Tenancy management is an important part of running a business and plays a key role in maintaining any relationship between landlord and tenants. It allows both to ensure compliance with the law and meet the requirements of a given real estate market. To be successful in managing a lease, it is important to create and implement a well-thought-out system.

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The first step is to define specific lease management procedures, such as the tenant recruitment and selection process; defining and enforcing rental standards; monitoring rental payments; providing information on the rights and obligations of the parties; and customer service protocols. A detailed reporting system should then be set up so that progress on any procedures can be tracked regularly and actions taken to optimize profitability.

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The next step is to create a performance measurement system to check whether the procedures introduced actually help to improve profitability. It is important to both define the metrics that will be used to compare performance and implement appropriate monitoring data. This may include developing a plan to review premises to assess their condition, determine the time needed to replenish premises after tenants have vacated, and monitor response times to interventions in all problem situations.

Finally, it is important to educate both employees and tenants about the rights and obligations outlined in the tenancy management procedures. Regular coaching or training sessions are necessary for each party to carry out their responsibilities effectively.