Nobody anticipated the tremendous impact the pandemic had on the rental industry, not only when the outbreak began, but even after the vaccines are available. If you find yourself grappling to satisfy each of your landlords and tenants, rest assured that you’re not alone. Property managers all over the world are still striving for a sense of stability in an ever-fluctuating social and economic landscape.
Amidst all this chaos and hardships came the rise and fall of trends in real estate and property management, in particular. What’s holding you back may be practices that have outlived their purpose, and a certain resistance to new methods that work better in the new normal. Letting go of tested-and-proven methods is not always easy, but if it’s only jeopardizing your performance, then it’s time to shed that old skin and make way for a new one, starting with these four tips:
Owners started paying more attention to their properties in the wake of the pandemic. Suddenly, they wanted to be informed about every little thing, especially when lockdowns are enforced and new regulations are enacted. As a property manager, it was left up to you to cater to each of their needs and give them sufficient and reliable information as the pandemic progressed. This will likely be the case from now on since the pandemic still has no end in sight. It’s for this reason that you’ll want to come up with a good communication strategy with owners.
A streamlined process will reduce your workload and make every update more orderly. Perhaps it’s best to schedule updates per month using a customized template. Identify which information is most crucial to them, and address these on a regular basis. Recommend using only one or two means of communication, and follow a system that works for you. You’ll be surprised at how much this can simplify your job.
Educate and Assist Tenants
Tenants have more questions now than ever before. This is true from the initial inquiry to move in. It’s not only about the basic information every tenant needs, but also the changing national and local regulations that impact their tenancy. If they’re moving into a real estate property, they’ll need guidance on how Melbourne’s status and local government can impact their tenancy.
There’s also the financial side to educating and assisting your tenants during the pandemic. While you may have performed related tasks before, now’s a good time to focus on improving the way you help them find relevant financial programs and renter’s assistance options. Maybe you can provide them with information packets as soon as they move in, or prepare ones for those that you know are financially struggling due to job loss or lack of business opportunities. The better equipped you are to educate and assist your tenants, the easier it will be to manage conflicts and show empathy in this trying time.
Property managers need to be tech-savvy in the coronavirus era. There are simply too many risks that come with in-person transactions, and as a manager, it’s your job to initiate changes that uphold the safety of both owners and tenants. This makes it crucial for you to find the technology that can make your regular transactions contactless, fast, and secure.
Digitizing applies not only to payments, but also to document sharing, communicating, and record processing. You may invest in a tenant portal specifically designed for your property, or you may try out property management software solutions that cater to your needs.
Focus on Social Media Marketing
It’s at the peak of the pandemic that millennials are moving on to become homeowners and Gen Z’ers are debuting in the rental industry. This transition might not mean anything until you realize how this could influence the efficiency of your current marketing strategies.
Since Gen Z was born in the digital age, expect that they rely more heavily on social media for their needs compared to millennials. You’ll find that it’s necessary to invest more in social media marketing than in any other efforts you may have in place. Making this transition now should result in more traffic to your website and therefore more inquiries. More inquiries mean more opportunities to onboard tenants, which results in happy owners and property managers.
You’ll face numerous challenges as a property manager, especially while the pandemic persists. The good news is that you can significantly improve the way you handle these challenges when you adopt these four practices.