What we have witnessed is a switch from community engagement as a luxury to becoming a necessity for developers, property owners, and operators. Across our portfolio, we've seen a need to increase tenant engagement as providers seek solutions for enhancing the tenant experience as it is a keystone towards ensuring the success of any project.
We have put together a series of articles to help residential and commercial providers prioritise and grow their tenant engagement strategies to meet the changing needs of tenants.
So, what is tenant engagement?
Tenant engagement depicts the experience a tenant receives within their accommodation. Factors include fostering a sense of community through social initiatives and providing services and amenities that tenants love.
As competition in the real estate market is fierce, property operators, managers, or owners will typically have a tenant engagement strategy to increase engagement and tenant satisfaction to reduce churn, attract new tenants and add value. Today, tenants have high expectations around the experience they will get within their accommodation, thus successful landlords are not simply rent collectors but community managers.
Popular strategies property operators, managers, and owners consider include:
Facilitating and streamlining communication between tenants and staff.
Creating a digital information hub, enabling staff to give tenants a single place to go for key information about their building and community.
Giving tenants access to a directory of all amenities located within their property.
Enabling staff to digitally broadcast important information and updates to tenants.
Connecting tenants with others through events and memberships.
Why is tenant engagement important?
In today's society, customers are constantly pursuing businesses that are integrated firmly into their communities, understand their needs, and make them feel relevant and heard. And real estate is no exception to this. According to a KPMG Global PropTech Survey, tenant engagement is simultaneous with tenant satisfaction and is crucial to building operators, as 97% of real estate and facility managers say maintaining high tenant satisfaction is a top priority.
While tenant turnover can be costly, it is no surprise that property operators, managers, or owners
continuously look for innovative, cost-effective ways to satisfy tenants. As the relationship between landlords and tenants is symbiotic, tenants acknowledge property management as the most fundamental contributor to tenant satisfaction. Research has shown that tenants are three times more likely to renew their lease if satisfied with property management. Subsequently, not only is it crucial to preserving the value of the physical space, but it is also essential to keeping good tenants and establishing a better reputation.
Therefore, investing in tenant engagement and implementing effective strategies into sales and rental processes is imperative to maximise retention rates, revenue, and reputation. Now more than ever, with the pandemic occurring in a time of outstanding scientific progress and global digitalisation, property operators, managers and owners need to prioritise tenant engagement to support the needs of their tenants to yield greater success. As it is widely known that satisfied customers are less price sensitive, and less likely to deviate and remain loyal to businesses than unsatisfied customers.
To find out more about how HeyHub can help improve your tenant engagement, retention, and reputation, contact us here .