Work is a Thing you Do, not Somewhere you Go
When Bostjan Bregar CEO and Co-Founder at Loop Email wrote “Work is a thing you do, not somewhere you go” in a Linkedin post back in 2014, he couldn’t foresee how the Corona Virus would accelerate the work from home trend and change the housing market quickly.
It’s impacted the residential, commercial and office rental sectors, and while some say the trend will reverse, it’s likely WFH is with us forever. WFH is an opportunity for property management companies.
The trend for years has been the decentralization of business and work. More work is done remotely, and now in worker’s homes, and of course, that trend is shaping the property management sector today. The term isn’t a trite buzzword phrase for news stories, it’s a key opportunity for property managers and multifamily managers to position their companies for success and growth.
The future is here as this job posting below reveals. Companies are adopting remote property managers since next generation software platforms deliver immense remote management capabilities.
Remote Work on site or at Home
Managers are managing a diverse and growing portfolio of rental real estate and are running ragged trying to tackle them the traditional way.
In the tech hub cities, including tech hubs like Austin, Denver, Boston, San Diego, Nashville, Orlando, Phoenix, Raleigh-Durham and Seattle, prices are up and availability down. Builders are focusing on multifamily development which could deliver 400,000 new units which need to be managed.
Houses are expensive to buy which is why built to rent developments are hot. Workers love the extra amenities and this built to rent segment has a fast rising customer base.
Given the economy is set to grow, consumers have a lot of money to spend, are in a state of flux, and looking for this very type of rental property. They’re in flux because they can’t find what they want. And this points to big demand and high rent price possibilities for the new units that promise so much.
Is this Work from Home Trend Going to Continue?
Work flexibility, younger demographics, mobile workers demands, Covid 19, evading taxes and long commute times, exhaustion, employee cost reduction, and workers needing to find cheaper rent drive demand.
While you fear managing hundreds of these units and tenants, you’ll do fine. The property management platform gives you power you never had before. You’ll like where this going.
However, consider how difficult work from home can be — insufficient room, poor Internet connectivity, poor air ventilation, boredom and more. WFH generates problems too. Helping renters with these real issues means your rentals will be in higher demand and capturing higher rent prices, and landlords will want your services.
ManageCasa is a Work From Home Solution
The remote work trend grows because the Internet makes it possible. The secure high speed data access and 5G networks will allow more work to be done remotely. From inspections, to accounting, to real time video, this isn’t property management like we knew it.
Managers are benefitting right now since property management systems such as ManageCasa are providing full mobile data access through a property management software app for mobile devices. Always on, anywhere connectivity really helps cut the ties to the office desk.
This means productivity will increase, and of course ManageCasa’s platform makes work easy, fast and error free. Automation eliminates transaction errors, improves staff communication and delivers services today’s tenants want. Everyone is still on the same page, although working from home.
Tenants don’t care where you are located physically. They just want to reach you fast, tell you about their issue or need, and that you’re listening and responding.
Rents Are Rising
For landlords and property managers, the work at home trend will have a big impact on property prices, building infrastructure, tenant services and amenities, and more. It’s raising rent prices too.
Recent forecasts of rent prices are of a moderation of 2021’s rocketing rises. But hold on, tenants are reappearing and vacancies are disappearing. Reports out of Manhattan have vacancies dropping fast.
So while commercial and office real estate developers and landlords hope for a return to 10 years ago, it’s not going to happen. Cost of rent and lower CBD traffic will make business difficult for them. Already, in some cities, office buildings are being converted to residential units.
For Multifamily rental owners and apartment managers, business should increase as workers increasingly seek affordable rentals.
How To Capitalize on the Work from Home Demand
How to Capture the Work from Home Market
Strategy, software, and marketing power will help you carve out your new niche:
- get out of your own way by using software tools, marketing systems, and other assets that automate your business and unlock growth opportunities
- position your brand to focus on delivering modern management services
- communicate your value add to owners
- communicate your tenant management skills, operations efficiency, and how effective you are at tenant acquisition
- ensure your marketing pages and blog demonstrates a true understanding of modern business challenges (the past means nothing)
- don’t be modest about technology – show your passion for topics like cloud services, your property management mobile app, and mobile readiness
- definitely adopt a next generation property management platform to help you increase efficiency so you can raise profit margins and communicate your use to prospects because they’re looking for a modern provider
hire staff with digital business skills who can work from home
- do stronger marketing to attract landlords specifically who own multifamily and built to rent developments
adopt next generation property management software to provide unparalleled service to owners and tenants
upgrade to offer better tenant amenities where possible (5G wireless, fitness rooms, tenant portals, and have a renovation team ready to help landlords reno affordably)
At this point, you’re probably envisioning managing these lucrative types of properties and thinking “I’m going to have to migrate to a next generation property management software.
If we help you progress and grow your business, then we’ve done our job with this blog post.
Speak with one of our product experts soon. ManageCasa’s offering of a full remote accessible platform, smartphone app, and rental property marketing system gives you all you need to grow your remote property management business.
Contact our sales team now to begin your journey into next generation technology.
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