5 Tips for Maintaining High Occupancy Rates in Your Coworking Space

Are you struggling to keep your coworking space fully occupied? Do you find that your space is only bustling with activity during peak hours? If you’re looking for ways to stabilize your occupancy rates, you’re in the right place. In this blog post, we’ll share five tips to help you maintain high occupancy rates in your coworking space. From creating relationships to managing terminations, we’ll cover everything you need to know to ensure that your space is always buzzing with activity. So, let’s get started!

Member-Staff Relationship 

Fostering a positive member-staff relationship is crucial to maintaining a successful and thriving business. Below are some relationship-building ideas and tips that you can implement in your space.

• On-Site Staff During Business Hours: Having your community staff on-site during business hours is crucial to ensuring that your residents receive the best possible service. Having staff present allows tenants to ask questions, make maintenance requests, and voice any concerns they may have in person. Additionally, having on-site staff during business hours adds an elevated professional touch to your members’ businesses and overall experience. Your staff can greet guests, show them where they need to be, and offer them coffee, making them feel more welcome and comfortable.
• Community Events: One way to build and strengthen this relationship is by hosting community events. This provides an opportunity for members and center staff to interact in a relaxed setting outside of the usual work environment. Hosting community events also promotes relationship building among members, fostering a sense of community that they will want to remain a part of.
• Celebrate Milestones: Additionally, celebrating important milestones such as birthdays or work anniversaries can make your members feel appreciated and valued. These simple gestures from your staff can go a long way in creating a positive and productive work culture.

Software for Member Requests and Feedback

Managing a coworking space can be challenging, especially when it comes to keeping track of member requests and feedback. This is where having software to track member requests and feedback can be incredibly useful. Below are two software programs our clients use to stay on top of member suggestions, keeping them satisfied and eager to renew:

• Monday.com: Monday.com is a cloud-based work operating system that helps teams manage their work in a more efficient and organized way. It is a great tool for coworking spaces to keep track of member requests and feedback by allowing teams to create a board that manages member requests, feedback, and other related tasks. The boards can be fully customized to fit the specific needs of the coworking space.
• Real Time Feedback: Real Time Feedback is an excellent tool for coworking spaces to manage member requests because it provides a direct line of communication between the members and the management. With real-time feedback, members can easily voice their concerns or requests, and management can respond promptly to address those concerns.

For example, if a member has a maintenance request for their office space, they can use real-time feedback to let the management know about it by scanning a QR code located in their space and submitting a request. The management can then address the issue promptly, minimizing any miscommunication or inconvenience to the member.

Having A Good CRM Platform

A good CRM (Customer Relationship Management) platform is crucial for operating a successful coworking space. It keeps track of member information, such as their contact details, billing information, lease terms, and the specific services they have purchased. This information can be used to provide personalized service to your members, such as by offering them discounts on services they use frequently.

In addition to managing member information, a CRM platform can help you automate various processes, such as billing and invoicing. This saves time and reduces errors, allowing you to focus on providing excellent service to your members.

Managing Renewals

When it comes to renewals, understanding members’ needs and goals is especially important. By working with members to identify their priorities and preferences, coworking space operators can ensure that they are providing the best possible service and value for their members. This can include offering flexible lease terms, providing additional amenities or services, or simply communicating more frequently and transparently with members.

Ultimately, the key to successful coworking agreements and renewals is building a strong and supportive community where all members feel valued and supported.

Managing Terminations

Just like any other business venture, your coworking space may encounter challenges, such as members requesting early termination or dealing with struggling businesses. Here are some tips on how to handle these situations in a professional and efficient manner:

• Early Termination Requests: It is important to have a clear and concise termination policy in place that outlines the terms and conditions of early termination. This should include the notice period, any fees or penalties, and the procedure for returning any deposits or prepaid rent. When a member requests early termination, listen to their reasons and try to find a mutually beneficial solution. If they are leaving due to a change in their circumstances, offer to help them find an alternative solution or refer them to other resources that may be helpful.
• Struggling Business: If a member’s business is struggling, it is important to approach the situation with empathy and understanding. Offer to connect them with resources, such as business coaches or mentors, that may be able to help them turn things around. If the situation is beyond repair, work with the member to create a transition plan that minimizes any disruption to their business and the coworking community.

In all situations, communication is key. Listen to your members, be transparent about your policies and procedures, and do your best to find a solution that works for everyone involved. By handling these situations professionally and efficiently, you can maintain a positive and productive coworking community.

Learn about how FWS can help you maintain high occupancy rates in your coworking space!