If you're a Flint property investor interested in making the most of your property, right now is an excellent time to get your ducks in a row.
The average home value in Flint is approximately $151,000 today. You can also find incredible deals on commercial property since the cost of living is so low. That means a higher return on investment (ROI) from your property at these price points.
If you want to optimize your ROI even further, tenant retention programs can help. These programs are offered by the best property managers who go above and beyond to ensure your tenants are cared for.
The tips below will teach you more about tenant retention programs and what they may entail.
Market Your Property Effectively
If you hire a commercial management company, take the time to find out how they can help you market your property. This will include a combination of different factors, such as:
- Holding open houses for business professionals to tour the property
- Setting up virtual tours so that people can peruse the property remotely
- Using search engine optimization (SEO) to generate traffic
- Posting on Flint real estate listing sites
- Working a social media marketing schedule
- E-mail marketing to communicate to current and prospective tenants
- Putting out video content related to your commercial property
When you're able to get more visibility on your commercial property, it's far easier to attract and retain tenants. This should be a cornerstone of your tenant retention plan.
Offer Flexible Options
A big part of commercial property management involves flexibility. Tenants today don't necessarily want to be locked into long-term, traditional contracts.
Think outside of the box and offer more flexible options. This includes co-working spaces that allow people to share resources.
A property management company can customize your offerings so that you and your prospective tenants are on the same page.
Know Your Target Market
Demographics and details mean everything when you're trying to retain tenants. Put your head together with your commercial property managers to learn more about what type of tenant you'd best serve.
This might include young professionals, companies in a certain industry, or with a certain number of employees. When you understand your market, you are better able to serve them.
Manage Your Important Metrics
Finally, make sure that you're using data to hit all of your important metrics and goals. For commercial property owners, this can include things like revenue, number of tenants, turnover rate, the cost of turnover, and so much more.
You should also handle your property maintenance to make sure that it's always in tip-top shape. Keep your budget in mind so that your company can stay profitable.
Learn More About Tenant Retention Programs
When you own commercial property in Flint, tenant retention programs could be just what you need to maximize profits.
PMI Mid Michigan can assist you when you need help handling your property management needs. Send us a message on our website or call us at (810)210-7347 to learn more.