When it comes to commercial and retail property management, the tenancy mix and the lease profile for the building underpins the income opportunities for the property.
This shows you just how important the tenant mix is to the future of the property; on that basis the tenants in any investment property need to be managed and optimized.
A tenant management plan will give you as the property manager or landlord a strategic advantage at the time of future property sale; you can show buyers exactly what is going on in the property and where the property is headed.
Tenant management thereby becomes a part of the business planning for the investment property.
It should be a specific part of the property strategy dealing with matters of occupancy, vacancy factors, expansion and contraction of tenancy space.
In a property with multiple occupants this process becomes even more complex.
In a retail property with multiple occupants this process becomes critical to the performance of the property financially and physically.
A tenant management plan should feature sound research and controls relating to the property occupants, the local property precinct, the customers, and the general property market.
Here are some of the main aspects of the management plan and tenant mix strategy:

• The plan should feature a regular contact program with all the tenants in the building.
  All meetings with tenants should be recorded and documented.
  These records will form part of the landlord's monthly reporting program.
  In this way the landlord can be fully informed regards the tenants concerns and challenges in lease occupancy and building usage.
  
• The instructions and communications from the landlord regards tenancy matters should be documented to support any future dispute or challenge.
  In this day and age it is not unusual for a tenant and landlord to be in dispute; your notes and records are the only things that will support you in such dispute.
  
• In the case of a retail property, the tenants and the tenant mix will be closely integrated to the needs of the customers and the generation of sales.
  The positioning of the tenancies will therefore be a strategic decision based on the needs of the shopper, foot traffic and shopper and access, entrance ways, and common areas of congregation.
  
• In most properties with multiple tenancy areas, it is wise not to have the leases of adjacent tenancies expiring at the same time.
  This will only be of some advantage when relocation or refurbishment is a consideration in the operation of the property.
  It is better to stagger the expiry of leases so that each potential new lease negotiation or vacancy can be correctly negotiated given the levels of enquiry and the status of the local property market.
  
• Rent review negotiations will be tracked in the plan as will the options for a renewal of lease for any existing tenants in occupancy.
  It is best to work 2 years in advance with these events to track all potential negotiations and changes.