Improving the design and build process for your tenants
Landlords are competing for quality tenants. All things being equal, how can you convince a tenant to make you their landlord, and not Joe Blow down the street? Do your tenancy coordination processes help or hinder your tenants?
You can always offer cold hard cash: fitout incentives to reduce capital outlay, or a period of rent abatement. Or the sweeteners – offering to do some works for them: upgrade air-con or build a ceiling. Or maybe the opportunity to be part of a centre with great marketing support after they open.
But what about an easier time getting open?
Can you make the process of designing and building their dream a better experience? After all, you want them as a tenant because of their great retailing chops, not because they are fantastic project managers and interior designers!
And how great would it be to have a reputation as the landlord who helps get things done, rather than one who either makes it harder or is completely indifferent. Retail properties succeed because of the partnerships they build with their retailers, and the design and build process is a critical part of this partnering.
I’ve been in tenancy coordination for a while now, as a tenant, landlord and contractor, and there are a few things that always make a difference:
Clear, accurate tenancy plans
This critical piece of the puzzle shows what the tenant is buying, but they can be worse than useless! Good TPs contain detailed information about what is already provided and what they need to build; plentiful measurements; notes on materials; and location plans including location of fire hose reels and toilets. All of this will make life easier and minimise surprises when the shopfitters get to site.
A simple, easy to understand Fitout Guide
Just one. Don’t drown them in documents, it’s not necessary. The best Fitout Guides provide helpful advice in a straightforward manner, while being clear about who has responsibility for what. For example – who they need to engage (just a designer, or a full engineering team?); when do they need to send things in for approval; and what do you expect them to deliver in terms of final outcome (pictures are very useful).
One person to look after them through the process
It’s frustrating for a tenant when they need to bounce from Billy to Jacqueline depending on the question they need answered. Even if lots of people are involved behind the scenes, give the tenant one point of contact for their enquiries. Yes, it makes their life easier, but it also means that there is one person on your side who knows all the tenant’s concerns. And that can be invaluable.
A good start with professional tenancy coordination can make all the difference in a relationship that will hopefully be long and prosperous on both sides. And hopefully when they need to grow, they will be asking you what other sites you have available, because you are so easy to deal with!
If you need some help developing or improving your tenancy delivery process, contact us.
Or to find out more about the tailored service Setting Up Shop offers our clients, head here.