Like many other businesses, COVID-19 hit the property management business in several ways. Property management processes and policies have changed greatly. Now the time will prove how many of these changes will stay longer in post pandemic world.
Let’s have a comprehensive look at how the real estate industry has changed, whether it is benefited from pandemic or not, and what would be the future of property management business in the coming time:
Like many other businesses, property management business has shifted to virtual business. Person-person agreements and showings has transformed to on-line leases, and virtual tours.
Technological advancements like cloud-based technology made it possible and facilitate residents and property managers to do transactions. We have seen a rapid acceleration in the adoption of cloud-based technology that enables residents and property managers to carry out these processes without the need for face-to-face interactions.
This kind of shift in technology has accelerated the business to many folds. Various companies have seen the value of innovative leasing technology purchased by St Louis Property Management. Their leasing team has been able to carry out business as usual — and even facilitate growth — with the help of digital tools, like stlouispm.com.
In post pandemic world, majority of businesses went remote. Businesses manage their daily operations by staying at home and same is the case with property management business. Customer dealing, training of team members, daily working operations__all is being managed online. Working from home is a real challenge, and could not be possible without right technology.
Mobile technology has become a necessity for a real estate business. One could only be successful if it adapted according to the need of the time. To overcome the challenges posed by COVID-19, it is necessary to embrace this technology.
The benefit of this technology is it provides flexibility and work-life-balance for real estate businesses.
As a result, this trend will probably continue to some degree in the future. Based on a recent study conducted by JLL, 60.6% of workers plan to split their work time between the office and their homes going forward.
Digitalized Personal Interactions
Before COVID-19 pandemic, most of the interactions among property managers and their customers were done face to face on daily basis, but social distancing has entirely changed the scenario. Now customers are not required to come to office to sign any deed, to pay rent or to ask any questions. This situation has streamlined many processes and the system has become more efficient. For those who already had digital technology implemented, this transition has been remarkably smooth.
It has become difficult for property managers to keep residents connected and engaged. Messaging, emails have become an essential part of communication now. In a recent survey, property managers reported the value of “proactive, frequent, and quality communication” as one of the biggest lessons worth sharing with their peers. Going forward, residents will likely prefer to communicate digitally, rather than in-person when interacting with their property management company. With the help of mobile technology, like St Louis Property Manager, you can easily bulk text and email residents and share important documents individually or all at once.
Online Maintenance Operations
Maintenance has become one of the most problematic aspects of property management during pandemic. In the early stage of social distancing, the majority of property management businesses postponed non-essential repairs in order to keep their technicians and residents safe and limit in-person interactions. Now after implementing improved safety protocols, some property management companies developed some unique and creative ways for residents to complete non-emergency repairs themselves with step-by-step online tutorials, video calls, and doorstep supply drop-offs.
It will become more and more essential for property managers to have technology that enables them to communicate with their residents and vendors speedily and carefully. Eventually non-essential repairs will need to be addressed and digital property management software can help you resolve those issues more efficiently. Using St Louis Property Management, residents can submit maintenance requests from home and track the status, while you can email vendors or technicians at stlouispm.com. within a work order to quickly adjust activities.
In a very short time period, property management business has completely changed. Mobile technology has been adopted by property managers very quickly. In order to remain in the market and to do smooth working, property management businesses are moving towards these technologies. This has started a new beginning in the real estate business. By adopting cloud-based technology you can prepare your business for future.