Will Covid-19 Change Property Management Forever?
The pandemic poses challenges for multifamily operators. Industry leaders have been breaking down the short-term challenges and the lasting impacts.
For multifamily operators and managers, the last six months have tested even the hardiest, longtime veterans.
Industry forecasts looked rosy in January, had to be completely changed,
by the end of March. Since then, the COVID-19 pandemic has forced property managers to go virtual, think outside the box, and learn how to connect and create a sense of community without face-to-face interactions.
The biggest ways things have changed and what the industry can expect to take with them in the future are still being defined, as companies adapt and try to prepare for the not-so-distant future.
The manager’s role, in essence, hasn’t changed because they are still responsible for the health and welfare of their team and residents.
But how we’re doing it and the processes we’re using to execute it—that is different.
For on-site management teams, one of the biggest changes has been the shift from in-person to virtual. Working from home became a norm and a new challenge for an industry not used to running things remotely. Historically, interacting with residents and prospective tenants on a day-to-day basis was a key responsibility. That is what made the shift so hard.
The change of going from face-to-face and shaking hands to going virtual and no human interactions.
For many firms, the switch to virtual has proven successful.
Firms have always been high-touch, and did everything in person in the past. When the pandemic hit, firms had to adapt quickly.
The Pandemic forced us to make better use of technology and it’s created a connected community.
FaceTime, Zoom, and Google Duo has done that.
Turning in-person community activities into virtual get-togethers or socially distanced entertainment has been a go-to for many property managers. Some communities brought live music to residents by way of a guitar player with an amp in the courtyard. Others have found the most popular virtual activity to be weekly yoga classes.
I think now more than ever, we’re going to really have to be on our game in creating rapport in relationships online.
TECHNOLOGY IS KING
The pandemic’s biggest impact on operations has been the surging need for technology. Virtual tours have become a necessity for leasing across the country, as Americans continue to socially distance and take precautions. At many communities, rent payments, maintenance requests and general communication between staff and residents have all gone virtual.
The pandemic’s biggest impact on operations has been the surging need for technology. Virtual tours have become a necessity for leasing across the country, as Americans continue to socially distance and take precautions. At many communities, rent payments, maintenance requests and general communication between staff and residents have all gone virtual.
Some companies are using apps to help residents make minor repairs. YouTube has become a popular way for staff to post step-by-step videos for routine fixes such as changing a filter or replacing a stove light. One company even made a TikTok video on fixing a leaky faucet.
If there’s been a silver lining with COVID-19, it has really been the accelerated adoption of technology, especially around automation.
Self-guided tours, smart locks and controlled access to amenity spaces have been particularly handy during the pandemic.
We think that multifamily was positioned for something like this just by way of fact that our industry has been evolving over the last few years with online leasing, virtual tours and smart-home tech.
Property managers must now comply with new local, state and federal guidelines surrounding sanitization and cleaning. That is having a big impact on how companies turn over a unit from one resident to the next—one of the most routine processes you can find at a property.
For example using portable foggers to thoroughly clean and sanitize units.
Which will also come in handy in the future, during flu season or in the event of another pandemic.
Ventilation systems inside buildings and spaces will also be important.
While the timeline of the pandemic remains uncertain, we believe some changes will stick around for longer.
The advent of virtual tours tops the list. While many firms expect that people will eventually want to physically visit apartments once it is safe to do so, virtual tours will remain a popular option, especially with younger generations.
Online payments, already popular with certain demographics, could become even more common if more properties offer the option.
NMHC’s quarterly renter preference report has consistently shown that residents prefer to pay digitally.
One aspect that has always rung true, and will continue to, is the notion of customer experience.
You can build the same property 10 times in a row, the difference is the people and the service.
Beyond new cleaning protocols or increased use of technology and apps, the experience of the pandemic could change property managers on a deeper level. Those in the field have had to think creatively, solve problems on the go, learn to lead a team virtually and generally go above and beyond in keeping their staff and residents safe.
We think it will actually make us better operators.
COPY AND PASTE OR CLICK THIS LINK TO SEE OUR BROCHURE:
file:///C:/Users/User/Dropbox/
“Here at Income Property Solution we buy commercial real estate in Emerging Markets. They produce
good cash flows with a strong back-end. We’re always looking for investor
partners, and we’re willing to give you an equity position.
If you would like more details, We would be happy to talk with you. “
Have a great day!
Demetrius L. Brown, & Team
IncomePropertySolution.com
Our WHY is to give back, add value to society and enrich lives around the world by providing QUALITY Housing