Adapting to COVID-19
New property research points to how top property managers prioritize tenants while finding opportunities for growth.
Adaptability is at the heart of what it means to be a property manager—and this year, in the face of a pandemic and property market stagnation, we’re rapidly shifting gears to solve problems we have never faced before.
We have in some instances sacrificed profitability goal to make sure our renters’ and clients’ needs were met before our own. Other adaptations include introduction of piecemeal rental payments, implemented new safety protocols in our clients’ properties to adhere to Health Ministry guidelines, and started operating more of our business’ activities online such as online rental and lease application—all in response to conditions that changed overnight.
In this unexpected environment, we have become more visible and valuable than ever within the rental ecosystem. Our 2021 projection found out that it’s this adaptability that will form the foundation of our potential for expansion together with more improved renters’ management, whilst balancing property owners’ expectations. Some of the factors that are poised for success include:
- Demand for professional management
As running a rental property becomes more complex than ever, the value of property managers’ expertise in property operations, local market conditions, tenancy management by choice, and regulatory changes has increased exponentially. We are seeing a double-digit growth in the number of rental owners who want a property manager’s help with rent collection, maintenance, evictions, leasing, inspections, and other processes that have become more cumbersome during COVID-19—all of which must now be accomplished in a right manner.
- Shifting priorities
Prior to 2020 pandemic occurrence, property managers’ priorities were incredibly consistent: growth, efficiency both to renters and rental owners, and profitability. With pandemic hitting us and largely disrupting the way we do business, renters and property owners also accelerated the shift to accommodate the new dynamics.
What these dynamics reflect is shift in energy: We spent the year working closely with renters to modify lease/tenancy agreements and create payment plans as many were hardest hit by pandemic side effects. We hope that our hard work to keep renters in our rentals, and paying—as well as simultaneously working to protect our clients’ investments—will ultimately strengthen the trust and loyalty that customers feel toward us.
- Creative Growth Strategies
As rent growth has slowed and rent payments’ reliability has faltered during COVID-19, we have found new ways to sustain our clients’ revenue and achieve low turnover. For example:
- Instead of raising rents on the current properties, we have taken a more conservative approach of entering into mutual understanding according to one’s circumstances.
- Rather than charging additional fees, we are offering new services to residents based on convenience and value.
- We are seeking to cultivating for customized or specialized solutions to most vulnerable renters with other top property managers, with a view to engaging property owners on need to adapt for better growth.
By adapting their growth strategies to meet the moment, property managers are uncovering new opportunities amidst familiar challenges in 2020.
- Embracing Digital Services
Technology is often equated with increased efficiency—and while this is true, technology can also provide new revenue opportunity. Think: digital services.
We have established that at least 80% of both property owners and renters want digitally-based services, be it invoicing, notices etc. This illustrates an opportunity for us to meet demand and stand apart from the competition, particularly in a time where zero-touch interactions are a preference. By offering a digital based interaction lifecycle, as well as app or portal-based rent collections/submission, communications or repairs and maintenance requests we’re opening up new opportunities to offer and monetize more services.
COVID-19 has made us value relationships, professionalism, innovation and teamwork to holistically thrive in business than ever. The crisis management that has long been a primary aspect of property managers’ work has prepared us to adapt, shift, and innovate in the face of the novel challenges that have emerged in 2020; and that has made us feel confident in the future growth of our business.
Is your property investment achieving maximum returns and especially in the wake of new changes and adaptability as a result of COVID-19? Partner with us for a free evaluation.
