Every little detail in property management adds up to tenant retention, and that means no rental revenue down time, fewer broker fees, and less construction (and regular cleaning means you find more pennies in couch cushions). Swig Equities president Kent Swig shares with us what's worked for his portfolio.
Kent tells us the company's office properties (2M SF across five buildings in Downtown Manhattan) are 90% leased, and most of his tenants renew unless they outgrow the available space. His job as a building owner, he says, is to be a tenant service provider, and so, at one of his properties, Kent—who often shows space to potential tenants himself—led the design team to redo the bathroom. It's the little things. A paper towel dispenser far from the soap dispenser and the sink makes for a messy bathroom, he says, and the cost can be the loss of tenants.
He's also proactive about building systems. When renovating 80 Broad St (above), his staff discovered 135 pieces of jury-rigged mechanical equipment on the roof and setbacks. (Everyone wants to be MacGyver.) A cost analysis of energy and labor cost savings catalyzed the company to consolidate to 35 machines. Not only is the new setup more cost efficient, but the capital improvements freed space for a tenant to gain a roof terrace.
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