The term “smart buildings” makes most people think of a system like Siri, Cortana, or the computer in Star Trek. While some new buildings do indeed make use of similar systems, most are simpler. The technology in a smart building regulates such key factors as temperature, lighting, security, air quality, and entry allowance. Real estate markets have taken advantage of the growing trend, with the smart building construction industry expecting to reach a worldwide worth of $58 billion by 2022.
What does the growing smart building trend mean for the facility management industry? Successfully adapting with the times can mean a significant return on investment and higher tenant satisfaction. Smart building designs with the right features attract curious clients. For your smart properties, promote their most marketable factors and discuss how they can benefit any business.
A smart building’s ability to monitor temperature and lighting does more than provide a climate-controlled work environment. The technology can sense motion, how frequently a room is used and, consequently, how much lighting and temperature alterations it requires. This revolutionary ability will lower the building’s overall energy consumption and carbon footprint. Your tenants can choose whether to program the system to follow a certain plan, or to let it sense the needs on its own.
Energy monitoring systems can also keep an eye on the quality of air inside the building and flowing into the building through vents. By reducing how much polluted air employees inside breath, a smart building can increase both health and work productivity.
Security cameras and badge readers have long been standard on many businesses to monitor guests and employee access. A smart building can certainly incorporate this technology into its system. But don’t stop there! A smart security system will also send reports of recurring security concerns or false alarms. You can even monitor your facilities from your computer or smartphone when you’re away.
Pro Tip: Smart buildings are just as vulnerable to cyber attacks as any other internet-connected device. Invest in a truly secure system to keep your properties safe.
Preventive maintenance on your building or technology is much simpler and cheaper than emergency repairs. Smart buildings use sensors placed near heaters, coolers, HVAC units, and other critical points to monitor for any signs of trouble. Managers are immediately alerted of any developing problems so the situation can be addressed before it gets worse. This particular application of smart buildings can save you a lot of money.
Visions for Future Buildings
Smart technology has come a long way, but it’s not finished yet. Over the next few years, the smart building industry is expected to grow exponentially as the technology finds it way into more and more work environments. For property managers, this means a more efficient system and more potential to attract interested clients.
Looking for more information on practical applications for smart buildings? Join the conversation to see how other facility managers handle this up and coming technology.
A facility manager is a crucial addition to any property owner’s team. Store owners especially will benefit from their expert input, knowledge of real estate management, ability to reduce your workload, and more.
Owning a business means handling so many minute tasks a day that important ones may fall by the wayside. Fortunately, you don’t have to handle all the work yourself. With a professional facility manager, you’ll enjoy the extra help and not have to worry about completing every little task.
Increase Business Performance
You definitely have goals you’d like your business to achieve, but maybe there’s something holding you back. A professional facility manager can help you find out what the obstacle is and how to overcome it. Once the root problem is dealt with, you’ll notice a sizable increase in your business’s productivity levels!
Pro Tip: A facility manager can help you do your job well. And when the property owner is doing a good job, everyone benefits!
Increased store productivity naturally means increased profits. For a business owner, this is a pretty good deal! A facility manager can help you increase your revenue through clever marketing strategies and more. See what ideas they can give you!
Implement Business Strategies
A big part of store management is knowing and implementing business plans for the future. This might seem like a daunting task, but you won’t need to do it alone. A professional facility manager can help you analyze your current performance, future projections, local economy, and more to know what steps to take in the future.
Provide Peace of Mind
As a business owner, you constantly have a lot on your plate as you balance your many different tasks. While facility management can’t do all the work for you, it can lessen your load. Not only will you have a little more time to focus on important work, but you’ll also rest easy knowing your business is in good hands.
Get Your Business Back on Track
Facility management systems can go a long way towards keeping your business afloat and productive for years to come. Don’t try to do every little thing on your own and overwhelm yourself. Let a professional handle some of the workload so you can work on more immediately crucial tasks.
Ready to schedule a consultation? Connect with us to start talking with our facility management team.
At most shopping centers, millennials and younger people will be your primary customer base. Contrary to what you may have heard, millennials are not exceptionally hard to please and will return to your shopping center if you can provide them with a good experience.
Like any other group of people, millennials will differ from one another. However, several common characteristics among this generation can help you appeal to them more directly. Keep these key factors in mind when you’re sorting through tenant offers.
Social Media Integration
Many millennials love to share their experiences and favorite stores with friends, and what faster way to share them than other social media? Make sure your stores and shopping center overall have an appealing online presence and regularly interact with internet users. Give your customers the chance to look up deals online and share their finds with each other.
