Client Relationships in CRE
How to Build a Better Tenant Relationship and Grow Your Business
Keeping clients happy is critical to the success of any business, but especially in commercial real estate. Not only do satisfied clients provide positive reviews that can help grow your portfolio, but they can also turn into repeat clients, helping your business grow and thrive.
Building and maintaining relationships is the key to unlocking a successful CRE business—as much as products and technology are growing, real estate remains a space focused on the human element of business. Taking time to establish and nurture positive client relationships reduces the likelihood of future issues like property damage from tenants, late rent payments, and unapproved modifications to your property. When you maintain positive client relations, your tenants and investors will feel more comfortable reaching out to you to express their concerns. This means you have an opportunity to problem-solve cooperatively and a lower risk of negative reviews as you work through issues together.
Check out our best tips for fostering better relationships with your CRE clients, and develop a strategy to take proper care of your client base.
Develop a Screening Process
The best way to build a good landlord tenant relationship is by simply choosing the right clients for your space. Create a screening process that allows you to review client details, implementing checks for credit scores, proof of income, and background screening. Choosing the right clients provides peace of mind and reassurance that can’t be matched when it comes to the security of your property.
A note: it’s important to review all laws and regulations in your area to ensure your application and screening processes don’t infringe on your clients’ privacy rights.
Start Off on the Right Foot
First impressions really do matter. When it comes to setting the tone for a future with your clients, it’s critical to make them feel welcome, heard, and understood. Answer questions clearly and be open about your expectations; provide the best ways to get in touch if needed, and a realistic timeline for when you’ll reply. It’s a good idea to send a welcome letter to new clients before their move-in begins, marking the occasion as a celebration and offering advice to ease the moving process.
The Dottid Difference: Getting in touch is simple when all your data and communications are on one platform. Dottid is the only all-in-one asset management platform for CRE—contact us today to get a demo, and learn how we can simplify your client relations.
Perform a Rental Walkthrough
Before handing over the keys to a property, walk through the location with the client to review and preexisting damage that needs to be noted or repaired before they move into the space. This is a good time to answer any questions your client may have, and taking the time to perform a walkthrough lets clients know you’re in their side—and that they won’t be taking on any unexpected charges when it’s time to move out.
Can’t walk through in person? Learn about <video and virtual reality options.>
Create Clear Boundaries
Another key to a good landlord tenant relationship is being upfront with your clients about what is expected of them—this can help avoid major issues in the your future working together. Clarity around payment due dates, ways to pay, and rules/regulations of the property must be communicated in a clear and concise manner. Take time to explain tenant responsibilities, and review any important details of the lease agreement prior to move-in to ensure tenants understand what is expected of them as a lessee. This open line of communication will help reduce late payments and lease violations, as well as help build trust with your clients and ensure due diligence has been completed to avoid any liability issues.
Always Show Respect
Your relationship with your clients should always be professional and respectful. The more respect you show your clients, the more likely they are to return the favor. A few tips for building a respectful relationship with tenants:
Never drop in unannounced
Use professional language in both written and verbal communication
Address maintenance issues as soon as possible after receiving a service request
Give realistic timelines for updates, repairs, and maintenance
Prioritize Good Communication
Your clients should always know how to reach you, whether by phone, text, email, or even online. Provide multiple channels for communication, and make an effort to keep all correspondence with clients in writing so there’s a record of your conversations. In addition, it’s a good idea to respond to customers using whatever mode of communication they used to reach out. If the client sent you a text, send a text back instead of switching to an email or phone call. The more effort you put into making your clients feel comfortable and understood, the more smoothly your future communications will likely go.
Establish Convenient Solutions
Make it easy for your clients to communicate with you, report property issues, and pay their rent. Online solutions can keep everything organized and simplify regular processes for both you and your tenants, investors and partners. Look for online payment options that are secure, reliable, and convenient, making it easier for your clients to ensure they never miss a payment through payment scheduling and regular due date reminders.
Dottid enables easier client solutions by compiling contact information, maintenance tracking, and client details in one convenient place.Don’t Be Afraid to Talk About Money
It’s no secret that costs are rising—not just the cost of living, but the expenses associated with running a business, too. When it comes to money, it’s important to remember it’s on your clients’ minds just as much as your own. Allow space for your clients to express concerns and negotiate solutions together. If you can, provide options like allowing them to pay rent in advance, and discuss lease renewal with ample time before their current lease expires.
Foster a Sense of Community
When a client is new to the area or neighborhood, make an effort to share events or connect them with other nearby businesses. Helping your clients become a part of the neighborhood not only increases their longevity as a renter, but helps build relationships with potential future clients or renters, too.
Stay Organized with Dottid
Your CRE clients need you to be reliable, easy to contact, and organized. The right asset management solution can help you manage your CRE properties, keep contact information you need close at hand, and ensure all your resources are stored in one convenient location. The more organized you are, the more quickly and accurately you can respond to questions and concerns, further establishing the trusting relationship you’ve built with your clients.
Dottid helps you stay on top of your asset management processes and keeps emails from cluttering up your inbox (thanks to integrations with some of your most-used desktop apps). Manage your contacts, track property and client information, and stay at the top of your game with the only all-in-one asset management platform for all your commercial real estate needs.