Are Tenant Engagement Platforms Changing Real Estate?

Nowadays, everything changes so quickly.

It only takes a blink of an eye for a massive change to take place. We all learned that lesson the hard way in 2020. The pandemic, economic turbulence, and extreme market activity were constantly changing the situation – which never seemed to settle in one place.

Commercial real estate’s tenants were constantly facing uncertainty at a time when they had more questions than ever before. What is safe? What are the rules? What is being done to mitigate the new threats to health and wellness that are now ubiquitous?

CRE needed to provide answers. Information resources needed to be live, accurately updated, and easy to interact with. This new real estate demand was, like many other pandemic-related issues, solved by technology.

Here’s what you need to know about CRE’s new secret weapon: tenant engagement platforms.

Learning from the Office Sector

Experts are hinting that tenant engagement platforms might be the future of the office sector. These tech-powered platforms open up a much-needed channel of communication between individual tenants and property managers. With these mobile hubs of information, it’s easy to stay abreast of the minute-by-minute protocols.

Everything from cleaning schedules to contactless navigation and social distancing guidelines is at the tip of team members’ fingertips.

These platforms strip away the daunting uncertainty involved in navigating the post-COVID commercial scene. Tenants can be more comfortable while they’re in the office since they feel like their questions are answered. They won’t feel unsure – they can finally be confident again.

When considering how much progress tenant engagement platforms saw within the office space, CRE is wondering how this tech tool can be implemented in other sectors. The trend is already gaining momentum across the industry as players from different arenas dip their toes into these platforms.

Here’s a look at how retail and multifamily are deploying tenant engagement platforms to improve the way they engage with their audiences:

Multifamily

Staying safe and socially-distant throughout the pandemic has been especially challenging for the multifamily sector. Close living spaces and numerous common areas have forced multifamily to develop new coping strategies.

In addition to these issues, getting everybody in an apartment complex to abide by the rules can also be difficult. Posting signs and sending emails does not guarantee full compliance, and in the case of a pandemic, these breaches become a hazard to everyone.

As a solution, tenant engagement platforms are being used to communicate the latest safety protocols as well as share community news. Tenants can quickly get their questions answered since they always have access to community management.

Retail

Tenant engagement platforms are being used in retail right now, and it’s helping fuel the sector’s recovery. Physical retail was hit hard during the pandemic as shoppers transitioned online. Tenant-landlord communication was required frequently to discuss action plans. This need is being met by synced engagement platforms, strengthening retail’s overall resiliency. Even after the threat of COVID passes, tenant outreach platforms will remain pivotal within the tech-driven world of CRE.

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