Property managers' work became very appreciated when the world started to suffer a pandemic. Property managers were underrated until their services were imperative to keep rental properties above water.
The twenty-twenties have assured a new era of property management, and here's what we see now and predict more of in the future of property management.
The pandemic brought on many challenges for not only property managers but their residents as well. Property managers quickly shifted their attention to assist residents in creating payment plans and even helping people file for financial aid.
Taking care of their resident's needs and keeping them safe became imperative when the pandemic was at its peak. This need created a new trend of more empathetic and flexible property managers. This newfound attitude did not harm the profits but helped keep properties occupied and owners happy.
Property managers are communicating more proactively with clients than ever before. Clients want prompt communication, and property managers are using new creative ways and software to streamline it. When there is better communication between managers and clients, it opens up a whole world of opportunities for new services and benefits.
Instant messaging has taken over, leaving emails only for the most formal communications. Clients are contacted for quick decisions expediting matters. The need for better communication was long overdue, and the COVID pandemic pushed it into high gear. Property managers have contacted clients about rent, payment plans, concessions, regulations, maintenance emergencies, and more. Clients have expressed their desire to continue this channel of instant communication indefinitely.
Seeing how valuable property management is has made clients seek additional services from their property managers. Owners realized how tough collecting rent and leasing rental properties became during the pandemic, not to mention the ongoing changes to tenant-landlord legislation at a state and local level to remain in compliance with for their occupied properties.
Now they want to take advantage of these services and more. This situation has opened up a chance for property managers to expand their services. Some are already taking advantage of that by adding new services to their roster. They have specialized in evictions, cleaning, outdoor management, and more than your average rent collection and leasing units.
The growth in services means we might see more specialized property management firms. Firms specifically for single-family residential units or commercial multi-family units will become commonplace. That means owners will experience a more catered experience and more attention to their needs.
The Importance of Technology
With the pandemic making life as we know it completely different, we had to find new ways to adapt to social distancing. The property management firms ahead of the curve regarding technology had the advantage.
Do you want to see the unit? Here is a virtual tour. The security guard isn't able to come in today? Don't worry since we have smart locks. So what if we have a hundred new clients to communicate with? Piece of cake with our CRM.
The trend of using software is projected to grow at an unprecedented rate in the future of property management. The growth is expected since the pandemic has catalyzed tech startups that specialize in property management solutions.
Property management firms have no choice but to grow and advance their use of technology to fulfill clients' demands and follow local regulations. Owners wish to see financial data on demand without going through the property manager all the time. They can do that with an owner portal.
Technology became essential when property management team members were suddenly forced to work from home. The integration of technology into the day-to-day operations allowed property managers to operate their business throughout the pandemic. It also allows for the flexibility for remote working even after the pandemic dies down. This step is made possible with technological features like online payments, online property listings, electronic rent applications, online tenant interviews, resident portals, online leasing, and virtual property tours.
Not only are these advances making the job easier for property managers, but prospective and current tenants also enjoying the benefits of the technology. Everything from virtual tours to submitting a rental application and paying rent can now be done with the click of a button. New tenants love the option of virtual tours and leasing.
Creative Ways to Earn More
Property managers are looking at more creative ways to increase their incomes. Some property managers are hesitant to become responsible for more properties under the current economic circumstances. At the same time, owners are reluctant to buy more properties.
With this sort of standstill, property managers have opted to figure out more ways to make money creatively such as acquiring portfolios from retiring managers.
Property management has long been overlooked in the real estate industry, but the future of property management is brighter than ever.