Over the past year or so, several businesses have had to close down or limit work operations due to the COVID-19 pandemic. Many industries and sectors were greatly affected, as no one was prepared for an event of that magnitude. However, despite the restrictions and limitations put in place, many businesses in various sectors adapted and found new and creative ways to stay afloat during the pandemic. One such area of business is property management, an industry that was heavily affected by the lockdowns and restrictions.
Considering how much of their work involves meeting with people, property managers had to adjust how they did business and ensure that they were staying safe and that their clients, employees, and stakeholders were living in accordance with health protocols. These new practices allowed them to continue running their businesses without compromising their health and safety.
If you’re a property manager looking for ways to work effectively despite setbacks caused by the pandemic, perhaps you should follow suit and make changes in your business as well. Here’s a rundown of property management practices that have gained traction during the pandemic.
- Use Of Management Software
Customer relationship management (CRM) software has been one of the most significant products in property management. There are several CRM software providers, such as Foliolens, for instance, that allow landlords and other property managers to oversee their properties from any location simply by using their phones or computers.
With CRM software, landlords can collect rent payments online, create a personalized tenant portal, and get tax services. They can also manage all their tenants and finances, and easily track property listings, lead generation, and prospects engagement—all through their phone.
This software also helps with marketing, as it fosters client-agent relationships. It allows property managers to communicate effectively with tenants and landlords, and to update them on developments immediately. With all these benefits easily accessible through a phone or computer, it enables operations to proceed smoothly amid the pandemic, without requiring landlords and managers to meet with their tenants in person.
- Increased Digital Marketing
Even before the pandemic, many businesses have been tapping into digital marketing, such as on social media. It’s a helpful tool for increasing business reach and engaging clients, and many businesses with good strategies in this area have benefitted from the move. The pandemic saw digital marketing skyrocket as businesses targeted people who were stuck at home and spending more time on social media platforms. The practice also became quite popular in real estate.
Property managers took advantage of digital media channels to market their properties. Through social media, they could communicate with tenants or reach new prospects easily without in-person marketing. Combined with virtual home tours (which will be discussed later), digital marketing proved to be an effective tool for property managers and landlords.
- Focus On Tenants
While the focus of property management is often on the business aspect, the pandemic changed the priority of most landlords and property managers. Now the focus seems to be on taking care of clients and tenants. Since there was a low demand for properties due to the struggling economy, it was crucial for property managers to retain their clients.
To do this, they provided sanitation points on their properties to ensure their tenants’ safety. They also listened to their tenants more through different platforms, such as social media and CRM software, and ensured that they corrected any complaints raised. Property managers also made it a priority to identify and attend to emergency issues on the property promptly, to prevent tenants from leaving and seeking other properties.
- Virtual Home Tours
Before clients rent or buy a property, they usually prefer to go on home tours to assess if the house is worth its price. However, with the COVID-19 pandemic, this is no longer possible. With numerous restrictions and concerns for their own safety, people no longer attend home tours as they did before. Still, property managers and real estate agents need to show their properties to prospective clients, and even in a struggling economy, they manage to find ways to market their property.
Enter the use of virtual home tours. Through video recordings and live video sessions set up by the property managers, clients are able to view houses and apartments without actually visiting the property. Not only does it help prospective clients ensure that everything is up to their standard, but it also complies with social distancing protocols and keeps everyone safe.
- Knowledge of Communication Trends
Another helpful practice adopted by property managers over the past year is the ability to keep up with communication trends. Before the pandemic, clients and property managers could meet to discuss the property without fear of contracting a virus. Now, with strict social distancing protocols in place, that’s no longer possible.
This called for property managers to adapt to various other methods of communication, such as phone calls, emails, virtual conferences, video calls, and text messaging, to avoid meeting with their clients in person. Since there are so many different ways they can be reached, this allows the property manager to reach their clients more effectively and more promptly. It also ensures that everyone involved remains safe, without hindering the manager’s abilities to oversee their properties.
Conclusion
The COVID-19 pandemic has changed a lot of things for most industries. Due to limited capacities and strict safety restrictions, businesses had to adapt to survive, and the property management industry was clearly no exception to that. Landlords and property managers had to adapt to and develop new ways of conducting business. Fortunately, most of the practices and tips listed above have proved to be effective, and people in the property management industry may continue to succeed in spite of the pandemic.
