The Coronavirus pandemic has adversely affected various sectors of the economy in the united states, including real estate. Many property managers have created business continuity plans according to PwC. But, some of them might partially address challenges that the health crisis has caused.
The following are the five biggest obstacles that property management services are encountering now.
1. Enforcing Safety Measures at Property
Many property managers have reduced the number of residents who can enter their offices to one person at a time. Some of them are advising residents to communicate with them through email or phone calls. This helps in maintaining social distance in offices. But, some management services have stopped picking packages for residents. They are limiting casual interactions with delivery drivers and residents.
Some property management agencies have posted safety guidelines from the Centers for Disease Control and Prevention (CDC) on their websites to enlighten residents.
Also, they have provided hand sanitizers near entrances. It is important to develop a cleaning protocol for maintenance workers. They need to regularly clean elevation buttons, door handles, and windows.
2. A Decline in Rent Collection
Recent surveys state that rent collection in many states has dropped by more than 30 percent since March. Most residents prefer monthly payments as they are facing financial constraints. This has prompted property managers to agree with landlords and residents how the rent will be paid.
It is necessary to have close relationships with tenants to understand the challenges that they are facing and negotiate about service charges. We help create these close relationships to ensure our tenants are comfortable and happy.
3. Creating Safe Rent Payment Options
Some residents are concerned about paying rent in person. This has forced some property managers to accept rent by mail or online. But, residents should always review their lease agreements.
A lease agreement might state that you can pay rent by mail or in person. In such a scenario, it will be difficult for managers to compel tenants to make online rent payments. It is essential to use property management software that covers bank charges and has an online payment option.
Or, property managers can fix rent drop boxes outside their offices to avoid coming in close contact with tenants.
4. Hiring and Maintaining Staff
Every organization needs to have competent and trained staff to serve clients well. The real estate sector requires a wide array of skills including having smooth communication with tenants and workers. Some property management staff have contracted the Coronavirus and need adequate time to recover.
As it takes longer for property management firms to train recruits, some of them have been forced to assign more roles to their workers. This has increased pressure at the management offices.
5. Service Charge Changes
Property managers need to continue providing essential services as they ensure that landlords comply with lease and insurance obligations. Besides, they have to maintain healthy relationships with tenants and their employees. The managers need to hold open discussions with residents on annual service charge expenses. This will help tenants understand that landlords have made rational decisions throughout the year.
Property management isn’t a piece of cake, and our goals are to reduce headaches and runaround for our clients. There are many challenges that arise that we can resolve quickly with our experience and ability to multitask. Our goal is to reduce the headaches and runaround for property owners. Besides, each property needs managers who understand their peculiarities and occupants.
Call Local Dwelling at (214)522-9100 if you need a comprehensive property service plan. We provide a variety of property management services including accounting, rent collection, and screening tenants.