In preparation for 2021, I have been discussing the importance for property managers to work on their building resiliency strategy based on the pillars of CPR: Communication, Preparation, and Response. This strategy is long-term and it should evolve together with the property management operation. There is a need to continuously review, revise, and improve existing business continuity plans. This pandemic is making a strong and lasting impact on the property management profession and it has effectively forced real estate companies to alter their operational strategies.
The COVID-19 pandemic has given the property management industry the chance to reflect and accelerate the utilization of resources in the implementation of new approaches during the “New Normal”. Before the pandemic, most buildings, specifically residential condominiums, have been constrained in using smart building technology because of cost and budget limitations. What we’ve seen now is more building developers and residents reaching into their financial investing to adopt new technologies that enable more efficient property and facilities management and help support a safe and healthy environment.
With a smart building technology, it would be easier now to manage building population or density, track potential COVID-19 exposure, and effectively manage the building equipment including sanitation, airflow, and lighting. It also would lessen face-to-face interaction because it can cover reservation systems and tenancy and guest management.
The focus of property managers in 2021 will be the implementation of health and safety protocols; maintaining revenue by increasing or stabilizing the occupancy of properties; and providing the best customer experience for all residents, tenants, and guests so that they see the value of their rents and dues. Cash is king especially during uncertain times. Property managers are expected to pivot, manage their operational expenses, and set priorities on spending.
Professional property management services will be the stabilizer and lifeblood of the real estate industry. More developers and building owners will realize the importance of having professional property managers especially during challenging times. Technology will play a major part in solving most of property management problems. There will also be a major boost on the use of property management software. Property management services will take a major role in shaping up and influencing the landscape of the real estate industry in adherence to health and safety of its communities.
The pandemic has upended expectations, shifted investment strategies and forced investors to rethink their priorities
The pandemic has put the spotlight on real estate’s front-liners: professional property managers
The industrial & logistics sector was the most stable asset class in 2020. Will this continue in 2021?