The Changing Face Of Property Management in 2020
2020 has been a year unlike any other, with the effects of the pandemic being felt across all industries. Property management is no exception, with changes and situations surrounding rental demand, financial security and changing regulations to adapt to.
While the pandemic has posed challenges, especially to those of us who strongly value and thrive on face-to-face interaction with our clients, property managers are adjusting to the new requirements.
Here are some of the ways property management is changing and how you should expect your property manager, whether you’re the tenant or landlord, to be assisting you during these tough times.
You should remain a priority
While the customer experience should always be at the forefront of a property manager's mind, it should be especially prominent with the current circumstances. Even with social distancing measures in place, communication is vital.
Your property manager should be providing consistent communication and updates - it should also be hassle free for you to be able to get into contact with your property manager.
With advanced technology, staying in touch and keeping you informed is simple. It also allows for highly specialised and detailed workflows, ensuring nothing is forgotten and everything is documented and taken care of - all of which should aid in reducing your stress during this time.
Understandably, many tenants are facing financial difficulty, with property managers also experiencing similar issues. With these hardships, a lot of confusion around rent payments has arisen.
If you or your tenants situation hasn’t changed during the pandemic, the tenant is still required to make full rental payments. As many property owners are also experiencing financial difficulties, negotiations on rent are on the basis of their consideration. An experienced property manager will ensure all parties are worked with in order to get through the crisis together.
Additionally, if you’re a tenant facing issues with rental payments as a result of the pandemic, there is emergency relief available with the Australian Government providing rent assistance to those in need. You can follow this link to see if you’re eligible.
Financial security for property owners
Minimising financial losses from your investment during this time is pivotal. Your property manager should be doing everything possible to assist you.
Vacancies result in a complete loss of rental income - if your tenants are leaving and your property manager isn’t attempting any negotiations to avoid a vacant property, this isn’t a good sign. Reliable property managers need to be doing what they can to keep you from having to fork out the entire mortgage payment.
Changes to open homes
Depending on where you live or are looking to relocate, changes to open homes may be an inevitability. Many places still require appointment based home viewing only due to social distancing regulations.
Digital solutions have become more important than ever so having property managers well versed in modern technologies is vital. This will ensure your property managers are continuing to deliver the best service possible while remaining contact-free and adhering to any local government restrictions and guidelines.
While the future certainly is ambiguous and feeling anxious about what it holds is only normal, the best property managers should be helping you optimise your results; they should be helping you prevent your investment properties from creating excess stress.
If you’re looking for a property manager who will always put you first, complete with 5-star customer service and satisfaction guaranteed, contact the team at Combynd on (07) 5536 9594 or contact us online.