Tenants Are From Mars
|Do you feel your tenant drifting away? Is your relationship one-sided? We asked Larken Associates EVP Robert Marek, who’s active in Pennsylvania as well as New York and New Jersey, for tips on tenant retention.|
Tenants, empowered by market conditions, have been asking for shorter lease terms. “Tenants that used to sign for 10-year contracts now want five,” he notes. “The tenant who wanted five years now wants three—and some even ask for one-year contracts. We see that more than we used to, and the way to deal with that is to be flexible enough to be open to it.”
2) POINT OF CONTACT
Regardless of property type, Robert tells us, it’s essential for landlords to pay attention to their tenants. That sounds straightforward, but it isn’t necessarily so, especially if a tenant has to go through a maze of people to find someone who can solve a problem. (The process should not remind them of calling tech support.) For Larken, which only manages properties that it owns, a one-person point of contact has been important in building relationships with tenants, some of which have lasted decades, Robert adds. Pictured: Larkin’s recently completed 67k SF Allentown Commons in Allentown.