20:12:05
Messages: 3
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For commercial retention, I would suggest offering free seminars to tenants on re-branding their stores (particularly mom& pops)/increasing their brand awareness/cutting waste/green incentive programs. Provide newsletters to offer a greater sense of community and then use these newsletter to keep tenants abreast of top ten trends/ things people continue to need in the current economy/announcements relating to renewals. This can also dispel harmful rumors and celebrate good news. It can also be used as a promotional vehicle between the tenants. Utilize vacant spaces to allow free exposure to existing tenants. Help the tenants to cross promote. Become a real partner and let the tenant feel that you are there for them. Have regular meetings. Keep in tune with who your tenants’ current traffic is. It may be different than you though. Worse yet, you may learn they have no idea. Develop programs to bring their traffic to them when they need it most. Allow tenants to utilize your electronic media to push their own coupons, incentives and events. Bulk purchase advertising and co-op with tenants. Utilize Chamber of Commerce After Hours events, sponsored by you, to promote your long-term tenants new products/services and introduce new tenants. Random acts of kindness for short money (an ice cream on a hot day, coffee on a cold day) are also small ways to stay in touch. Keep in mind all commercial tenants will need to start thinking about relocation at least eighteen months out. If you aren’t thought of as their partner by that point in the game, you may not hear from them at all until it is time to give notice or return keys. Be that partner and have your tenants come to you for advice, coaching and support, well before they ask for a reduction.
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09/21/2010 22:57:56
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Subject: Re:Retention Ideas
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Pippo Salvia
Joined: 09/21/2010 22:45:41
Messages: 1
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I agree that more property visits would help in Tenant retention. I believe Tenants begin to feel that your on the same team the more they see you at the property.
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09/27/2010 13:52:51
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Subject: Re:Retention Ideas
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Ann Akbari
Joined: 09/17/2010 11:26:36
Messages: 2
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After spending many years in property management, it seemed that resident retention was dramatically impacted by the level of service provided by the on-site staff. Properties that were well maintained, work orders completed promptly, management that listened to residents' concerns and found solutions not road blocks werre by far the most successful.
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09/28/2010 11:39:23
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Subject: Re:Retention Ideas
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Evan Markovitz
Joined: 09/28/2010 11:16:22
Messages: 1
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Relationship management is key to tenant retention since they feel as though they are noticed and cared for.
Another key to retention that has worked well is feeding in to the human desire for community and convenience. Upon move in and again once annually or so send out a welcome packet with lots of info for local attractions, markets, houses of worship and so on... By encouraging them to put down roots and create a routine they will feel a deeper connection to their home and want to stay as long as possible.
Another idea to add to that is offering local vendors free advertising for coupons and special deals for tenants of your property. To encourage the tenants to stay nearby for all their necessities
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10/26/2010 10:56:41
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Subject: Re:Retention Ideas
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Darnell Bonds
Joined: 10/26/2010 10:43:05
Messages: 2
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I agree, the best way to positively impact resident retention is building good relationship with your tenants. We make it a point to visit each resident at least once every three months. Residents appreciate your taking the time to touch basis with them, for something other than when there's something wrong. This also allow us to be proactive in recognizing and correcting any concerns before they become problems.
We also do small upgrades in units, anything from replacing window shades with blinds to changing light fixtures with ceiling fans. We are considering reducing rents for a specfied period.
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