New York City is reeling under the multi-billion-dollar impact of remote work, as fewer employees return to their desks full time. The transport industry is suffering, restaurants are closing their doors, and office vacancies are increasing every day.
So, if you're an NYC landlord, you need to do everything in your power to keep the tenants you have. Facility management is one way to encourage lease renewals and ensure your tenants stay put.
Read on to discover the basics of efficient property management for commercial building owners.
Consider Your Tenants' Needs First
The concept of keeping your tenants happy in order to get them to renew their lease isn't rocket science, but you need to offer something they can't get anywhere else.
Fortunately, it isn't going to cost you a cent to get started with these facility management strategies. All it takes is a little time spent talking to your tenants about the shortcomings of your facility.
Open communication is vital for tenant satisfaction. You must understand how their business works and whether the flow and infrastructure of your building support this.
If you agree to any desired upgrades, be sure to inform them about any related business interruptions. Provide training if necessary when you implement new features.
Opening feedback channels for complaints, concerns, and stumbling blocks and conducting surveys are good ways to stay in touch with your tenants' needs.
Optimize Your Building's Performance
Tracking activities that impact the functionality and operation of your commercial property is the first step toward improving it.
Make sure every fixture is working as it should, and address problems with plumbing, cleaning, lighting, and electricity early.
Regular inspections are the best way to stay on top of this routine maintenance. These visits also provide opportunities for engaging with your tenants to address their issues.
If you can, implement energy-saving upgrades to help enhance your tenant's efficiency and save them money. When you set up sustainable energy systems, you could also save money thanks to federal tax incentives.
Use Facility Management Software
Cloud-based software is an excellent tool for managing commercial facilities. You can access this technology from anywhere and use it to set up a level of interconnection that ensures every part of your building operates as a unified system.
Smart technology can inform you and your tenants about security breaches, malfunctioning equipment, and employee movements. It can even switch off the lights when everyone's left the building.
Facility management software is an excellent tool to enhance the tenant experience by:
- Streamlining communications
- Collecting rent payments conveniently
- Keeping track of paperwork
- Handling maintenance requests
Get Help With Facility Management
Hiring an experienced NYC property manager is an excellent solution to all your commercial property worries. PMI Paramount has the experience to streamline your operations and advise you on the most cost-effective and impactful upgrades to maximize your profits.
If you're starting your investment property journey in the midst of the remote work downturn, we can help you find good tenants and keep them.
Get in touch for assistance with all your New York City facility management needs.
