17.05.2019

CRE Managers : How to quantify your tenants’ satisfaction?

The CRE industry is a  competitive business. Therefore, tenant dissatisfaction can be very damaging. We indeed revealed in this article, how much companies lose when there is a tenants turnover. It can take up to two years to compensate for the loss of income due to the departure of a tenant! To avoid this situation, simple tools exist to measure your tenants’ satisfaction.

Track your tenant’s satisfaction so you don’t lose them.

 

CRE successful companies rely on strong relationships with tenants.  With good reason, as satisfying your tenants significantly brings you stability.

 

Moreover, tracking customer satisfaction is an excellent marketing and sales argument :

 

Demonstrating that tenants’ satisfaction is your priority is a convincing commercial and marketing argument. This will attract new tenants and then ensure a low tenant turnover.

 

Thanks to this measure you can illustrate to your investors the ROI of tenants’ experience. It is a way to justify operational investment needs if satisfaction must be improved. Without a system or process in place to measure tenant comfort, it is more difficult to prove the business case for operational investment.

 

Tracking your tenant’s satisfaction is easy. Here is how:

 

Quantifying the satisfaction of your tenants with dedicated tools with manually data reworking (online surveys for example) is very time-consuming. This collection method is excellent to have qualitative answers, but by itself, it leads to several other issues.  

 

 Response rates are often low.  

 

These surveys, to be relevant, must be regularly updated. Otherwise, it is difficult to measure gaps and changes over time.

 

This method does not accurately cross-reference tenant responses with other data that could explain a decrease in satisfaction (lower revenue, delays in repairs, etc.)

 

 

In order to easily quantify the satisfaction of your tenants, data storytelling tools are helpful :

 

They allow you to regularly track several KPIs linked to satisfaction and cross them with other data.

 

Moreover, your reports are automatically updated.  At a glance, you can visualize the level of satisfaction and untangle situations

 

What subject or KPI’s should you track with your dashboards?

 

To overcome the limits of manual surveys, the monitoring of specific data allows to straightforwardly quantify your tenants’ satisfaction.

Which data should you track? According to a study conducted by CBRE on a sample of tenants, “Building management”, “Business administration” and “Technology services” are the three most important aspects in their satisfaction.

 

 

 

 

 

Configuring a data storytelling dashboard allows you to have control on these specific data, over several months and automatically. In addition to helping you reduce the time spent on management, your decisions rely on objective figures.

 

 

CRE managers

 

The integration of a data tool to quantify your tenants’ satisfaction is proof of the technological development of CRE companies

 

To further illustrate the value of technology integration, CBRE’s 2018 EMEA Occupier Survey points to the role of new technologies in the workplace. 62% of occupiers in that survey expect to increase investment in workplace technology.

 

However, compared to other sectors, the CRE industry is considered slow in its digital transformation. This situation is evolving. Data-driven strategies have become essential to stand out (and survive) in this competitive market.

 

Thereupon the integration of data storytelling tools brings you several benefits:

 

– Increase the satisfaction of your supporters through the implementation of digital tools.

 

– Measure in real time several aspects of your tenants’ satisfaction to limit the risk of departures

 

– Reinvest the satisfaction rate of your tenants in the promotion of your portfolio

 

– Justify your financial needs to your stakeholders

 

– Demonstrate your innovation capabilities in the CRE industry

 

 

 

Discover how the Toucan Toco application has enabled Marques Avenue to increase its performance (with English subtitles):

 

 

 

Myriam Taider, Junior Content Strategist @ Toucan Toco 

 

 

 

 

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