Landlords not able to look after multiple properties and COVID-19 house parties causing damage.
Before the coronavirus hit all of us and completely changed our lives, the main goal of a property manager used to be to find the best tenant for the rental, collect rent, and maintain the books and keep the tenants happy. After this pandemic, the role and demand of a property manager have somewhat changed and increased. This is majorly due to the lockdown that is in effect to prevent people from spreading the virus.
Nowadays, the need for a property manager is higher than it has ever been before. In a time when one needs to stay at home to save themselves and the people around them, you cannot risk going out to collect rent. You cannot be sure who has been affected and who is not. So, it's better to be safe than sorry.
With the coronavirus affecting every industry, real estate is not indifferent to current circumstances. To combat this issue, realtors have adapted to changing tides by hiring more and more real estate managers to make sure that they don't have to get out much while maintaining their rental business.
With more than 30 Million Americans filing for unemployment during these trying times, people are struggling to make rent. In these times, you need a solid property manager on whom you can rely on.
Here are some of the ways a property manager can help you in managing your property during these trying times;
1. Staycation is the new Vacation!
Ask anyone who is sitting beside you if they need a vacation? And we are sure that their answer will be a resounding Yes! Ever since 2020, people have been stuck at home with nothing to do. People’s holiday plans have gone down because of the lockdown. However, this situation has a silver lining. Due to this increasing demand for a vacation, the vacation rental market has skyrocketed.
People are being introduced to a new type of vacation in this pandemic, which is "staycation," where people spend their holiday in a single city or area. Mostly due to the travel restrictions that are still in effect in most parts of the world.
If you are looking to tap into this market, then a property manager can do wonders for you. Not only will they maintain your property while you are maintaining social distancing, but will also provide you with a revenue stream without doing anything!
2. Technology and Property Managers Go Hand in Hand!
It’s pretty common knowledge by now that property managers use systems and processes that have gone obsolete according to today’s standards. However, the current pandemic has given these property managers to review their methods and become smarter and more tech-savvy than they used to be.
Thanks to this rise in standards, you can feel a new life being blown in the property management industry. Nowadays, dealing with the day to day operations is just a click away; everything is streamlined, and most of the transactions are done online. Gone are the days when you had to wait for weeks on end to get your rent.
3. Guest retention is the main priority!
One of the biggest features of having a dedicated property manager is that your manager will work round the clock to retain your client. This quality is more impressive in these circumstances when people are not going out or are hesitant to rent a property.
Their retention strategy could consist of several possibilities. For example, offering a discounted grocery delivery service during their stay or implementing a variety of social distancing amenities that promote social distancing.
The Future of Real Estate and Property Management
In hindsight, the pandemic has provided the real estate industry to look back and reevaluate and restructure the whole industry, just like an electrical shock is necessary for a dying patient to bring it back to life. Similarly, this jolt was necessary for the real estate industry to revamp the old decrepit system of the real estate industry.
This is a good time to change the policies and practices so that property managers can feel confident with the way they communicate with their tenants in the future. This might include technological innovations like two-way texting or some form of an online leasing and application form submission system.
Moreover, to change these business practices, franchisers should be looking to create solid and long-lasting partnerships with vendors as well. For instance, PMI is looking to partner up with vendors to create zero-security-deposit opportunities for tenants and loss-of-rent insurance for landlords, which would prove to be more valuable now than ever!
After this crisis is over, franchisers will be looking for a better support infrastructure, easy-to-follow workflow processes, and some sort of a virtual training program which are positioned for success. The future of real estate and property management might seem a bit murky sometimes, but regardless of what the future holds, franchisers must be ready to provide top-level franchisee support, whether it is through providing online showings, using renter communication tools, or offering adjustments on sanitation.
This is the best time for property managers to work in conjunction with franchisees and help them feel confident in how to communicate better with customers.
Residential Real Estate Market
The real estate demand has started crawling back up gradually all over the nation, and specialists are anticipating a "market delay" as the pandemic ebbs. The pre-COVID real estate economic situations are as yet present and will proceed after the emergency closes. This circumstance is certainly unique about the Great Recession when there was a wealth of supply.
As far as the fate of real estate after COVID-19, Property Management Inc. (PMI), and market measurements from the National Association of Residential Property Managers are demonstrating that the effect hasn't been as major true to form, particularly thinking about the jobless cases. About 10% of inhabitants have asked for a lease extension, and PMI predicts that number may leap to 15% in May and could stretch out into June. A landowner might have the option to work for a month or two without instalments, yet anymore and there will be an economic impact.
Commercial Real Estate
It is essential to show to the public that property directors and proprietors can get before the aftermath and proactively contact occupants to cooperate during this emergency to make arrangements. By a similar token, battling blocks and concrete franchisees should contact landowners to examine potential systems for progress. Numerous business land proprietors might be deferring leases and instalments to get before lease delay demands. There is additionally a huge possibility that land costs will drop and more business spaces will open up. For approaching franchisees or developing franchisers, at this moment could be an incredible chance to haggle with desperate proprietors.