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How COVID-19 Affected the Property Management Business
How COVID-19 Affected the Property Management Business

Many policies and processes have been changed to support property managers and residents during this time of the pandemic. There have been unanticipated challenges in the business operations but the good news is that the power of knowledge sharing, community, and technology helped us get through with it. Here are some major changes that have happened over the past few months:

Property Leasing has become Virtual

Because of social distancing, property management companies had to shift their strategies and operations from in-person showing and lease signings, to virtual tours, online self-guided showings, and online lease agreements. There was a rapid increase in the adoption of cloud-based technology that carries out processes that don’t require face-to-face interactions between residents and property managers. With the help of digital tools, the industry embracing mobile technology has proven to be beneficial and is more likely here to stay. 

Working From Home

On the verge of the coronavirus pandemic, everyone has been urged to stay at home to prevent the spread of the virus. With this, the majority of the property management companies have opted to work from home. Everything from managing day-to-day operations to training new members to provide customers services to accounting was done from the comfort of their homes. The challenge here is remaining productive even working remotely.With the right technology, working from home can be just as effective. Today, the real estate industry has embraced technology and by staying connected through it, we will overcome the challenges that COVID-19 has given us.

Online Meetings and Interactions

Before the pandemic changed the state of the world, property managers were used to interacting with their prospects and tenant in person daily. The need for social distancing changed all of that. Now, residents can’t come to offices for lease signings, rental payments, or even just ask questions. The companies have been forced to move their transactions online. This unexpected shift has opened a new wave of efficiency and effectively integrated many aspects of property management. Of course, those who have already been using digital technology for their business will find the transition to be smooth-sailing. Managers are working harder to stay connected to their residents and keeping them engaged. Emails and text messages have become an important form of communication for property management businesses to connect to their vendors, staff, and customers.Going forward, this type of communication thing will likely stay and improve.

Maintenance Operations Have Shifted

Maintenance is one of the most challenging aspects of the business during this time of social distancing. At the beginning of the pandemic, the majority of the companies have deferred unnecessary and non-urgent repairs to keep their repairmen and tenants safe from interacting with each other. Together with implementing safety protocols, some companies have developed creative ways for tenants to complete their non-emergency repairs themselves with online tutorials and video calls.As we move forward to the post-pandemic future, technology will become more essential for property management companies which will enable them to connect with their vendors and customers quickly. With the right digital tools, tenants can submit their maintenance and repair requests to you, while you can email technicians for a work order. For just a few months, the operations of property management businesses have rapidly changed. Thankfully, with so many options in the digital world, the incorporation of technology into operations has been very helpful. Companies can maintain their properties and uncover new opportunities while keeping their residents and employees safe. This transition has started the new age of the real estate market. Make the most out of this change, embrace the new normal, this will prepare your business for what’s to come next.

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