Happy New Year! 2020 was a year we will all remember well, but most of us hope history won’t repeat itself in 2021.

Not surprisingly, the property management industry has experienced a great deal of uncertainty after COVID-19 began infecting people, and property managers have had to respond quickly to unexpected challenges. But despite these difficulties, property managers are thriving and are excited to take advantage of new opportunities. Here are some of the top trends and goals that will influence how property managers operate in 2021.

#1 – Property managers are devoting more time and energy to owners and residents

When it comes to priorities, property managers care deeply about their clients and the people they are hired to help. However, growth, efficiency, and profitability have remained at the top of many managers’ priority lists for quite some time. That changed in 2020. According to a survey, 45% of property managers named “residents” as one of their top three priorities, surpassing efficiency and profitability for the first time.

Growth remains the primary goal for many property managers in 2021, but many will also be redirecting resources to improve relationships with owners and residents.

Why is this happening now?  At least part of the reason is that property managers have been spending more of their time working with residents who are looking for guidance and assistance during the pandemic. Property managers have had to shift gears and work hard to keep residents safe and informed. That may mean sharing and enforcing ever-changing COVID rules and policies, safely reopening amenities, or finding creative ways to keep communities connected without in-person events.

Approximately 44% of property managers feel as though their clients view their services as more valuable since COVID-19, and they don’t want that feeling to fade. So much of property management is actually caring for people, and recent events have reminded property managers of this fact. They will continue to find ways to provide outstanding service to boards, owners, and residents, while growing their business.

#2 – Strong communication is a primary goal  

Communication can make or break a community. Property managers know this, but it’s still challenging to establish and maintain effective communication with dozens or even hundreds of busy residents. When people were ordered to stay home, effective communication became infinitely more important. Some residents lost their jobs and couldn’t pay fees on time. Others experienced leaks or other maintenance issues that needed to be addressed immediately. Since offices were closed, many residents were simply unable to speak with their property manager in person about their issues.

Condos and HOAs that already used some form of digital communications, be it property management software, email or a residents portal, would have found that they transitioned to their new reality with few or no issues. Residents that could easily reach their property managers could work out issues within a day or two. They could talk about payment plans, submit high-priority service requests, and in some cases, make payments online. But, communities that relied on paper notices and in-person meetings may have experienced a lot of difficulties after stay-at-home orders were issued. Moving forward, property managers who do not use property management software will want to find a platform that fits their needs. This simple software improves communication between property managers, boards and residents instantly by allowing them to send new notices or messages to everyone in a matter of minutes. People that don’t have an email address can also opt to receive text messages or automated voice messages.

During COVID-19, property managers have been communicating with owners more frequently about payments and regulatory changes. Many owners have expressed a desire for this kind of communication to continue indefinitely. As a result, property managers will need tools to help them do this in an efficient manner.

#3 – Property managers may be expected to offer more services to clients

As owners and residents have come to value property managers’ work more and more, they are also expecting more from their property managers. Residents and owners want property managers to take care of multiple items, including:

• Financial reporting/benchmarking
• Fee collection
• Legal advice
• Marketing

While this challenges some property managers to step outside of their comfort zone, it also gives them an opportunity to expand their services, which will help them stand out from their competitors and create new revenue sources.

#4 – Property managers say property management software will continue to help them keep up with new and growing demands

 Property management companies have seen the benefits of using property management software. They largely agree that their teams are functioning just as well at home as they did when they were working in the office. The majority say that their team’s morale, efficiency, and effectiveness have been the same or better while working remotely.

Many property managers already offered online payments, communications and maintenance requests, so bringing their business entirely online only required some small updates.

#5 – Most property managers anticipate revenue and portfolio growth

Even with the troubles that 2020 brought, property managers’ growth expectations increased during the summer of last year.

Naturally, there has been a slight cooling in growth expectations in comparison with previous years. Some property managers who don’t plan to grow their portfolios over the next two years say they just don’t feel comfortable acquiring new properties until there is some more economic stability, and the pandemic subsides.

Property managers who do anticipate growth plan to adopt creative strategies, such as connecting with specific communities in their area, or reaching out to property managers who are getting ready to retire. When it comes to revenue growth, property managers are focused on diversifying their sources of revenue and reducing their operating expenses as achieving profitability becomes increasingly difficult.

Conclusion

The property management industry continues to change, and property managers must be prepared to resolve new challenges as they come up. Property managers are being asked to do more for their clients, and in order to keep up with the demands, they should consider using property management software to help them streamline and automate recurring tasks. Not only does it help them operate more efficiently, it also allows owners and residents to do more for themselves.

Property managers will almost certainly be looking to grow their business and increase revenue in 2021. However, customer service and communication will also be key priorities for many in the new year. While there is much optimism about a COVID vaccine, it will be many months until people can return to a more normal way of living. Condos and HOAs will still have to create and follow new rules and procedures that keep everyone safe.