How the Covid-19 Pandemic Has Impacted Property Managers

Property Managers

The Covid-19 pandemic has substantially impacted the way many professionals work and the duties their jobs entail. While some of these changes are likely temporary, there’s reason to believe others may be more permanent.

For instance, the nature of many property managers’ day-to-day work has changed during the pandemic. Some in the industry expect these changes to have lasting effects.

Consider the following examples. Whether you’re currently a property manager or you aspire to be one, you should be aware that the Covid-19 pandemic has affected this line of work in these key ways:

Increased emphasis on coordination

Property managers often have to manage many employees and coordinate with everyone from potential tenants to property maintenance crews. This regularly involves meeting with various parties face-to-face, both in their offices and at their properties.

During the pandemic, meeting employees, tenants, and others in-person has become less common. Although limitations on the degree to which property managers can coordinate with others face-to-face will probably be lifted as more offices reopen, research from McKinsey and other organizations indicates that going forward, it will still be common for businesses to operate remotely and minimize face-to-face interaction whenever possible. This can reduce the odds of future viruses spreading as quickly as Covid-19 has.

Property managers may have to adjust accordingly. They must develop new skills to effectively communicate and coordinate with various parties without always having the option of meeting with them directly.

Emphasis on safety

The duties of a property manager can be wide-ranging. That said, showcasing properties to prospective tenants and planning general marketing campaigns have historically been among a property manager’s major responsibilities.

In the past, property managers have typically approached this side of their work by highlighting the amenities and community features that make a property appealing. This will certainly continue to be critical in the future.

However, many tenants now want to be certain the properties they rent boast designs, features, and amenities that serve to maximize tenant safety and minimize the spread of illness. For example, they want to rent properties where innovative technology is leveraged to keep the space sanitized, and basic upgrades (like key fobs instead of traditional keys) are made to limit how often they need to touch surfaces that may contain germs.

Property managers will also need to highlight these features. Instead of primarily explaining to new tenants why properties may be attractive or “fun,” they need to thoroughly describe why they’re safe.

Increased financial monitoring

It’s always been important for property managers to pay attention to the financial components of their businesses. Although they may delegate the detail-centric tasks associated with this responsibility to others, they should still have a general sense of how profitable their businesses are.

In the coming months and years, though, property managers will likely need to be more engaged with this component of their duties. Covid-19 has deprived many of work, resulting in more tenants paying rent late or failing to pay rent at all. This naturally impacts a property management company’s finances. Property managers will thus have to place a greater emphasis on identifying ways their businesses can reduce spending, limit maintenance costs, and tap into new profit sources. Again, the main point to remember is that these changes might not be temporary. It’s highly likely the nature of property management has, to a degree, permanently changed. Property managers who succeed in the future will be those willing to accept and adjust to such changes.