The pandemic is shining a light on property managers, who are playing an integral role in asset performance and tenant communication amid the pandemic. In fact, AppFolio, which recently conducted a survey showing that 90% of property managers had put together response policies by the end of March, says that these types of crises show that property management teams are critical.
“Property managers will continue to play an increasingly integral role amid the COVID-19 pandemic,” Stacy Holden, industry principal and director at AppFolio, a property management technology company, tells GlobeSt.com. “From our perspective as a software provider we see the ability to adjust quickly to online communications and operations to maintain service levels and team engagement as critical.”
According to Holden, first communication and engagement is the key to navigating this event and to curating policies to mitigate rent loss. “Our number one piece of advice is to ensure your residents and staff feel supported and that you open up the lines of communication,” she says. “We recognize that this is a time of great uncertainty, but when things do eventually return to a sense of normalcy—whenever that may be—property management teams who have exhibited excellent service and care with their residents throughout this crisis will come out strong.”
One other way for landlords to support tenants is by educating them on the financial resources available during this time. “One of our most shared blog posts in the last few weeks has been an article we put together where we compiled all the top financial resources out there that can support residents during this time,” says Holden. “I think this shows that providing helpful information and proactive communication during this time is necessary and welcomed.”
Ultimately, the goal of property management teams, particularly those managing apartments, hasn’t changed. “Many property management companies are primarily focused on their residents and property management teams right now,” says Holden. “They want to ensure the safety of everyone in their properties and provide assurance to all that they are taking preventative measures and following local and national guidance around social distancing.”