COVID-19 has forced nearly every industry in real estate to make some short-term and long-term adaptations in their management practices. Apartment owners, in particular, are adopting new practices to help keep tenants safe, reduce vacancies, and remain flexible in tenant attrition as they find out how to manage rentals in the “new normal.”
With social distancing guidelines and restrictions in place, a large change in multifamily real estate has been shifting to virtual showings and leasing, where 71% of property managers said offering and utilizing digital showings are a priority. Virtual showings limit the number of people in the unit and reduce in-person interactions, although this method still requires someone to show the unit. A property manager is the key.
When combined with 3D virtual tours, tenants can see the unit accurately without having to physically be there. With digital leasing services, there are now ways to renew leases or complete a new lease without any face-to-face interaction. Forty-three percent of respondents said they are focusing efforts on offering digital leasing services on a permanent basis moving forward.
Many property owners are struggling through the pandemic. With various guidelines, locale rules and regulations, tenant rights, and the normal management process. What has been discovered? The right property management firm can still ensure profitability, even through a pandemic. Apartment complexes, in particular, are struggling. Ask for our 10 point plan for profitability and occupancy. We have served this market for 20+ years, even through a health crisis.