Property management is the administration of residential or commercial property, such as apartments, condominiums, and shopping malls. Property managers usually look after real estate owned by another party, acting on the owner’s behalf to generate income and preserve its value.
Commercial property managers all over the US face unique challenges due to COVID-19. Moreover, technology also changes how companies manage real estate.
At Action Asphalt, we regularly work with property managers in Vacaville, CA, to perform paving jobs like concrete and asphalt maintenance and resurfacing. We provide high-quality services and excellent communication to help you manage your projects efficiently. Click here to get a free estimate for our services.
In today’s blog, we discuss property management and project planning trends to look out for as 2020 heads to a close.
Lease Modifications
During the pandemic, many property managers had to spend a lot of time handling lease modifications and payment plans for tenants. They also took time to cater to tenants’ individual needs, many of whom worked and studied from home.
In the near future, property managers will have to look for ways to accommodate tenants/employees/customers while also protecting the owners’ interests.
Technology
Property managers will have to make greater use of technology in 2021 to maintain safety and improve communication. Tenants will have a greater demand for 3600 photos and virtual tours of the property. Moreover, paperwork and rent collection will be performed online in greater numbers.
Chatbots and answering services can also be implemented to provide information to potential tenants in real-time while offering emergency assistance to existing tenants.
New Housing Needs
Evictions and foreclosures postponed during the lockdown may be implemented in 2021. Once again, property managers will be at the forefront of the transition.
Apart from evictions, the increase in the work-from-home lifestyle will also mean people will shift to areas of their choice, as they are no longer tied to their jobs. Low-cost regions are likely to see an influx of renters.
Maintenance
While the pandemic may have changed policies and procedures, you still have to take care of property maintenance and upkeep. Cleaning the building’s exteriors and repairing any damaged asphalt or concrete cannot be ignored.
Luckily, standard asphalt maintenance procedures like parking lot sealcoating can be performed with complete safety protocols and social distancing. Even then, you will have to implement strict screening and signage protocols in compliance with the latest local and state requirements.
Greater Demand For Property Management
As you can see, property management is a full-time job that requires skill and a significant time commitment. And the challenges will increase in the coming year. Business owners will find it hard to focus on their customers if they are solely concerned with maintenance.
So if you are an owner/manager, leave one of these roles behind as you enter 2021. A third-party management company will charge a fee, but it will help you spend your time and energy on business growth instead of administration.
And property managers in Vacaville, CA, can always count on Action Asphalt for their asphalt maintenance needs. Click here to get a free estimate for our services.
