By now, you must be aware of the concepts of online rental applications, virtual apartment showings, and e-payments in place of rent checks. Similar to several industrial domains, the property management vertical has come up with a way to push forward and adapt at the time of the pandemic. It hasn’t been easy in any way.
The property managers and the renters feature on the front lines of a crisis. The safety and health problems are daily concerns. At the same time, the economic fallout has made it difficult to both collect and pay rent.
Everything makes it easy to look over some essential aspects. It includes the essential ways in which the crisis has speeded up the property management’s future and transformed the overall rental experience. And all this is a result of necessity. However, the impact will go on for years and several decades to come. To know more about it, you can check out Fresno property management.
It’s good to go digital
The online transformation of the property management domain took place before the sudden pandemic outbreak. Right at the start of 2020, about 80% of the property managers surveyed reported their dependence on online communication and electronic payments. However, the tools that streamline the communication and logistics and reduce pointless one-on-one interaction are required urgently.
Hence, it doesn’t surprise that as the world witnessed lockdown, there was a massive increase in the demand for “zero-touch” online services, such as online payments, virtual showings, and screenings, both from the owners the residents. And these tools aren’t just essential for social distancing, but they also enable the property managers to be effective when new challenges and accountabilities are developing.
The development keeps on happening
There has been a massive shift from accidental landlords to institutional investors. Also, last year, institutional investors had owned almost 55% of the entire multifamily rental market. Also, the pandemic outbreak played a catalyst and had maximized the interest in the overall rental development. Today, the well-capitalized investors are swooping at a time when the home sales have stayed brisk for buying and developing new rental stock.
The residents want a human touch
If you look around, we are residing in a time where the renters have the freedom to live and work almost anywhere. There is ample flexibility here as well, which will be in a post-pandemic time as well. Simultaneously, more residents are searching for rental units where transparency, communication, and trust get prioritized.
All of this will point toward enhancing the trend of property management. It will prioritize the association between the residents and the property managers. And at the core, it is all about harnessing the long-term associations with the residents, depending on mutual respect and trust.
At the time of this crisis, such associations have become more crucial than ever. Furthermore, the property managers work with the residents to develop flexible payment plans and facilitate lease renewals. They help the residents to connect with external resources. It might not have been the highest priority of the property managers before. However, the human touch seems to be indispensable in moving through a shifting rental landscape.