News
Take Care of Those Tenants
July 30, 2012
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| A tenant in the building is worth two in the bush. But how to retain tenants? (And how to get them out of your shrubbery?) We asked Saywitz Co SVP Andrew Herron, a tenant rep specialist in Newport Beach. |
| 1. Take care of your tenants from Day One. |
| Landlords who are attentive to tenants’ needs throughout the lease term from a property management standpoint are already well out of the starting gate when it comes to lease re-negotiation. |
| 2. Help tenants grow. |
| Landlords shouldn’t give away the store, but they should take seriously reasonable requests for concessions, improvements, and lease restructuring that allow tenants to improve their cash flows or other aspects of their business. A landlord who’s genuinely concerned about its tenants’ success will do far better not only in lease negotiations but in tenant retention. |
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| Pictured: Tustin Business Park ,15022 Parkway Loop in Tustin, where Ronco Plastics recently re-upped for 35k SF. Andrew repped Ronco, while Blaine Annett of Stream Realty repped the owners. |
| 3. Listen to tenant reps. |
| Savvy landlords will use the tenant broker's insight and input to help structure a win-win transaction. Also, landlords who are upfront in their negotiations will inspire stronger and more fruitful tenant relations, which equates to higher tenant retention. |
