PRACTICAL TIPS FOR PROPERTY MANAGERS DURING A PANDEMIC
The coronavirus pandemic left many industries on their feet – the real estate industry, included. The forced stoppage in all the normal and social things we used to do produced a domino effect. Uncertainty and anxiety make you wish that someone could list some tips for property managers.
Property Managers Connect Clients and Tenants
As property managers, the core of our work is to be naturally social. In fact, we act as the bridge that connects our clients and their tenants. To do so, we need to understand our client’s goals and the tenants’ needs.
Client goals are usually financial in nature. However, to reach such goals, they must be able to provide attractive living conditions to the tenants. Property managers’ expertise allows them to maximize the value of property location in identifying competitive rental prices.
Tenants, on the other hand, need a place for a rental price fit for their budgets and lifestyles. Property managers make sure that tenants can use the property safely and satisfactorily. Regular maintenance of the property ensures this and preserves the value of the property.
These contradicting goals and needs are tough to reconcile. Now add a health crisis, and the formula gets even more complicated.
We manage property but, really, we manage for people. Making sure that both parties are satisfied is what we do and what we do best.
Property Management amidst the Pandemic
Our job as property managers doesn’t stop despite this health crisis. Tenants will still need maintenance, all the more, at a time where cleaning and disinfection is a must. Clients would want to keep their income stream stable while employment is uncertain, and health is at risk.
Below are practical tips for property managers during a pandemic:
1. Clean and disinfect.
This is the most practical of all the tips for property managers. Best way to prevent catching and spreading coronavirus is to clean and disinfect the properties and your office. Protect your employees, clients, and tenants from sickness to continue your services without fear.
2. Work from home.
Split your workforce into physical and work-from-home setups. Administrative, marketing, and even accounting work can be done remotely. Florida governor already lifted restrictions, but you can choose to lessen the risk for everyone.
3. Communicate with clients and tenants
Good communication reassures all parties that measures are done to keep the property safe from the virus. More than setting, collecting, and accounting for rent, property managers should communicate vital and substantial information to all.
4. Consider changes in rent.
The pandemic affected the income streams of many. Your accounting team should analyze the feasibility of rent collection delays, rent reductions, or even rent-free periods. Besides extending aid to existing tenants, adjusted rental fees can attract potential tenants despite their low incomes. Of course, a good property manager should consult and communicate this move with the client.
5. Adjust budgets.
The property management industry has been affected by this health crisis. The hit to the tenants’ income streams has affected ours as a result of the domino effect. One of the most practical tips for property managers during these trying times is to adjust budgets. Budgets need to be adjusted for cleaning and disinfection. Budgets should also be flexible enough in case of rental defaults, reductions, or collection delays.
6. Utilize online payment channels.
One of the crucial tips for property managers is to ensure that tenants can pay their rent – conveniently. At a time where even going outside can risk infection, conducting transactions online is your best choice. Paying rent at the safety of their homes encourages tenants to keep paying their rent.
7. Use property management software.
Encouraging the use of digital platforms for payment means you need to keep your records digitally, too. Here at MILA Realty, we use Buildium Property Management Software – advanced property management and accounting software. This comprehensive software is an online platform for collections, accounting, and maintenance scheduling. With employees working remotely, an online platform makes operations run smoothly and efficiently.
8. Don’t forget about marketing.
Pandemic or no pandemic, people and businesses alike, would still need a space of their own. With most of the work conducted online, property managers should also market through social media. Reach more potential tenants with little to no costs.
9. Create virtual tours.
Online content is necessary for online marketing. For example, you can create vlogs out of virtual tours or colorful infographics for your new safety protocols. Keep your marketing strategies innovative as these times demand creativity from property managers.
Here’s a bonus: Stay connected!
A new normal may have taken over, but our work as property managers continues. Stay connected with your team, even if some are working remotely. Stay connected with your clients’ financial goals, even if there’s a downturn. Stay connected with your tenants’ needs, even if it means more work for you.
Our team at MILA Realty will help you through this pandemic. Are you a real estate investor wanting to protect your income stream? Or are you looking for a new apartment to call ‘your home?’ Contact us at 1-407-569-8899 today!