In today's challenging economic climate, tenant relations and retention is a key component in the effective management of any asset. At Midgard, we pride ourselves in crafting a specific tenant relations program for each individual property.
Each of our clients' properties is different and has its unique challenges; so why would we administer a computer-generated tenant relations program? We don't. First and foremost, we actually get to know your tenants and their specific needs. Our property managers are the first to know if a tenant needs to expand, contract or is having difficulty making the monthly rental payments. It is our Managers who inform our accounting department that there may be a potential problem; not an offsite accounting department informing a property manager that they have a 60 day delinquency.
The quarterly newsletter is just one example of how we communicate with our tenants. Some other examples are as follows:
You will note that we are mindful of the cost of these events and use our resources so that the property does not incur high costs to offer this amenity. All too many management companies promote elaborate programs with the cost being absorbed by tenants as a CAM expense.
While all of the above demonstrates that we have an active and specific tenant relations program, the best tenant relations is service. We maintain a state of the art Help Desk at each of our properties and equip each of our employees with a Blackberry phone so they can view service requests in real time. Our service tickets have an average personal response time of less than five minutes. Now that is service and our tenants appreciate this level of attention. Whether it is ants in the kitchen, a light that is out, an HVAC unit that is running too cold or a stuffed up commode, we respond in person and resolve the problem. If the issue cannot be resolved immediately, we inform the tenant of the expected, reasonable timeframe and track the open item until it is resolved.
We understand that tenant retention in this market is crucial and truly work every angle to establish a solid base with your tenants. We also fully understand that if we do not make the effort with your tenants, the competitor across the street gladly will.