What is a Tenant Retention Program?

Today the tenants that you have in your managed property are a valuable commodity; it is essential that the property manager and leasing manager do everything possible to stabilise occupancy and keep all the good tenants in the property for the long term.  There are a couple of parts to the process that should be stated.

Firstly a fundamental decision should be made regards the existing tenant mix; what tenants do you have in the property that are the best for the long term, and what other tenants are not so important.

You should work with each group differently; the most desirable tenants are those that get the best deal to stay in their lease or the best rental at renewal time.  A good tenant is a valuable component of property performance.

Secondly you should create a tenant retention plan.  A tenant retention program is a process by which the sitting tenants are tracked for lease situations and changes such as:

When you take all of these issues and build them into a formal plan, you have something to help grow the income for the property.

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