The pandemic has made an impact on different businesses, including property management. As the world has adjusted to the so-called “new normal,” home and land property managers and owners look into the newest trends. Before the pandemic, the real estate industry has embraced short-term rentals. However, the health crisis has forced property managers to change their approaches to doing business.
What is in store for property management post-pandemic? And what is the impact of these changes, and the likely result? Here are options property managers can look into after COVID-19.
Staycations will be part of the new normal.
Anyone who has gone through 2020 would want a holiday now. People have been locked down in their homes, with work and school done in a limited space. Most planned holidays in 2020 were postponed or canceled. Although many territories have opened their doors to travelers, the threat of the virus is still apparent.
The desire for people to have a vacation will heighten as the pandemic stretches. After spending months (or a year) in isolation, a little holiday would be welcome. With this, vacation rentals will see growth after the pandemic is declared over.
A time off from the four walls of one’s home, even if it means renting a fancy room, can be considered a vacation. More people will opt to take staycations than go on long flights abroad. Staycations are holidays done in nearby hotels or properties. As travel restrictions are still present, short-term rental platforms will be popular.
Contactless services will be a consideration.
A factor of the spread of COVID-19 is touch. As the virus can thrive on high-touch surfaces, people are cautious about touching anything they are unfamiliar with. Because of this, a good consideration would be to make contactless transactions.
Having a business in the 21st century means having to deal with many technologies. Inquiries, maintenance requests, and data recording can all be done with any handheld gadgets. Booking and payment can be made through online platforms that do not require face-to-face interactions. Entry areas can be touchless, too, with automated censors that can help minimize contact.
Safety and security should be heightened.
An area for consideration would be the safety of the staff and the customer. Frequent disinfection is a must, especially when there are overlapping bookings. Moreover, the pandemic has stressed the need for fresh air flow indoors.
Property managers can prioritize purchasing thermal scanners and automatic sanitizer dispensers for the safety of guests. UV disinfectants should also be provided, especially for short-term tenants. Concierge services should also be contactless but readily available.
Customer engagement should be established.
Property managers who handle communities can spark customer engagement even when social distancing. There is a need for people to feel connected with others, especially as most have been in isolation for a long time. Property managers can schedule online meetups, helping drives, and other events to encourage residents to support community efforts.
Maintenance operations should be limited yet effective.
A challenge of property management during the pandemic would be to provide asset management and maintenance services. In the past, maintenance staff members can perform repairs anytime, without considering social distancing. In most buildings, maintenance staffs are on a rotational work schedule, meaning they cannot crowd or perform work simultaneously to prevent unnecessary contact.
Indeed, essential repairs cannot be delayed. Yet, there are non-essential tasks that need attention, too. A good practice would be to address non-essential queries and requests through a digital property management platform effectively. Residents can send in their requests and can also choose the priority of their repair requests. This will help keep both residents and employees safe.
Repeat guesting will be a priority.
Stabilizing your properties’ occupancy and maintaining your revenue could be a challenge, especially at this time. Just like other businesses, property managers should focus on maintaining great relationships with their former guests.
When guests have a great experience with your business, they are most likely to repeat their stay. As the public’s options are quite limited, they will go back to service providers that they have had great experiences with in the past. Ensuring great customer service is an important step for guest retention.
Property managers can give discounts to repeat customers or additional services for free. Introducing amenities that encourage social distancing can also retain customers. Be creative and accommodating to your guests and listen to their feedback.
While the COVID-19 pandemic is still here, it is best for property managers to remain optimistic and proactive in running the business. With a reality to work with, property managers can make necessary adjustments to entertain or accommodate customers. While these changes can take time to be mastered, they will reap greater benefits in the future.
