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5 Ways Property Managers Can Attract Quality Tenants

4 minute read - Posted by Daniel Wagstaff on Nov 8, 2019 7:48:00 AM

Managing a property is no easy task. You need to continuously ensure that the facilities are top-notch and your customers get the best services possible.

However, for all of this to happen, you need to first attract quality tenants. A lavish shopping center or any other property is nothing without tenants. It’s the quality of the tenants that plays a big role in attracting customers. To ensure that your property’s business flourishes, you need to attract these tenants. Here are some ways through which you can achieve that.

1. Describe Your Perfect Tenant

While it’s common for businesses to define their ideal customers, it’s crucial for property managers to do the same for their tenants. Remember, your tenants are your customers too, and you need to find the ones who’re the best fit for your property.

Your goal should be to figure out your target customers first and then, based on their preferences, define your perfect tenants. This is especially important for shopping centers that thrive on the spending of the local crowd. If the tenant’s brand resonates with them, you can expect a huge footfall at your shopping mall.

Defining the perfect tenant also helps you with advertising to attract them.

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2. Make Your Property Attractive

Tenants look at properties critically and go with ones that offer them something unique in return. You need to make your property attractive for them to ensure that they come to you and don’t go to anyone else. This is especially true in the case of tenants of a shopping center, who wish to find places where they can reach their customers and generate sales.

Your goal should be to provide them with such value that they’ll find it difficult to ignore you. Using a shopping center as an example, a great way is by offering to help them out with marketing. You could incorporate proximity marketing and SMS marketing to drive customers to your shopping center and their stores. Come up with unique marketing plans where you can partner with tenants to promote them and your shopping center.

If the tenants know that their investment in your property will help them generate revenue, there’s no reason why they would not come to you.

3. Provide A Safe Environment

When it comes to large properties, safety can be a prime concern for many tenants. You need to make sure that you’ve got things in order to ensure the safety of everyone in your property. Therefore it is crucial to have an emergency evacuation plan ready which you should test frequently.

Adequate firefighting systems should also be kept in place so that small fires can be doused to prevent damage to life and property instantly. You should also ensure that all the electrical wiring in your property is well-insulated so that the chances of a short circuit reduce as well.

One of the best ways of getting an edge over the others in safety is by using an emergency notification system. These software solutions can help you send out alerts to all your tenants within seconds. This can help them take the necessary action immediately to minimize the loss of life and property.

A multi-channel and multi-language mass notification system is ideal for this. It can reach the maximum audience through modes like texts, emails, and voice calls. Additionally, sending the message out in multiple languages means that most people will be able to understand the alert too.

4. Set The Right Rental Price

Remember, tenants always look at the price point as one of the most important deciding factors while choosing a property. No matter how many facilities your property offers, if the rental price is too high, they’ll automatically stop considering it.

As a property manager, your goal should be to set the most appropriate rental prices for your property. Conduct thorough research on the rents of similar properties and accordingly price your property competitively. You can, of course, adjust the pricing slightly based on the amenities and facilities that you offer to your customers. This can help you get an edge over your competition and bring you some quality tenants.

5. Advertise Effectively

You may have the finest of facilities and a highly competitive rental price. However, it doesn’t help to have these if you aren’t able to get this message across to your target customers. For this, you need to invest in advertising.

Create a website and promote your property online. You could also advertise it on social media or traditional media such as newspapers and TVs. Find out the media preferences of your target tenants and put impetus into advertising on those platforms.

Make sure that you include some stunning pictures of your property in these advertisements. You could also choose to add some videos to it. Remember, visual content can easily capture the attention of your customers. Promote the best parts of your property, and you’ll definitely be able to attract quality tenants.

Final Thoughts

To attract quality tenants to your property, you must put effort into creating a safe environment for them. Have adequate safety measures in place to combat any emergencies. Additionally, you should offer something unique to them over your competitors. This could be something as simple as offering to market their brands to attract customers. It helps to have various marketing strategies and systems in place.

You should also price your property reasonably. Conduct thorough research before coming up with a rental price. Lastly, advertise your property effectively through various media to reach your target customers. Use quality media such as videos and photos to promote it in a better manner.

What are the other ways of attracting quality tenants to your property? Let’s discuss in the comments.

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Topics: property management, RedFlag, Tenant Communication