The coronavirus pandemic has reshaped the way significant industries operate, and property managers have had to adjust accordingly as well. Almost 90% of property managers have made changes to response policies, drafted emergency protocols, and adopted a socially distant management structure. Here are a few post-pandemic property management trends to be prepared for.
The Scope for Multifamily Housing
Post-pandemic, the demand for multifamily housing is expected to rise. As the offices shut down and struggle to operate virtually, a lot of employees are at risk of losing their jobs. The predicted rise in unemployment levels globally, and the prevailing insecurity about the economic conditions all point towards a rise in the demand for multifamily housing as disposable income lowers.
Virtual tours gained popularity during the pandemic, and this trend is likely to stay in the post-pandemic property management market. They are an ideal way to shortlist properties as they give a better idea of all that the estate has to offer without visiting it.
Even once the coronavirus outbreak is under control, people are likely to take caution and avoid visiting places unnecessarily. Incorporating virtual tours as well as sanitization regimes in property listings is definitely going to be one of the prevalent post-pandemic property management trends.
Property Management Softwares
Where property managers were once hesitant to shift to the virtual space for essential communication, many are now active proponents.
The scope for management software in the post-pandemic rental market is great, indeed. Not only does it optimize tenant communication, but it also makes it easier to manage daily tasks more efficiently. It can send out timed messaged to tenants and saves the manager a lot of hassle and effort.
With efficient property management software, you can also list down emergency protocols and other notices for all tenants to see. Tasks like lease renewals and rent collection can also be made easier with the use of management software.
The Rise in Demand for Short Term Rental Industry
As unemployment rises and saving run out, not a lot of people will be searching for homes. Instead, the demand for rental properties is all set to grow, which means more work for property managers. In particular, vacations and second-home markets are likely to take a massive hit as people struggle to hold on to jobs and keep their finances in check.
It is highly likely that market prices are set to decrease, yet the demand for property purchase is expected to remain low, which indirectly means a rise in demand for rentals. Property managers will have to draft stricter screening procedures to ensure they attract quality tenants. They will also have to pay extra attention to maintenance to ensure the property retains its value longer as tenants come and go.
There is no way to know how the property management industry will evolve once the crisis ends. However, as per those operating the field, the post-pandemic property management trends mentioned above are most likely to appear or stick around.