Property Management Amidst a Pandemic: Determining the Success of Management Teams in 2021 and Beyond

By: Elena Jimenez, Property Manager

Property managers have been on the front lines of many challenges the real estate market has faced. Their workload included managing the spread of COVID-19 within their properties while simultaneously trying to avert the damage that missed rent payments could have on the entire rental system. Many of the property management industry trends that have arisen this year directly reflect the uncertainty that the pandemic has caused.

Despite these difficulties, I, as a property manager, have never felt more valuable in the work that I do. I will elaborate on two industry trends that have emerged for me personally in 2020 and that I believe will determine the success of management teams in 2021 and beyond.

#1: Owners Want More Communication and lean on Property Managers for their Services & Knowledge

Property managers feel that their clients have viewed their services as more valuable during COVID-19. I believe this is the case for a few reasons. First, owners have a newfound appreciation for the expertise property managers have. Managers' abilities to work out payment plans with struggling renters and their knowledge on legal matters, including new local laws established regarding evictions and late fees, is more valuable than it has ever been. Additionally, owners need property managers' help in maintaining their properties’ profitability now more than ever. Property managers are relied on to enhance the property and heighten the property value, all while keeping the building safe, so tenants can continue to run through their day-to-day.

Our management team has communicated with owners more frequently about incoming rent payments, vacancies, and regulatory changes. A desire for this kind of communication is likely to continue indefinitely, especially with the fast-changing climate.

#2: Technology Will Remain Rooted in Property Managers' Businesses After COVID-19

When the pandemic first hit, property managers, like most other professions, had to scramble to bring all of their processes online. Finding ways to stay connected and get work done when meeting in person was suddenly not an option. As you can imagine, this has caused new property management industry technology trends to emerge almost overnight.

At first, this seemed like an existential threat to an industry that prioritizes in-person connection. Ultimately, property management companies have seen the benefits of doing business digitally.

Our team was fortunate to have a digital infrastructure system in place that has the capability to offer online payments, communications, maintenance requests, and lease signing. Therefore, bringing our team fully online was not a matter of building a whole new system, but more of connecting the dots to streamline the processes.

Another digital trend likely to advance with our industry is online 3D video property tours. Our marketing team worked with our brokerage teams to establish videos for our properties, allowing better access to those interested, while limiting the number of people entering a single property.

Closing: 2021 Property Management Industry Trends

The events of 2020 have reshaped property managers' business operations, communication patterns, and technology usage moving forward. Personally, this constant change is something I have always loved about my job. I can speak for all property managers when I say that management teams will continue to do everything they can to stay on track with the real estate industry's ever-changing demands and meet the needs of both their owners and tenants.