What is Tenant Experience?
What is the best competitive advantage for any business? To know what customers desire and to be able to react promptly to their needs. That is why, it is more and more important in the real estate world to focus on customers, in this case on tenants, and create a complete experience.
So, what is tenant experience?
It is as easy as it sounds like. Tenant experience defines the experience of living or working in a building where you are a tenant. Tenants' presence in buildings gets better when property operators manage their assets in a holistic way in order to achieve the top level of customer service and satisfaction. This includes bringing amenities, services community, technology and a common purpose to the building.
Now, let's broach the subject. Tenant experience has 4 inextricable parts:
1. TECHNOLOGY AND DIGITalization
Technology is increasingly becoming the focal point of modern buildings. Today, digital tenant experience platforms serve as a central point to which other tools and features are connected. It forms an invisible network that helps people navigate in their space, interact with smart building features and communicate with other people, new faces and neighboring services. It's no surprise that 92% of CRE professionals plan to maintain or increase their tenant experience tech investments, according to Deloitte's 2020 commercial real estate outlook. Yet, according to that same report from 2021, only 33% agree or somewhat agree that their companies have the skills and resources to operate a digitally transformed business.
Most respondents (56%) believe the pandemic has uncovered shortcomings in their company's digital capabilities. According to the survey, many companies plan to accelerate digital transformation, yet only 40% of respondents said their company has a defined digital roadmap.
Digital tenant experience platforms enable occupiers to access the building, open doors, control the climate, make room reservations, pay for events and amenities, and even make new friends. Different types of sensors arm landlords with data for air and water quality, electricity consumption, heating, lighting and – crucial in these post-COVID times – occupancy metrics for any room in the property.
The important thing about tenant experience apps for both users and property management is that every user has their entire universe of features accessible from one convenient access point, and all their relevant data in one dashboard. While data is the foundation of everything else that layers on top of it, having big data sets is only the first step though. Without the tools to analyze and offer recommendations based off of them, and without the trained employees that can read them in context, it's hard to use raw data to inform wise management decisions.
Hand in hand with technology are the amenities that distinguish great properties from mediocre ones. Of course, not every office or apartment complex needs cutting-edge recreational spaces, gyms or classes on demand, but depending on the types of tenants within each space, picking the right amenities can help build a strong, cohesive and long-lasting community on-site. Consider the example of a team that works together during the day, only to end the work week with drinks at the rooftop terrace or a kickboxing class scheduled in the property’s onsite workout room. Photos of glitzy apartments and the offices of tech unicorns can make it seem like every good office has everything, but in the world of property amenities a little, well-implemented, goes a long way.
3. Local ecosystem
Every building belongs to a neighborhood, its own local ecosystem. For many tenants, it is more and more important that in the surroundings of the building there are sport and leisure facilities, restaurants and coffee bars, sufficient parking spaces and easily accessible transportation, a calm environment with greenery and other services make life easier.
To make use of this proximity there are tenant experience platforms such as Spaceflow on the market, which help to interconnect all these facilities with your building. Because of that your tenants can fully enjoy everything that the neighborhood of your building offers. How exactly can a building owner hope to impact the quality of an entire neighborhood? Find out in this article.
4. Vibrant community – people in the building
Everything is about people. To foster a community in your building is one of the most essential prerequisites for an amazing tenant engagement. One-third of your life is spent at work and especially for the young generation, it is essential to spend this time in a friendly, open environment. Read this article for four ways to build a vibrant office networking community in your own building.
Copying what is tangible and physical within a building is easy. Workspace interiors can be replicated, paint colors matched and layouts copied, but community cannot. So, do not underestimate the power of community in your building. By organizing networking events and proving smart technologies that empower introductions, chat and sharing between people, owners can create a space with a deeply collaborative soul. This is an amazing added value for your tenants and in the long-term it will definitely pay off. There is a golden rule of community building: 1+1=3. It's impossible to underestimate the opportunity that can arise from a random encounter between two people.
How does Spaceflow help to leverage the tenant engagement in your building?
Our mission is to connect buildings with their occupiers. Spaceflow helps you increase asset value, unlock new revenue sources and become data-driven. Our community engagement programme activates your building, delivers services your occupiers desire, and boosts tenant loyalty. Learn more about Spaceflow.
Also, read our two-part article about steps how to create an amazing tenant experience part 1 and part 2.