Raising Rents? Three Tips to Keep Industrial Tenants Happy

Raising Rents? Three Tips to Keep Industrial Tenants Happy

Maggie-C-Headshot
Maggie Collister
Industrial lease rates are rising across Montana. Building owners may be surprised to see what the going rate is for industrial space when it comes time to renew leases. Increasing rents will mean that tenants expect a high level of service for maintenance requests. This means your property management must be on-point with modern communication tools and a high level of understanding of the maintenance of industrial properties. Jessica Morina of Sterling CMG weighs in on how to best manage modern industrial spaces and tenants.

 

Professional commercial management companies can play a key role in ensuring your tenants are happy. Efficient communication and response to maintenance issues will help them see the value in the lease rate they are paying. Satisfied tenants will be more likely to renew a lease.

Reliable, Real-time Communication

Effective and reliable communication is paramount to both owners and tenants. Your property management company should have an easy and reliable way to communicate needs as they arise. Technology should be available to communicate with tenants in multiple ways, including text and email, so tenants have a choice to use what’s best for them.

There should also be a service request tracking plan in place. This allows tenants to have a self-service portal to notify property management of concerns and a place to track the status of their service requests. Management can be immediately notified of any concerns and owners can easily be sent pictures and invoices that correspond with any work done. It’s a great way for everyone to have access to the same information in real-time.

Know Your Building & It’s Features

Tenants looking for industrial spaces often have very specific needs that include warehouse spaces, rollup doors, loading docks, and more. Your commercial property manager should be familiar with industrial spaces and all of the specialized components that go into them.

In order to maintain a desirable property for current and future tenants, it’s important to be proactive and maintain all equipment and structures of the property. This could include routine maintenance on warehouse heating units or roll-up doors, watching for deficiencies in concrete pads or parking areas due to large/heavy equipment, and a list of other things. The appearance and condition of a property directly affect rental rates. Having a well-detailed preventative maintenance plan in place, along with regular property inspections, helps ensure your investment value continues to increase.

Have Great Vendor Relationships

Property management companies also have a curated list of vendors already vetted for required insurance and licensing requirements. Quite often, because of the volume of work they can provide to local vendors, they are often able to secure better pricing and faster response times.

Quick responses to maintenance issues are a key way to make sure tenants see the value in your property, even as lease rates increase.

Matt Mellott
Matt Mellott, CCIM/SIOR

Raising Rents? Three Tips to Keep Industrial Tenants Happy

Maggie-C-Headshot
Maggie Collister
Industrial lease rates are rising across Montana. Building owners may be surprised to see what the going rate is for industrial space when it comes time to renew leases. Increasing rents will mean that tenants expect a high level of service for maintenance requests. This means your property management must be on-point with modern communication tools and a high level of understanding of the maintenance of industrial properties. Jessica Morina of Sterling CMG weighs in on how to best manage modern industrial spaces and tenants.

 

Professional commercial management companies can play a key role in ensuring your tenants are happy. Efficient communication and response to maintenance issues will help them see the value in the lease rate they are paying. Satisfied tenants will be more likely to renew a lease.

Reliable, Real-time Communication

Effective and reliable communication is paramount to both owners and tenants. Your property management company should have an easy and reliable way to communicate needs as they arise. Technology should be available to communicate with tenants in multiple ways, including text and email, so tenants have a choice to use what’s best for them.

There should also be a service request tracking plan in place. This allows tenants to have a self-service portal to notify property management of concerns and a place to track the status of their service requests. Management can be immediately notified of any concerns and owners can easily be sent pictures and invoices that correspond with any work done. It’s a great way for everyone to have access to the same information in real-time.

Know Your Building & It’s Features

Tenants looking for industrial spaces often have very specific needs that include warehouse spaces, rollup doors, loading docks, and more. Your commercial property manager should be familiar with industrial spaces and all of the specialized components that go into them.

In order to maintain a desirable property for current and future tenants, it’s important to be proactive and maintain all equipment and structures of the property. This could include routine maintenance on warehouse heating units or roll-up doors, watching for deficiencies in concrete pads or parking areas due to large/heavy equipment, and a list of other things. The appearance and condition of a property directly affect rental rates. Having a well-detailed preventative maintenance plan in place, along with regular property inspections, helps ensure your investment value continues to increase.

Have Great Vendor Relationships

Property management companies also have a curated list of vendors already vetted for required insurance and licensing requirements. Quite often, because of the volume of work they can provide to local vendors, they are often able to secure better pricing and faster response times.

Quick responses to maintenance issues are a key way to make sure tenants see the value in your property, even as lease rates increase.