Even if the property management industry has undergone certain changes due to the pandemic, investing in residential real estate is still a lucrative option, and it’s likely to remain this way for the next few decades.
But for landlords and real estate investors, it has been a challenging year that made industry players realize that the future is digital- and not the other way round. So if you’re planning to stay in business and keep expanding your rental portfolio, updating your business processes and utilizing new tech tools is an inevitable step.
For you to get a clearer understanding of what the property management industry will look like in the post-pandemic world, let’s go through some major changes the rental property business has recently undergone and try to predict what impact they will have on the industry overall:
Sooner or later, it had to happen. But no one realized how quickly digitization would become a necessity, not just another option. Over the past year, landlords and property managers had to move their business online and start adjusting to the new digital reality.
Traditional in-person showings were no longer an option for a great number of people across the country. They are either banned or allowed only if maximum precautions are taken. That caused landlords to explore alternatives to traditional showings. Luckily, video chat apps and other digital tools allow you to easily record a video and upload it on YouTube, for example, to make it available for your prospects or conduct a live video tour via free online platforms like Zoom, Google Hangouts, or FaceTime.
You can get more information and tips on how to conduct a virtual showing during lockdown here.
Prediction: Virtual rental showings will completely replace traditional ways of presenting vacant units to prospective renters.
Despite the effectiveness of face-to-face interactions, online communication is now a safer way to keep in touch with renters and team members. Because there are tons of messenger tools out there, you can select the most convenient and time-saving options for both parties.
The main advantage of digital communication is that you can keep track of conversations and document everything in case you need to review or double-check any details.
Prediction: It’s no surprise that more and more people are looking for the tools that will make their life easier. And online communication services are an easy way to do that. Nevertheless, in-person networking still matters and is likely to become even more valuable in the long-term.
It looks like landlords have realized that it’s much more convenient to manage properties (and income) with the help of online rental tools that keep track of property-related finances and can handle accounting.
While offline methods of collecting rent can be somewhat dangerous due to the pandemic, digital payments are a much safer and faster way to accept rent from tenants regardless of their location. Typical online rental collection platforms also deal with fees for applications and maintenance management.
Prediction: From that perspective, digitization of finances (both personal and business) is another post-pandemic transformation in the property management industry that will stick around.
What are your predictions in regards to property management business in the post-pandemic world?