The Future of Property Management in the Era of COVID-19
The Coronavirus pandemic has made a noticeable impact on a huge variety of businesses and now that we have all adjusted to the ‘new normal’, many companies are starting to look to the future. Within the world of short-term rentals, in particular, the pandemic has effectively forced many property management companies to alter their approaches.
But, what exactly have the repercussions been for property managers? And what lies in store for the future?
Here we will look to answer both these questions and more, highlighting the extent of the impact that Coronavirus has had on our industry, and discussing what is likely to happen as a result.
Staycations Will Thrive
Ask anyone if they want a holiday right now and ten times out of ten the answer will be ‘yes’. Since 2020 has effectively introduced what can only be described as a ‘temporary lifestyle’, many people’s holiday plans have been either postponed or cancelled completely.
However, their desire and need to get away will have only become heightened as a result of the COVID-19 pandemic. And, after spending so long stuck in self-isolation, it’s fair to say we could all do with a holiday of some variety – especially those heroic frontline workers. Foreseeing this trend is vital, as experts are predicting that the vacation rentals market is set to skyrocket now that the world is starting to reopen its doors.
Staycations – holidays based within one’s own city or country – are one particular area that is also predicted to thrive towards the latter end of the year, largely due to travel restrictions. As a result of this, rental holiday platforms and apps like Airbnb are expected to become more and more popular, bringing with it fresh competition for property management companies to think about.
If you’re likely to be affected by this, our end-to-end short term rental management platform can help you stay ahead of the game. This bespoke solution simplifies every aspect involved in property management, especially those challenges faced in the COVID-19 era, saving you time and money so that you can focus on growing your business.
It’s no secret that the processes and systems used within the property management sphere are fairly outdated, largely based on the principle: ‘if it ain’t broke, don’t fix it’.
However, the COVID-19 pandemic has given property managers the chance to pause, reflect and utilize their time in lockdown to consider implementing new methods that will make life easier when things are back up and running normally again. Because of this, smart processes and AI-based technology are much more likely to be adopted as time goes on.
Thanks to the rise of technology, gone will be the days of needing to deal with the constant stream of communication and operational to-do’s that you will have become all too used to over the years. Smart systems are now able to handle a host of admin tasks to make system management processes a whole lot easier. Guesty specifically enables you to automate daily, monotonous tasks such as guest communication, assigning staff tasks and more.
Whether it be responding to initial inquiries, logging maintenance requests, sifting through emails, prioritizing tasks or automatically recording data, this major development will free up a lot of your time, allowing you to focus on what matters most: your guests.
Guest Retention = Priority
As with pretty much every other business, the natural focus for property managers right now will be on maintaining their stream of revenue through either increasing or stabilizing the occupancy of the properties you look after. However, maintaining your revenue could be a lot easier said than done in the current climate, especially with the world now entering into a period of economic uncertainty. So, what can be done to limit this likelihood?
Ensuring the experience you provide guests with is as seamless as possible is a vital first step. In essence, the more focus you can put on improving your guests’ experience while staying at your property, the less likely you will be to encounter any unexpected turnover.
Why not, for instance, think about offering a discounted grocery delivery service during their stay? Or how about implementing a range of amenities which encourage social distancing?
Whatever you do, try to think of appropriate ways that encourage guests to both seek you out in the first place and provide you with repeat business after their stay is up.
A Bright Future
The aftermath of the Coronavirus pandemic represents the ideal time to reimagine what’s possible within property management, rather than staying stuck in the past.
While it’s difficult to deny that the outbreak has had a catastrophic effect on businesses, it’s important to think optimistically as we head onwards into the future. By embracing technology, focusing on your guests and staying ahead of the trends, you can ensure you’re doing exactly that, putting yourself in the best possible position as we return to some semblance of ‘normality’.