A New Age of Property Management
by Christopher Levarek
“ Strategy without process is little more than a wish list.”
- Robert Filek.
For many the new conditions of the market have meant limited physical interaction and dependence on digital or online resources to meet needs. These new changes represent an opportunity to find possible areas in property management that need to be altered or improved, especially with the use of technology.
As crews are unable to visit tenants or go inside units, it becomes key to rely on technology to replace some of those requirements. Imagine being able to know how many times tenants visited the laundry facility in a month thus determining if a cleaning is needed? Imagine knowing about a leak before it turns into a leak? What can a property manager do to cut costs or expenses to meet present market conditions while providing an excellent service to tenants?
Imagine being able to lease or screen a tenant without ever meeting them physically? Imagine having all rent collection, increases and maintenance issues coordinated automatically and online?
Today we will dive into some of these tools and tips that will help manage multifamily or commercial properties or improve tenant lifestyle during a time when interaction and physical on site staff have become limited.
Data is Key
For the property manager unable to frequent a property or perhaps send an on-site crew to limit exposure to a harmful pandemic, data becomes key. Knowing what is happening, how often and when is crucial to making important decisions or realizing cost-savings. There are number of companies now offering apps, devices and online portals with which to monitor properties and bring that data direct to the property manager.
Non-intrusive motion and even usage statistics delivered by appliances can determine which appliances need servicing and which rooms need cleaning. If 5 people visit the gym for the month due to health concerns, perhaps the cleaning crew is only needed part-time. Or if more tenants are utilizing amenities on-site due to less ability to go to restaurants, clubs, etc, perhaps it would be good to service such amenities more frequently.
Similarly, insights into commonly used shared spaces (laundry rooms, gyms) via smart, nonintrusive motion sensors or appliance usage data can help managers decide where cleaning crews should focus their attention. With more time at home, tenants are using the open amenities on-site, and as the entire community shifts to new habits, property owners must have data at their disposal.
Common sensor apps used for property management include wireless motion sensors, temperature/humidity sensors, electricity usage sensors, etc. See a common provider of these solutions, Monnit. All of which could offer “insight” into what areas need attention without needing a crew on-site.
Online Leasing/Tenant Portals
According to Forbes, “Looking for homes online has made up for a bulk of homebuying for years (58% of buyers across all age groups found their home on a mobile device as early as 2017). “ This has been a common theme for acquisitions but now we find many property managers are turning to leasing online. With restrictions to physical interactions presently, it becomes paramount to offer effective leasing programs or online touring of properties for prospective tenants.
Having a online portal with the ability to visually display the property, conduct tenant screening, lease signing and rental applications is becoming essential for the property manager. One such provider of such a solution is Appfolio offering a number of online portal services for the tenant and providing helpful systems to the property manager such as scheduling maintenance, collecting rents, etc.
It is becoming more and more essential that systems such as these are moved to an online experience especially as the customer or tenant shifts to more online solutions across the board. With remote work and online delivery systems becoming a normal way of life, a online leasing and rental payment system is needed. Additionally, with all the present limits to physical interactions due to Covid-19, property managers with such systems are able to continue leasing and collecting rents with little disruption.
For those still not on the online bandwagon, it is time to start organizing infrastructure and creating the budget to shift to online solutions to provide a competitive product in the market.
Monthly Property Review
For the property manager without the online solution or technology monitors, it is still possible to take proactive actions to improve the present situation. As tenants shift to remote online work and/or abide by state regulations to stay-at-home, a property manager can still gather feedback of current tenants.
Sending out surveys or questionnaires to determine what could make the property better will go a long way to finding out which areas need work. Perhaps even reviewing simple items such as the bandwidth on the wifi, or the wifi signals in areas such as the gym, laundry facility and pool areas will ensure the increased tenants on site throughout the day is not overloading the network.
Perhaps simply walking the property more frequently as the property manager will show telltale signs of areas needing attention. Certain areas will be more affected with an increase of tenants present. Cleaning and sanitization are important topics at present. Supplying tenants with sanitizer or disinfectant supplies in high passage or community areas will surely be appreciated and help ensure healthy tenants.
Now is a great time to be implementing strategies to enhance any features to improve tenant lifestyle at home, provide resources for cleanliness and even gift baskets to improve morale.
In Final
The 2020 year has brought great change but truly as the saying goes, “the only thing constant is change”. As a property manager, staying ahead of the game and providing quality housing will ensure return customers and a influx of new renters. We will continue to move into an environment of convenience and remote work throughout this year and into the future. What are you doing to meet existing or future demand? Invest Smart!