Pro Tip: Stores with a specific app also encourage customer engagement through technology and online bargain hunting! Advertise your stores’ apps and consider offering special discounts to app users.
This one applies to more than just millennials. In an increasingly fast-moving and busy world, customers want to pay for their goods quickly and easily. The simpler your payment process, the better. See if you can start accepting Apple Pay or other cardless forms of payment without sacrificing security.
Keep the Design Simple
Like most people nowadays, millennials don’t have a lot of time to spend just shopping. The cleaner and less cluttered your store layout is, the simpler their shopping experience is and the more likely they are to return. Make it easy to find everything your customers need. Even if they don’t spend as long in the store as you’d like at first, if you consistently offering a satisfying experience, they will return.
Keep Online and In-Store Offers Consistent
Most millennials check your website so they know exactly what they plan to buy when they enter your store. Because of this, they expect to see the same merchandise offered in your store and your website, for the same price. Inconsistencies between the two can be interpreted as dishonesty or just laziness on the store’s part. To avoid this, make sure your website is up-to-date with what you currently have available in the physical store, and make sure any sales match up in both locations. Don’t confuse your customers.
Appealing to a New Generation
While their lifestyle and shopping habits may not line up with the previous generations, millennials are not hard to please when it comes to providing a good shopping experience. As long as you take care to pay attention to their preferences and needs, you can count on having plenty of young people as repeat customers.
Looking for more ideas on creating an appealing shopping center? Connect with us to see how other property owners attracted millennial customers.
Acquiring and managing a new retail space is no small task. Even if you’re confident in your abilities, the many things to keep track of and problems to solve could overwhelm you. Fortunately, you don’t have to do it alone. A shopping center specialist can help you with nearly every task your new retail property will require.
Advantages of a Hiring Retail Property Specialist
A shopping center specialist knows everything there is to know about renting and managing retail property. Though there are plenty of benefits to hiring a specialist to help you with your new space, you’ll likely take advantage of these services the most:
- Leasing services and management
- Advertising your property
- Attracting worthwhile businesses
- Finding good tenants
1) Leasing Services and Management
With all the potential legal trouble that could result from a poorly written lease, you shouldn’t run the risk of making a mistake. Any errors could cause the lease to backfire and potentially lead to a lawsuit against you. Trust this part of the job to a specialist with plenty of experience in leasing work.
2) Advertising Your Property
If you neglect to market your property, you can’t expect potential tenants to contact you. Advertising your retail space is crucial to attracting tenants. A shopping center specialist, particularly one with connections to national marketing agencies, can help you develop a marketing strategy and get your property in front of potential tenants.
Pro Tip: A shopping center specialist can also help you make sure you’re advertising your retail property to the right businesses. Don’t advertise to a fast food joint if there’s a health food store next door!
3) Attracting Worthwhile Businesses
Not every business will be able to thrive in your retail space. Let a specialist with good knowledge of business practices and the SWOT analysis method help you know the most likely clients you can expect to work with.
4) Finding Good Tenants
Finally, a specialist can help you filter potential tenants to find the best for both parties. For your property, you’ll want a tenant who will keep your space well cared for and respond promptly to communications from you. Based on experience or other indicators, a retail property specialist can help you differentiate a good tenant from someone who just isn’t worth renting to.
Find an Experienced Specialist
Retail property management doesn’t have to be complicated or difficult. With an experienced shopping center specialist helping you manage and market your new space, you’ll soon find a worthwhile client and fill up the empty spot.
Interested in learning more about how a specialist can help you? Connect with us to speak with our experts about our services.
Investing in a new property is an exciting venture that can yield a high profit if you go about the process correctly. But, attracting commercial tenants to your shopping center is the first step to a successful property, and it’s also a place where many landlords get stuck.
How Do You Start Attracting Commercial Tenants?
Whether you have a brand new shopping center you need to quickly fill or you have an older property investment you want to revamp with new tenants, these 6 tips will help put your commercial property on the map.
- Promote a strategically located property
- Offer good security
- Be an attentive manager
- Make exterior improvements
- Highlight cost-saving features
- Hire a property management company
1) Promote a Strategically Located Property
Shopping centers tend to cluster together because individual stores benefit off of each other’s traffic. For instance, someone leaving a movie theater might pop next door for an ice cream cone, and someone else might browse a shoe store while waiting on their movie to start. Show potential tenants that nearby stores will complement their own business and attract traffic without directly competing.
