Can Smart Buildings Reduce Tenant Turnover?

Smart buildings provide many benefits, especially when the technology is implemented in commercial buildings. In fact, smart building technology can be leveraged to help reduce tenant turnover for commercial property owners in addition to the many other benefits that they provide. Reducing tenant turnover goes a long way toward saving money and eliminating the likelihood of substantial issues over time. Smart buildings can reduce tenant turnover, as well as provide many other benefits for a building. Here are a few ways that smart building technology can help to ensure that tenants remain more satisfied with your commercial property.

Why you should Reduce Tenant Turnover

It is crucial to take whatever steps you can in order to reduce tenant turnover. When your property is vacant, it won’t be making you any money. Unfortunately, you will still be obligated to pay the mortgage and other expenses associated with property ownership, even if the unit isn’t bringing in consistent rent. You will also likely have to pay additional money to market for a new tenant for your property, as well as invest in preparing the property for a new tenant. This can be minimal cleaning expenses or larger repair expenses. When you take the steps to reduce tenant turnover, you will be able to ensure that your property continues to be profitable, rather than causing you to lose money.

Reduced Expenses

No tenant wants to stay in a building that causes them to have to pay exorbitant energy bills. Smart building technology goes a long way toward improving energy efficiency, without sacrificing the quality of the environment within the building. When you implement smart building technology, you will ultimately reduce the expenses of your tenants, which will keep them much more satisfied with your building. When your tenants have exorbitant energy expenses, they are unlikely to continue to rent the space from you. Smart building technology will help to reduce energy expenses, which is beneficial for both you and your tenants.

Create a Comfortable Environment

reduce tenant turnover

Smart building technology often helps to create a much more comfortable environment inside of the building. This technology helps to ensure that there is better temperature regulation that helps to ensure that your building remains comfortable throughout the year. In fact, these automated systems can be used to ensure that the building is cooled or heated when necessary, without wasting money. Smart building technology is also able to automate lighting to ensure a comfortable setting throughout the day and can provide many other aspects. It is important for both tenants and their customers to have a comfortable environment inside of the building. When the building is uncomfortable, the customers of your tenants are unlikely to have a particularly positive experience. Smart building technology goes a long way toward ensuring the environment remains comfortable within the building.

Preventative Maintenance

Smart building technology often ensures that various systems receive the preventative maintenance that is necessary in protecting the building and keeping the systems in good condition. When each of these systems obtains the maintenance that they need, there will be less risk of these systems breaking down. Breakdowns of systems, like the heating or cooling system, can be incredibly inconvenient and uncomfortable for tenants. Preventing these breakdowns can help to ensure that your tenants remain far more satisfied with your building. In addition to this, regular preventative maintenance helps to keep the building in good condition, which is good for both you and your tenants.  

Increased Customer Satisfaction

Customers are generally much happier when they are in a comfortable environment. While the importance of this will fluctuate depending on the type of business, it is still beneficial to prioritize customer satisfaction. Smart building technology can help to improve a business’s sales or the satisfaction of their clients. If your building is improving their business, they will certainly want to stay in your building and continue to rent the space from you.

Improved Convenience

Smart building technology substantially improves the convenience of your tenants. This technology provides streamlined, automated systems, that can often be controlled from a centralized device, such as a smart phone. Not only is the central control incredibly convenient, but it is also convenient to have automated systems. This will reduce the amount of time that your tenant will have to spend checking on the systems and ensuring that they are operating.

Better Security

Customers and tenants alike are certain to feel much safer when the building has better security and surveillance. Smart building technology helps to provide this improved level of security for your building. This is a particularly great component for keeping tenants in commercial properties because it can also aid in the prevention of shoplifting, while simultaneously providing an array of other benefits.

Better for the Environment

There is a consistently growing trend toward emphasizing sustainability and being environmentally friendly. For example, your tenants may be able to use an environmentally friendly building as a selling point for their customers. They are more likely to lean toward environmentally friendly choices, which you can provide with the implementation of smart building technology to the building. Improved energy efficiency is good for the environment and for your wallet.

Automated Systems

Smart building technology often focuses on the automation of various systems that are used to control the environment within a building. These systems all work in tandem in order to provide the most comfortable environment possible. When these systems are automated, you will be able to provide a more convenient, comfortable experience for your tenants. This aspect often goes a long way toward reducing tenant turnover in your properties.

At Vitality Energy, we provide smart building technology installation for many kinds of buildings. Commercial buildings can benefit substantially from the use of smart building technology. In fact, this technology can be used to help reduce tenant turnover and ensure that your tenants continue to rent their commercial space from you. To learn more about the ways in which smart building technology can reduce tenant turnover, contact our experienced team at Vitality Energy today!

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