Commercial Real Estate Management and How to Earn Tenant Loyalty

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Commercial Real Estate Management and how to earn
tenant loyalty
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How to Earn Tenant Loyalty

• A healthy relationship between the landlord and
  the tenant is the key to profitability when it
  comes to commercial real estate. Property owners
  need to understand the fact that just leasing out
  commercial property to a good tenant is not
  enough for maximizing returns from the property
  the retainment of the tenant for a considerable
  period of time is important as well. A permanent
  tenancy not only saves the expenses of inviting
  fresh tenants, but also steadily increases the
  value of the property.

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Here are a few ways that property owners can earn
tenant loyalty

• 1. Consistent dialogue
• The property owner needs to maintain a regular
  dialogue with the tenant. The landlord should
  listen to the grievances of the tenant with care
  and provide assurance to solve them. This helps
  in winning the trust of the tenant.
• 2. Liberty
• The tenant should be provided a certain degree of
  liberty in taking minor decisions regarding the
  property. Although the terms of the lease
  dictates the rights and responsibilities of the
  tenant and the landlord separately if the tenant
  expresses desire to bring certain changes in the
  structural and operational aspects of the
  property, the landlord should be lenient enough
  to permit the tenant to do so, unless the change
  causes any kind of loss to the landlord.

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Here are a few ways that property owners can earn
tenant loyalty

• 3. Involvement in developmental decisions
• A tenant who has been occupying the property for
  quite a few years can be safely involved in the
  decision making process regarding the development
  of the property. Suggestions of the tenant should
  be considered with attention, which would
  generate a sense of belongingness in the tenants
  mind.
• 4. Rewards
• One of the best ways of maintaining a decent
  relationship is through rewards. Small and
  thoughtful gifts on occasions of festivals or the
  like greatly helps the tenant in developing an
  emotional attachment with the tenancy. The
  property owner can also introduce a reward
  program for loyal tenants, as a part of
  commercial real estate management in order to
  motivate the tenant.

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Here are a few ways that property owners can earn
tenant loyalty

• 5. Routine inspection of the property
• The landlord should pay regular visits to the
  property or entrust property managers like
  Madison Properties to do so. Any damage or
  resource shortage should be immediately
  addressed. The landlord should also take the
  initiative to solve any issue involving the
  common maintenance area.

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• Contact us for more information on
• Madison management and commercial real estate
  management
• Connect us through
  http//madisonprop.com