As a property manager, you want to keep your buildings full and tenants happy. Not surprisingly, occupancy rates and tenant satisfaction go hand in hand. While there’s likely another potential renter to take the place of a displeased tenant who decides to not renew their lease, acquiring that new renter takes time and money. In fact, a study by the Journal of Property Management suggests that filling an occupancy with a new renter costs about 3x as much as if the current renter renewed their lease. Factors such as vacancy loss, marketing costs, and TI allowance account for this discrepancy in cost. In an effort to maximize profitability, you want to minimize costs, which means tenant retention should be one of your top priorities.
Reasons Tenants Leave
Tenants leave a rented property for a variety of reasons. Although many of the contributing factors that lead a tenant to submit their intent to vacate notice are out of your control, several influences for a tenant leaving are preventable. Perhaps the space is too hot in the summer because of the heat transmitted through the windows or too cold in the winter due to poor insulation. Furthermore, maybe the utility costs are too high as a result of this poor insulation and heat mitigation. Maybe the tenant does not feel safe and fears for the security of their employees and property. Another possibility is that the tenant thinks they could find a more attractive space at a similar price point elsewhere.
Each of these preventable qualms a tenant might have about your property can be solved quickly and cost-effectively with window film and architectural finishes, leading to greater tenant retention.
Temperature Control & Energy Efficiency
In an office setting, uncomfortable temperatures and bothersome glare can affect employee productivity and morale. If your property is a storefront or restaurant, sun-related factors can negatively affect your tenants’ clientele as they shop or dine. As a result, it’s important to keep the negative effects of the sun at bay in your property.
3M Sun Control Window Films help maintain comfortable interior temperatures year-round. The film reflects up to 97% of infrared rays and adds a supplementary layer of insulation to the glass. As a result, tinted windows transmit up to 60% less heat than untreated windows in the summer and lose less of the warmth generated by heating systems during the winter. The film’s high visible light transmission allows the passage of natural light while blocking much of the sun’s heat and glare. This means your tenants can reduce reliance on artificial lighting, saving energy and their views of the outdoors.
The improved temperature regulation offered by window film alleviates some of the wear and tear on HVAC systems. Consequently, this enhanced energy efficiency results in a dual financial benefit of lower monthly energy costs and a longer lifespan for your HVAC system.
Safety & Security
The threat of vandalism, burglaries, and violent intruders mars the perceived value of a space. Employers want their personnel and clients to feel safe and their property to be secure. When the possibility of danger lurks around the corner, your tenant will look for a safer property elsewhere.
3M Safety & Security Window Films help bolster the building envelope by providing an extra layer of protection to your windows. When the glass is broken, 3M’s proprietary adhesive bonds the glass fragments together, making the window more difficult to penetrate. An Impact Protection Attachment System anchors the film-covered glass pane to the window frame, which prevents the pane from dislodging. This augmented security will provide you and your tenants with much-needed peace of mind.
Sometimes tenants grow tired of a space because it has become outdated. Stained countertops, chipped reception desks, scuffed doors, and faded wall coverings contribute to a lackluster environment. Your tenant wants something fresh, new, and modern to mirror their company culture.
Seamlessly and affordably revamp your space with 3M Architectural Finishes. Architectural finishes transform your existing surfaces into like-new design elements at a fraction of the cost of replacement. Mimicking a variety of natural and synthetic materials such as wood, stone, metal, and fabric, this versatile resurfacing solution opens the door to limitless design possibilities. Choose from a wide range of colors, patterns, and textures. Architectural finishes breathe new life into your existing doors, walls, countertops, cubicle dividers, desks, and more. An additional benefit of architectural finishes is the minimal downtime required for installation, allowing for continuity of operations for both you and your tenant. By keeping your space up-to-date on current interior design trends, you’ll improve tenant satisfaction, and therefore, tenant retention.
Locally owned and operated in Richmond, Virginia, for over 35 years, Solar Film helps homeowners throughout central Virginia, Williamsburg, and the Northern Neck find their ideal window tinting solution. We use premium quality 3M™ materials for temperature control, glare reduction, UV protection, privacy, and security window film solutions. As a 3M™ Authorized Dealer and a member of the Prestige Dealer Network, we offer the highest quality window film products on the market. Get in touch with us today for a free quote!