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The Pandemic Changed Property Management Forever (What You Need to Know)

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We know, we know. We’re sorry to bring it up. The pandemic has been a life-altering event for much of the world, and we’re finally starting to return to a sense of normalcy. But while the worst of it is in the past, we need to acknowledge the effects it’s had on the real estate industry, and how property management as we once knew it has changed. The bright side is that many of these changes are key to progress, so by adapting your management to cater to these new times, your multifamily property will get the push it needs into the future. Here are the top ways the pandemic has changed property management forever. 

A New Focus on Safety

A significant detail that the pandemic brought to focus across industries is safety preparedness. It was clear immediately that many businesses were simply not prepared with the proper protocols and procedures for such a major public safety concern. This time has had businesses seriously examine their current emergency preparedness plans and reevaluate outdated safety protocols. In property management, the safety of residents encompasses everything from health and wellness to natural disasters and building safety. Our industry is (thankfully) coming out of this time with a new focus on safety, and being prepared for whatever may strike. Discover our top tips on emergency preparedness at your rental properties in our recent blog post.

Changing Lifestyles

Lifestyle changes as a result of the pandemic boil down to one main point critical to property management: people are spending more time at home. According to a recent study done by Ladders, by the end of 2022, 25% of all professional jobs will be operating remotely–a huge leap from pre-pandemic numbers. So what does this mean for property managers? This largely affects your resident experience goals as well as how you navigate amenity management. Adapting your amenities to cater to this rise in work-from-home residents will be crucial to retaining and attracting renters whose lifestyles require co-working spaces. Further, pandemic policies such as capacity limits have changed the way amenity management is handled. Instead of pre-pandemic free-for-all usage, many properties are sticking with a reservation-based model to make the usage of amenities more enjoyable. Additionally, with contactless services here to stay, from laundry to grocery delivery, it’s also important to make sure your guest access systems can keep up.

Community Connection

After months of staying inside, social distancing, and capacity limitations, people are craving connection to their communities like never before–both virtually and in real life. Multifamily properties have a unique opportunity to engage residents in a community setting. Whether it’s amping up the events and classes hosted at your property or providing residents a forum to connect online, it’s important to provide a sense of community to your residents to cater to this newfound desire to connect.   

Embracing Technology

Technology is the new norm in the real estate industry, and the quarantines of the pandemic cemented this fact. Contactless interactions were crucial to getting us through the health emergency, but many of these tech solutions are here to stay. From automatic payments to digital leasing and mobile communications, it’s obvious these systems offer a new convenience and efficiency that were long overdue. All-in-one property management software is the next evolution in the industry, and to compete with other rental properties, you’ll want to get on board. And the best way to cater to both changing lifestyles and a desire for connection? Investing in software that makes these new habits seamless. From amenity reservation systems to guest key access to event management, PropTech gives property managers the tools they’ll need to stay up-to-date with these changing times.

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