Tenant Retention: A Short Survival Course for Landlords

Abstract

It is never a good sign to see a tenant leave an industrial/commercial building and a community. This article reviews issues related to the landlord’s approach to resolving the tenant’s concerns. When a tenant leaves, the landlord should reflect on his relationship with that tenant and on the landlord’s marketing strategies used to retain the business tenant. Often, it is the landlord’s fault for not meeting the tenant needs and values. Sometimes a tenant leaves because they found a better deal next door. The landlord should focus on three main issues. 1. The landlord’s personal service - the relationship with the tenant, maintenance of services, better rental deals, etc. 2. The landlord’s building status – if the building required an update and determine the tenant current and future needs. 3. Identify other tenants needs - if the building is a multi-tenant, the landlord needs to identify the tenants needs and act on them before the tenant leaves.