7 Important Tips for Retail Shopping Center Property Managers
As retail businesses transform, there is an incredible opportunity for retail shopping center property managers to transform alongside them. The goal is to implement strategies that benefit both the property management team and your tenants. As the retail industry continues to morph and evolve, follow our tips below to strengthen your relationship with your tenants and further establish your property.
1. Make Delivery Pickup Parking Spots Permanent
With retail shopping now serving as a hybrid between online and brick-and-mortar, give delivery pick up parking a permanent residence on your property. For retail tenants in a post-pandemic climate, adjusting to the needs of the consumers has become second nature. Continuing to offer convenient options for pick-up parking shows the community your dedication to their needs and adds value to your property as a whole to a consumer.
2. Install EV Charging Stations
An increasing number of consumers are choosing to only conduct business with companies that outwardly support green initiatives. Set your property apart by adding EV Charging Stations. This simple step can positively impact the environment as well as the traffic your property receives. An EV charging option can broaden and strengthen your relationship with employees and potential consumers, both of which are important to a successful business.
3. Dedicate Time to Proactive Maintenance
To avoid falling victim to tenant turnover, it is vital to maintain the visual appearance and functionality of your retail space. Serve as an ally to your tenants and create a maintainable maintenance schedule that is adjusted to fit each property’s specific needs and the needs of the property as a whole. Secure competitive bids in areas like building exterior, parking lots, landscaping, and HVAC to ensure you can always provide the best maintenance. This will further your relationship with tenants and increase foot traffic with consumers.
4. Invest in Proper Signage
In order to increase revenue, you need to find ways to increase foot traffic. Proper signage is a great way to do that. If people don’t know what’s on your property, they will likely go right past it without thinking twice. Draw in passersby with large, visible signage, advertising the businesses at your retail property. Visibility is important, but it’s not the only aspect of a sign that matters. The quality of your signs also plays a vital role in the amount of foot traffic you see. A survey conducted by FedEx found that nearly 76% of consumers enter a store they have never visited before solely based on its signs.
5. Invest In Marketing
Market to your consumer base and local demographic. Include marketing costs in your tenant’s lease document as an easy way to build your marketing fund and establish a process to maintain consistency in a marketing schedule. Find interesting and relevant ways to integrate seasonal concepts into your marketing, such as holidays or local events. Allow your marketing to span different platforms and strategies.
6. Establish and Maintain Office Hours
Though simple, being available in nonemergency situations is important to tenants. Create a schedule with set times for calls or in-person meetings with your tenants. This can encourage tenants to avoid putting concerns off, which sometimes leads to costly repairs. Regular hours also make it possible for inquiring tenants to come in and discuss leasing availability.
7. Make a Long-Term Plan and Set Goals
It is easy to get caught up in the taxing day-to-day schedule of a property manager. Take time to sit down and make a long-term plan for the property or update an already existing plan. Create goals both attainable and lofty. Do not feel like any goal is too big or too small. Ask yourself questions about the expenditures and retention of your property. Put a plan in place to improve upon those items.
Find Contractors Using BidSource
Property managers can use BidSource to have the Property Manager Insider team locate a qualified commercial contractor for their next project or service call. Just fill out the form with your project details and a member of our team will be in touch.
