Property Management in the Post-Pandemic World

Written by Olya Doronyuk

October 12, 2020

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: 

Virtual tours

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. 

Online communication

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. 

Digital payments

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. 

Along with that, when using online payments, you can keep track of the transactions, check the details anytime you want, get better tenant visibility, and protect yourself from any hidden fees. 

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? 


Submit a Comment

Your email address will not be published. Required fields are marked *

Related Articles

Would Renters Tell Their Landlord if They Had COVID-19?

Would Renters Tell Their Landlord if They Had COVID-19?

As the world continues to fight the pandemic through another potential winter lockdown, there are concerns among landlords about how to deal with tenants who have contracted the virus- Is it necessary to inform all the residents of a building or keep it quiet to...

read more
Rebuild Costs: What Landlords Need To Know

Rebuild Costs: What Landlords Need To Know

It’s been a difficult time for landlords. The uncertainty of the pandemic has created unique challenges, and, although the situation is improving, the future is still uncertain. With so many things to consider, rebuild costs are probably not at the top of landlords’...

read more
How to Save Time and Money when Managing Rental Properties

How to Save Time and Money when Managing Rental Properties

Being an effective landlord or property investor involves mastering some basic techniques and establishing an entrepreneurial mindset with regard to managing rental properties. To maximize profit on your investment properties, you should too know about different time...

read more