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Preparing for 2021: A Guide For Property Managers

Dec 14, 2020CMS0 comments

This year was a real test for property managers. You’ve been pulled in different directions, shifting your strategies in response to COVID-19, to help the business survive. Despite the chaos, you still managed to juggle your career and personal life while learning new skills in the process. 2020 has only proven that you can adapt to any circumstances that the world presents to you. 

 

In this article, we will explore how lessons learned in 2020 can prepare your property management business for a successful 2021. 

 

Forecasting and evaluating your commitments  

It’s becoming increasingly challenging to plan for the future. Given everything that’s happened this year, having a contingency plan and being flexible will put you in a better position. Forecasting brings clarity to what your commitments really need to be and where to you need to see a shift in your commitments. Despite the unexpectedness of COVID-19, your commitments are what determines how things will unfold.  

 

You need to evaluate your commitments and focus on what’s most important. By doing this, you can achieve desired outcome for you and the business. Have a detailed realistic plan either based on past performance or justifies deviating from it.  

  

Digital transformation is here to stay 

With the restrictions brought about by COVID-19, property management businesses had to create an improved and digitalized model for their operations. The industry’s technology has made as many changes in 6 months as they normally would have in 3 years. From remote work to virtual property tours to tenant assisted inspections – property managers need technology more than ever before to manage their day-to-day operations. There is also an increase in the use of cloud-based collaboration tools and managed IT services to lower in-house technology cost and increase flexibility.  

 

App- or portal-based solutions helped improve tenant convenience and ensure business continuity for property managers. On a survey conducted by Appfolio, 43% of property managers have increased their priority of paperless leasing. Proving that technology has become an essential tool in the property management toolbox.  

 

The same survey also showed that technology is one of the reasons why 66% of property managers have a positive outlook for the future. Technology has certainly helped them provide excellent service even in the new normal.  

 

Make communication one of your goals 

When was the last time to checked on your tenants? If it’s been a while, make 2021 a year of having constant communication with them. With the restrictions presented by the pandemic, there are still plenty of ways to get in touch – send them an email, make a phone call and leave a voicemail, or send a text message. They may not return your call, but it is a great way of letting them know that you care enough to communicate. You can start by sending them holiday greetings. 

 

Asking questions early and often not only helps you discern your tenants’ needs, but it is also one of the best things you can do to prepare for the future. 

 

Mental health and wellness for yourself is critical 

The health and wellbeing of your team is essential to sustaining the business. And so are you. You are essential!  

 

Include self-care as part of you goal for 2021. When you’re able to care for yourself physically, emotionally and mentally, you become better able to pursue your 2021 goals. Though self-care is personal and highly individualized, you can start by learning new home workouts, taking time to reframe your thoughts and shifting your focus, read a good book, or fuel your body with sustainable foods. Taking care of yourself first enables you to take care of people around you and the business too! 

 

Although many of us are eager to leave this year behind, it has also taught us some valuable lessons. We have learned how to handle our work and use technology in times of uncertainty. We’ve become more resilient by shifting our focus to the things that we can control. As we move into the new year, it’s important to continue with this mindset. Put your best foot forward so you and the business can be at the top of its game.  

 

Can you think of more things that you could do for a successful 2021? We would love to hear them! Share your thoughts on our Facebook page so you an help fellow property managers.