How COVID-19 Changed the Property Management Business

The COVID-19 pandemic has severely impacted nearly all businesses, including property management. For property managers, the coronavirus crisis brings unique challenges. Social distancing, shelter-at-home mandates, travel restrictions, rent collection, and property maintenance are just some of the challenges impacting landlords.

Landlords need to adapt quickly to the changes that COVID-19 has brought. Because many technological advances in the property management sector help streamline operations, many will change the industry forever. What must landlords do?

3 ways property management has changed due to the coronavirus pandemic. Many of these changes are new measures that landlords are taking to adapt their business strategies.

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. 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.

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.

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.

Due to COVID-19, the way property managers and landlords operate has changed forever.