Remote Property Management Still On Trend
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 have foreseen how the recent work from home trend would alter the property management sector.
WFH has impacted the residential, commercial and office rental sectors.
And while some say the trend will reverse, economics and worker preferences suggest virtual businesses are here to stay. In fact, as we suggest here, remote business is an opportunity for growth in profitability, as a staffing solution, and more responsive management.
In fact, retail and commercial vacancy rates are staying high (New York, Bay Area) post-pandemic because of too high prices. But as well, digital property management solutions make remote property management viable and more cost effective.
Virtual solutions have another powerful benefit. They make businesses more efficient and help to prevent much of the time wasting issues that evolve from face to face management. The self-service revolution in property management is essential profitability and property management company survival.
Work from home however looks at the trend from workers point of view. From property management company owners, the trend means remote property management.
There is more interest in remote property management due to:
- increasing comfort with the idea of remote property management
- downtown regions of cities riddled with crime, high costs, drug usage, and homeless populations
- centralized office space is simply too expensive for most landlords and property management companies
- improved digital tools such as online payment and communications, remote monitoring, property management firms, and excellent property accounting solutions
- rental properties in remote cities, towns and states offer greater returns
- staffing and administration costs are reduced
- better staff can be accessed from a larger pool of property management pros online
- staff prefer a remote work role (work/life balance the main reason)
Remote Management Creates Rental Management Advantages
The challenge today is in adopting a cloud-based SaaS solution with all its power, convenience, automation, security, and cost efficiencies. The industry is rapidly moving to remote property management.
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.
ManageCasa is a Remote Work Friendly Solution
Secure high speed data access, fiber optic networks being installed in neighborhoods, and 5G networks will allow even more work to be done remotely. From remote inspections and unit showing, to accounting automation, to real time video, this isn’t property management like we knew it.
ManageCasa’s virtual property management platform makes work easy, fast and error free. And 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 know that you’re listening and responding.
Rents Are Rising
For landlords and property managers, the work at home trend is impacting residential property prices, building infrastructure, tenant services and amenities, and more. It’s raising rent prices too.
So while commercial and office real estate developers and landlords hope for a return to pre-Covid numbers, it’s not going to happen. Cost of rent and lower CBD traffic will make business difficult for them and too costly. Already, in some cities, office buildings are being converted to residential units.
How to Master the Work from Home Market
Strategy, software, and marketing power will help you carve out your new property management 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 lucrative types of properties in other cities and thinking “I’m going to have to migrate to a next generation property management software.”
Contact our sales team now to learn more about how to begin your journey into next generation technology.
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