As times changed due to the pandemic, a large number of people have started working from home. Even as Covid-19 wanes, the remote working trend is here to stay. According to Upwork, 36.2 million Americans will be working from home by the year 2025. This is an 87% percent increase from the pre-pandemic times.
Property managers have made certain changes in the properties to suit remote working tenants. Apart from these temporary changes, property managers need to seriously consider the needs of remote working tenants.
How will it impact the industry?
Certain trends seen during Covid-19 are expected to be permanent. If remote working increases, it can have a tremendous impact on the real estate industry. Some of the impacts of work-from-home culture on real estate are:
Workers migrating from urban to suburban cities
Due to remote working possibilities, most people thought living in urban cities was impractical. The most common reasons for this are a larger living space in the suburbs and lower rents. Since the workers only had to work from home, living in a high rent city was unnecessary for most of them. This led to urban cities having a larger inventory and smaller cities seeing a rise in rental prices. And space is a priority, especially when most people are confined to their homes.
Increasing demand for certain housing features
While people moved to suburbs, they also looked for specific features that can make remote work more convenient. People preferred apartments that accommodated remote workers’ needs. Be it a stable internet, better living space, or a home office setup, property managers had to implement these changes to attract tenants. As remote working is going to stay, many property managers and investors want to optimize their properties for remote working tenants.
How you can adapt to remote working
As a property manager, it is your responsibility to make the living space better for your tenants. Remote working tenants are increasing in number and have certain requirements. It isn't practical to build new rooms and apartments for remote workers in a short time. Instead, you can transform your current properties by following our simple guide.
Understand what remote workers want
Reliable internet service and cell phone reception
Remote working isn’t possible without the internet and calls. All the meetings, work sharing, and even salary payments are done online. A 2020 report by NHMC states that more than 91% of residents wanted good cell phone reception. In fact, 44% of residents wouldn’t rent an apartment without a reliable phone signal.
Some tenants might have their own WiFi routers. But the majority of them require internet connections especially when multiple people work online. Without a good internet connection, their work can get interrupted or delayed. Property managers need to consider this on priority, as the remote working trend is catching up fast.
Workspaces
Even before the pandemic, some apartments had dedicated workspaces as an amenity. But due to the social distancing, most refrained from using them. Instead, people are preferring workspaces within the apartment. This way they can practice all the pandemic norms while getting their work done uninterrupted.
Peaceful surroundings
Remote workers can’t concentrate if there are disturbances around them. That is why most people move to less populated areas. Office buildings are usually noise-free. As the pandemic has brought offices to our homes, the multi-family housing sector needs to concentrate on making the surroundings peaceful and less distracting.
Make the necessary changes
Build workstations
One of the biggest challenges for people working at home is privacy, especially if they have children. No one wants their office video calls flooded with toy cars and dolls. This is why designated workplaces can add value to your properties. Tenants can utilize these workstations according to their schedule, without any disturbance. They also provide a change of environment. Instead of working at the same place they eat, tenants can use this space designated for work.
Setting up coworking spaces does not need to be hard. Instead of building them from scratch, turn existing areas into workplaces. For example, a few rooms on the ground floor can be converted into an office space using the necessary supplies. This will also put any unoccupied apartments to good use.
Ensure uninterrupted internet service
Workstations are incomplete without an internet connection. Tenants might have their own connections in their apartments. But in common workplaces, they need a reliable internet connection. Install WiFi routers throughout the building. Make sure that these are high speed and secure. You need to take extra care of the security as multiple devices might be connected to it. This ensures that your tenants’ work is uninterrupted. You can cover the cost by distributing them equally among all tenants.
Enforce quiet hours
Multifamily apartments are bound to have some noise. It can be a child crying or a dog barking, this can cause disturbance to remote workers. Include “quiet hours” in your tenant policy and enforce it. Designate a certain time in the day where residents are not allowed to make a lot of noise. This helps remote workers concentrate on their work. Make sure that these quiet hours are not too extensive, as that can impact other residents.
Space saving furniture
With so many working spaces, space can be a constraint. But, certain pieces of furniture are designed for small spaces. You can get space saving desks, chairs, and even bookshelves. This can help you make optimal use of the available space to build more workstations.
Create a safe outdoor environment
Staying indoors always can decrease the productivity of remote workers. But, pandemic norms demand social distancing. That is why safe outdoor spaces are a requirement. You can allow tenants to stroll or exercise in garden areas while restricting the number of people entering at the same time.
Choose the right technology
Utilizing technology has never been more important. Covid-19 norms promote contactless activities. By implementing the right technology, you can keep your tenants safe and also follow the pandemic norms.
Self-guided tours
Self-guided tours are possible with the help of AI-powered bots. Property management software such as Yardi Breeze offers self-guided tours to potential tenants. It handles everything from tenant screening to tour guiding. Most bots collect important details to complete the screening. After the lead is verified, the bots send QR codes which the lead can scan at the apartment to collect the keys. The bot assists the lead throughout the tour. It provides descriptions and also collects any queries from the leads.
Automate payments
Nowadays, checks are considered to be outdated. According to a Money Magazine report, only 15% of millennials use checks for payments. Instead, they prefer using several e-payment options. Some of the common options are credit cards, e-wallets, and net banking. By providing these options, you can make rent payments easier for your tenants. A good property management software also schedules their monthly payment and sends reminders when it is due.
Tenant communication
Tenant portals are an excellent way to manage tenant communication. It provides a platform for all the tenants to interact with each other. It also makes sending and managing maintenance requests easier. You can easily identify problem areas, track tenant requests and assign tasks to your teams. All these benefits while also staying contactless.
Remote security systems
Almost all property managers have tenant safety as their priority. By utilizing remote security systems, you can assure your tenants of a secure environment. Like all other tenants, remote workers are also looking for a safe place to live in. You can utilize software to keep track of the people entering your building. You can also utilize cameras to check on any suspicious activity.
Intercom services while answering doors
Along with remote working, online food delivery and online shopping have also increased. Tenants might want to leverage the benefits of these services without coming in contact with other people. Intercoms at doors can help tenants recognize and give directions to people at their doors. You can either have a voice or a video intercom.
Digital door locks
Tenants who move in and out of their apartment multiple times will know the trouble of getting locked out. Instead of physical keys, you can digitally open these locks by sending a unique QR code to the tenants. They can scan this code at the door and enter their apartments. Moreover, this is safer as physical keys get stolen or lost.
Make your properties remote-working friendly through Assetsoft
Advanced tech has made remote working a possibility. Along with the tenants, you can also automate your property management to suit the remote-working culture. Through Assetsoft, you can get the best features of multiple property management software onto a single platform. We work with Yardi, MRI, Procore, and many other platforms. If you are unsure about the software you want, we can assist you throughout the process. By working with Assetsoft, you get experienced resources, professional service, and software support.
Book a consultation with us to know more!