Property Management Trends to look out for in 2021

The COVID-19 pandemic had severe effects on the real estate market. It brought grave uncertainty to the market regarding missed rent payments. In this article, we’ll be showing you some trends affecting property management, property owners, and renters in 2021.

Tech in Estate Management Will Increase

This was one of the major effects the pandemic has on the environment. It may not be easy for non-tech savvy estate managers to bypass this because of the regulations on rental increase. Homeowners can gain market shares as long as they leverage on it the soonest.

According to studies, more than three-quarters of estate managers anticipate revenue and portfolio growth for their business in the next two years.

Doing business digitally has shown to have more benefits for property managers. They largely agree that their teams are functioning just as well from home as they did in the office. Plus, working remotely, according to some surveys, has increased team morale, and efficiency.

Owners Want More Communication From Estate Managers

Because of how the pandemic, property managers reported that the homeowners had demanded more information from them. And this has brought an amenable appreciation for their work. Research shows that this could amount to 3 things:

1. The expertise estate managers have in legal matters. Regulations in the real estate landscape have gotten seriously complicated, which has contributed to making their job more valuable.
2. Estate managers need more help maintaining the profitability of their businesses. Why? The cost of maintaining a rental property has continued to go up, and the recession has made the value of rents go down.  So, this has made homeowners and property managers work closely together to ensure this goes on smoothly.
3. Willingness to formulate payment plans. With the pandemic, many homeowners have seen that many of their tenants struggle to pay rent. So, there’s a willingness to organize payment plans which will help those struggling.

Property Managers Are Working Twice as Hard on Resident-Related Concerns

2020 has been a critical time for property managers and renters alike. There’s the need to keep the units full for the property managers, rents paid, and units safe. And for the renters, it’s to have enough money to pay and not miss payments.

Estate managers have been frequently communicating with renters. Trying to do all they can to minimize the strain on unemployed residents. Particularly, they have been working tirelessly to adjust payment plans between renters and owners. According to a survey, 60% of the estate managers have done this.

Many other estate managers even took things to the next level, helping unemployed residents fill out financial aid forms, and sending them information on local aid resources.

Renters appreciated property managers’ responsiveness during the crisis. Particularly those that displayed great empathy and flexibility when renters came to them for help.

The pandemic has given the real estate market a new look. It has changed the renter-client relationship for a year that was extremely challenging for everyone. These changes won’t end here because estate managers have to continue to do everything they can to stay up to date.