Around 66% of the Property Managers have a positive outlook towards the post-pandemic market framework. Though the normal is not yet attained in the state and might be either attained next 6 months, few commercial and residential managements have stepped into their new shoes with digitalization. Property management firms and the teams must now focus on revenue, which can be achieved by stabilizing the occupancy, leasing vacant units, and collecting the rent may be partial. In the pre-pandemic phase, the firm that has taken care of customer satisfaction will have fewer obstacles in collecting the rent and also in the renewal of the lease.

Property Managers must create new designing to make sure that the residential property is sophisticated and safe for people to reside with all the necessary arrangements to face the pandemic in the worst scenario as well. To rent or lease new residential properties the perks offered have to be reviewed and proposed as per the need post-pandemic. The property value must be evaluated considering the economic crisis in this pandemic. In-person, client visit and reaching to the property personally must be avoided even after lockdown ceases, rather virtual showings have to be practiced considering safety. Property managers have been in touch with the market in this pandemic via bulk email and messages, and the game plan is to have some revenue than zero.

The post-pandemic market also needs well-trained professionals to be considerate in analyzing the needs of the clients and also assisting the existing clients with the necessary supports. With the digitalization, the remote workers who once we’re on the field need to be trained to operate the portals and also make the clients comfortable with the details offered on the portal and providing appreciable rates and overview of the property. Commercial properties might need a makeover as per the norms post Pandemic.

Holding on to non-profiting properties which are already causing loss would incur a further loss, the alternative is to sell the same and invest in better opportunities in the market. Analyzing such property needs an expert opinion and a forecast of the same property income and loss in the next 12 months. If hitherto the funds are lost because of an asset it’s smart to sell it off since its no more an asset rather a liability. Renewal of terms and a new interpretation to increase the brand value along with better exposure must be the only target of the firm.

Behind every great property manager is a substantial amount of tolerance – Anonymous.