Everyone in the industry is still reeling from the global Coronavirus pandemic, but we encourage you to take some time to reflect on what the property management industry can learn from this pandemic. All industries have been effected differently and are adapting to their “new normal”. Multifamily has found itself adapting to the record setting unemployment rate and residents simply not having enough to make ends meet still now some 9+ months after the outbreak. How has your property navigated these trying times and what can you continue to work on even as we move out of the pandemic? Simply taking it back to the basics of good property management has been the tried and true method for many. Here are some of the ways property management has found success in weathering the storms during these unprecedented times.
Accurate resident screening is crucial no matter what state the world is in, but perhaps even more important right now. You want to make sure you’re leasing to qualified residents that you can build a relationship with over time. Finding qualified residents to lease to will reduce overall costs by saving you money on advertising, possible unpaid rent, or sitting with empty homes for months on end during a pandemic. You’d think that finding the perfect resident would mean simply finding someone that would consistently pay their rent on time. While this is absolutely important, your goal should be to find hard-working people who have steady jobs and those with excellent references. Find a resident whose income matches your rental rates well as this creates a well-balanced relationship between both parties. Renting to people who can truly afford your property makes for long-term success for both of you.
Customer service makes a business. With everyone in the market offering many of the same things, the difference is made in how your employees treat your residents and potential residents. Little things like remembering residents’ pets’ names or knowing when they’re planning a trip or something that they really enjoy can go a long way in building long-standing relationships. Residents who feel tied to your community through these types of connections are less likely to abandon it and more likely to refer others to it as well.
One of the biggest things property management can learn from a pandemic is that great communication is an in-valuable asset. Still reeling from the effects of the pandemic, residents are scared and many have lost a significant amount of income due to layoffs and business closures. Now is the time to be overly communicative with your residents. Be innovative in how you can help everyone through these trying times and communicate your plans clearly. Perhaps offer residents in good standing the option to use their security deposit as a months’ rent and give them an extension on when rent is due to help them figure things out. Let your residents know that you’re with them during these challenging times and looking for ways to help your community.
This pandemic has caused a lot of upheavals. If your company is looking for new, qualified talent to fill in any gaps, contact us. We recruit nationally and are ready to get you the help you need when it comes to staffing.