2) Offer Good Security
Businesses can handle thousands of dollars on any given day, so security is always a concern. Make sure your clients can feel confident in your security measures. Install and regularly maintain alarm systems, secure locks, and other measures to help both your clients’ peace of mind and your renting potential.
3) Be an Attentive Manager
Tenants need and want a property manager that will listen to their concerns and help them keep their business running smoothly. Prove yourself to your tenants by responding promptly to concerns and being available to help anytime you’re needed.
4) Make Exterior Improvements
The better your property looks, the more interested clients will be. Keep trash picked up, have the grass cut regularly and maintain the landscaping. You are more likely to attract commercial tenants to your shopping center when the exterior looks well-kept and inviting. Here are some facility management tips to consider:
- Hire a landscaping company to make the front property grounds look aesthetically pleasing.
- Power wash driveways, sidewalks, and the parking lot/garage.
- Update the exterior with a fresh coat of paint.
- Provide reserved parking spots for tenants.
- Switch out old, faded signs with new ones.
- Redo chipped or peeling window tint.
- Repair any damaged parts of the building.
5) Highlight Cost-Saving Features
How is your property better or different from a competitor’s property? Do you offer free, onsite parking while the competing shopping center down the street has paid garage parking? Make sure you highlight cost-saving features in your marketing and sales meetings. Consider offering these amenities that will save your tenants money:
- Provide access to a full kitchen so that workers have the option to bring, make, or cook their lunch versus buying it every day.
- Include energy efficient options when possible to save tenants money on electricity costs.
- Offer bike racks so that workers can save money biking versus driving to work.
6) Hire a Property Management Company
Investing in a shopping center property takes lots of time to maintain, attract tenants, and work hard to keep good tenants happy. Get professional Commercial Property Management Services from a nationally-recognized real estate firm who can leverage their tools and knowledge on your behalf.
Pro Tip: A shopping center specialist has the local market knowledge and major national retailer connections to attract the right tenant mix for your shopping center property.
The Right Tenant Mix For Your Property
Ultimately, prospective renters want a shopping center space that they can see themselves renewing and leasing for years to come. Moving offices is costly and time-consuming, so the longer they can stay at a property, the better. Give tenants what they want with competitive advantages, building improvements, and being an overall caring landlord.
Have a question about attracting commercial tenants? Leave us a comment.
Congratulations on laying down the groundwork for your new shopping center! In the world of commercial real estate, tenants are what keep your shopping center running day to day. After getting a good tenant mix sorted out for your property, you’ll want to prepare accordingly towards a smooth transition for all parties involved.
Preparing your new shopping center for tenants will involve perfecting the looks of your property, mapping out where advertisements will go to increase the most traffic, and staying in close communication with your tenants so that they can do what they do best with their stores.
Enhance Curb Appeal
A clean, professional building is sure to attract a professional tenant. Keep trash picked up, windows repaired and cleaned, and make sure all your maintenance is up to date. Consider any landscaping that needs to be done and any dirty sidewalks that need power washing for a fresh new look. Your property management company should know how to keep your commercial property maintained and ready for new business.
Work to Increase Foot Traffic and Visibility
If your property isn’t in an ideal area for foot traffic, try to draw in curious crowds with strategically placed ads or decorations. Show your tenants you know how to attract customers. Just be wary of the placement of your advertisements, as you won’t want to run into any legal issues with what is being said and where it is being directed. Check with a shopping center specialist to get their professional advice on boosting your shopping center’s traffic.
Work Closely with Your Tenants
Be a hands-on property manager! If your tenants contact you about a problem, respond promptly to fix it and provide any follow-up work necessary. Answer any tenant questions promptly. Let them know they can come to you for help. Listen out for tenant requests and see what you can do to help them with anything they may need to maximize their store’s performance.
Pro Tip: Understanding your tenant’s business and their needs is necessary for your shopping center to perform at its best.
Interview Specific Tenants for a “Cluster”
If a shopper buys children’s shoes from one store, they’re more likely to buy from a nearby children’s clothing or toy shop. When you interview clients for your retail shopping center, have a definite plan for creating “clusters” of stores selling related (but not competitive!) products to encourage shoppers to consider similar purchases. This will increase your clients’ profits as well as yours, and also provide an extra selling point for your property.
Be present and available for your tenants to reach out to, and your shopping center management will run smoothly. Always be working towards making your retail property better by taking note of what needs fixing and promoting the aspects that are driving the most traffic.
Join the conversation for more information on commercial real estate and shopping center maintenance.