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What Impact Has COVID-19 Had On The Property Management Industry?

What Impact Has COVID-19 Had On The Property Management Industry?

When word began to spread of Covid-19 in early February, there was speculation in the United States that the virus wouldn’t reach this country.

Sadly, by March, Covid-19 was already here and the world would never be the same.

The big question is how has Covid-19 affected the property management industry? In this article we will answer this question and provide you with information about how most property managers have been doing business in a Covid-19 world.

How Covid-19 Has Changed Property Management

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 walk through's 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 lock boxes 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.

Of course, there’s no question that it’s crucial to carry out emergency repairs quickly. But landlords are coming up with intuitive ways to care for non-essential maintenance and repairs. For example, landlords send step-by-step tutorial videos on how to do certain repairs. Or they do doorstep drop-offs with the equipment and necessary replacement parts.

Many landlords realize that video calling has the potential to address issues with non-essential repairs in the future.

Changes in Property Management Due to Coronavirus

Beginning in March, landlords had to quickly and utterly rethink the way they operate. But thankfully, digital technology provides property managers new and exciting opportunities to transform their business.

While some tenants will want to visit apartments after the pandemic is over, virtual tours will still be an option for many. Other technologies such as online rent collection, e-signing documents, and property management apps look set to stay.

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Contact Blackbird Realty

For more information about Covid-19 and it’s affect on property management, or to speak with us about our property management services, contact us today by calling (702) 903-3556 or click here to connect with us online.