How COVID-19 Has Changed The Property Management Industry
Covid0-19 has changed the world since word of the spreading virus started to reach the United States by February 2020 and by then it was already too late because Covid-19 was already in the United States and starting to spread.
The big question is how has Covid-19 changed the property management industry? In this article we will answer this question and provide you with insight how our industry has changed this year.
How Covid-19 Has Changed The Property Management Industry
1. Landlords are going virtual
Due to social distancing mandates, landlords are now conducting much of their business virtually. No longer do landlords meet new tenants at the property, show them around, and then sign a paper lease. Most work is now done online.
Cloud-based technology has made it possible to do most property management tasks remotely. Here are a few examples:
- Arrange for virtual walkthroughs to show prospective tenants rental properties.
- Use electronic signatures to sign leases.
- Accept online rental applications.
- Use property management apps to collect rent, accept maintenance requests, and communicate with tenants.
- Carry out virtual property inspections.
- Install lockboxes to allow tenants access to properties without landlords being physically present.
Many analysts say that digital technology will transform the way landlords operate even after the coronavirus has passed.
2. Landlords are communicating proactively with tenants
Apart from using digital tools for rent collection and lease signing, successful landlords see the need to communicate frequently with tenants. The majority of renters face financial uncertainty during the coronavirus. Landlords who are proactive in communication find that it’s easier to work out solutions to rent payment issues.
Many rental property owners who use property manager apps also find it easier to communicate with tenants. For example, it’s possible to send bulk text and email or share documents with all residents.
3. Rental property maintenance
The COVID-19 health crisis meant that landlords had to rethink how they carry out essential and non-essential property repairs. Laws mandating social distancing and concerns about the virus mean that tenants want to limit in-person interactions.
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