The pandemic has changed how property managers, and real estate owners do business. Those who owned their homes were a little better off, but residential or commercial rental places have seen significant changes. Real estate property management which was more or less always a physical task of meeting tenants back in the day, became a major hassle. Due to the pandemic's travel restrictions, property managers' relations with tenants suffered. For one, the number of tenant turnovers increased due to the sudden lack of contact.
So, how do you steer through this problem as a property manager or real estate owner? The answer is simple, welcome a positive change with the right technology selection in project management. Using the latest technology and integrating new-age software solutions like Yardi property management can help you optimize your relationships with your tenants and stay on top of your business.
At Assetsoft, our team has many years of experience in helping multiple real estate businesses implement this new software and make the most of it. Read our article to find out how it works and how our team can help you stabilize and grow your business with the Yardi software.
How has Real Estate Management Changed?
From commercial to residential, every kind of real estate saw major changes these last two years. According to the Federal Reserve Bank of St. Louis reports, there was an average 33% decline in US home sales in 2020 itself. Since most people are using their homes as offices, they are reimagining the way they view their homes. Now people want enough amenities inside their multi-family housing complexes to allow them to relax after work. Most people do not visit offices, and they need better places to indulge in leisure right in their homes. This is the reason mixed-use properties are also on the rise. Real estate businesses that can offer office spaces, shopping complexes and residencies under the same umbrella are more in demand.
Even sales for commercial real estate places like restaurants, shopping malls, and hotels went down considerably because people had no budget to indulge in luxury. But warehouse rents went up. Why? Because people sitting at home during the pandemic indulged in a lot of e-commerce shopping which upped the demand for warehouses and commercial storage units. E-commerce sales grew a whopping 50% in the two years of the pandemic. According to Forbes reports, sales were around $870 million, making companies reimagine how they see commercial real estate.
Using Yardi can help landlords and property managers. Here's How
Using proper technology is the only way out of all the pandemic blues. How can Yardi software help landlords in this?
Better tenant experience
When using Yardi, you can always keep track of your tenants' data; you can get updates from the dashboard and constantly stay in touch with your tenants even if you are not physically on the property. You can even provide property managers with little personal references about your customers to add a personal touch to their interactions.
Your tenants can always stay in touch with you; they can raise complaints and issues on the tenant portal in case of any issues with maintenance or amenities in the properties. As a property manager or landlord, just because you are not on the property does not mean your tenants need to suffer. Plan your strategy and leadership in a way that you use the right technology to address these issues beforehand.
Understanding tenant needs
As a real estate property manager and owner, you need to understand that your tenants' needs have changed after the pandemic. They are looking for more open spaces in their homes and office spaces inside the housing complexes. How do you gather this information? Get in touch with your tenants through the Yardi portal. You can also make pre-set questionnaires or surveys to ask them all the right questions to gather all the information successfully and up your amenities as per the tenants' needs.
Even if you are dealing in commercial real estate, you can keep track of information like which tenant might be struggling to make rent during the pandemic. Who has fewer sales, who is grilling under the pressure of the low economic transactions and such? You can offer more sensitivity towards such tenants if you have all of this information logged under one platform.
Resource maintenance and upkeep
With the Yardi software, you can keep a proper log of the conditions of your amenities and maintenance records. How does that help? You can schedule maintenance work remotely; you can keep track of the conditions of your assets and manage them from anywhere. If some asset needs renewal or needs a complete change, you can easily find that information from the Yardi portal. Your field agents can auto-update these records, and you will not have to set foot inside the properties and still manage it impeccably.
Adding new features for tenant support
Do your tenants still feel a disconnect with the management? You can directly ask them what features and amenities would better their lives and add them to the Yardi dashboard. Many feature customizations are available here, and you can take advantage of that to support your tenants. Like direct chat options with tenants, sending payment request notifications, raising issues, and requesting maintenance work, a lot can be incorporated into the system.
Integrate Yardi with Assetsoft
New technology can be a bit daunting for businesses that are new at working with it. But that should not stop you from integrating the best property management software in the market to boost your business and better your tenant relations to maximize tenant retention.
Take help from the Assetsoft team to get the job done. Our team has over a decade of experience helping multiple real estate companies integrate the Yardi software. We also provide staff training and post-integration support to make sure you get the best value for your money.
Get in touch with us today to know more about our services. Talk soon!