“Investors will continue to benefit from restrained supply growth as multitenant availability falls well below 6 percent,” reads the report by Marcus & Millichap “2019 Retail: North American Investment Forecast.”
But while retail vacancy is down, and rents rise, it’s not the time start slacking.
Vacancy rates rents will ultimately move in a direction that favors developers and property owners over the next few years, but both will still fluctuate.
Tenants who aren’t happy and aren’t getting the results they want, will likely still jump ship at the first sign of lower rental rates elsewhere.
Mixed-use developments, especially those integrated with multifamily, are only expected to increase in numbers over the next five years. So regardless of what the market looks like, there will always be new spaces and new incentives for tenants to seek out new properties.
One of the biggest ways properties can distinguish themselves is through technology. PropTech can help build communities, solve problems and ultimately provide data for tenants that nothing else can, thus adding value to the lease.
Here are three key ways to maintain tenant engagement and maximize their experience.
Put in the work to keep your community thriving
Office, retail, and residents all have one thing in common: they want to reside in a space that offers a positive, connected community.
Hosting events for tenants is an integral way of creating a community. Happy hours, wellness activities and loyalty programs are all ways to ensure that tenants stay engaged. Using technology like building apps can improve tenant attendance for these events, but sending push notifications directly to smartphones. We found that tenant participation in marketing and events actually increased an average of more than 60 percent of properties who used Mallcomm.
Technology can also take community creation a step further. Apps can be accessed mostly anywhere so utilizing technology versus a physical “calendar of events” board, keeps tenants constantly engaged in your community. It also makes it extremely easy for tenants to access event information. Apps can also send community news, building information and so much more.
Solve problems for your tenants
A lot of technology and efforts to engage tenants don’t take off, simply because they create another thing for a tenant to do. Successful programs are easy for tenants to adapt, and create habits out of community involvement. The most successful programs make the jobs and operations of tenants easier, and actually solve problems.
An all-encompassing technology solution places everything a tenant needs in one place and makes managing projects as easy as tapping a phone screen. For example, Mallcomm offers location services and integration with third party service providers, recruitment solutions, smart building systems management, security and critical communications and parking management all in one space. Having all of these operations accessible anywhere and easily through a smartphone solves so many potential complications and problems for tenants.
One Wagamamas takes 70-80 orders per week through Mallcomm users. While On average 100 maintenance requests per property per month are reported and managed through Mallcomm. When you make it easy, they will use it!
Show tenants the data
Today’s decision-making is done through data. Properties that want to retain tenants need to offer valuable data that shows the success and benefits of choosing their development.
On the flip-side, properties need to offer data solutions to tenants, so that they can easily create reports, track sales and production if they want to maintain a competitive edge. Tools like Mallcomm allow anyone (who has access to the app’s features) to pull valuable property and tenant data and analytics from anywhere within minutes.
The data collected through Mallcomm has enhanced clients’ information in both quantity and quality by over 600 percent and saves tenants approximately 420 hours per year in data input.
Using technology to retain tenants
Toolbox Group has grown to be one of the largest specialist marketing, innovation, and technology agencies serving the real estate sector. We provide insight-driven strategic and creative placemaking through the engagement with customers, retailers, the community and all stakeholders whilst delivering experience, loyalty, increased sales and measurable ROI.
If you’re ready to take your operations to the next level, contact us by clicking the link here!