Here are the three biggest changes we’re seeing in a post-COVID world.
COVID has had a major effect on the real estate market and millions of people’s health. If you live in Texas, “snowvid” may have also affected you recently. With these major issues mostly behind us at this point, it’s a good time to reflect and see where the industry is now. Today I’m talking about how things have changed with property management in a post-COVID world. Here are the three big things to know:
1. Regulations. I think this is the biggest change. There are a lot more pro-renter regulations that have helped tenants. More pro-renter regulations, like we see on the west coast, could be coming to Texas.
2. Technology shift. You're seeing a big technology shift. Many companies are not having people in their offices in Texas. Our company is letting people come into the office but because there's a long period of time where that wasn't happening, technology was really becoming key. You're seeing a lot of folks being able to work from home.
Direct deposit is now taking over. When I was eating the other day, I tried to pay in cash because I just didn’t have a credit card, and they didn't know what to do with my $20 bill. If you aren't good with technology, you better get started learning because it is a tech world.
It’s a good time to reflect and see where the industry is now.
Many technologies are also able to sync with each other now. Residents can find out via text message when a technician’s truck is going to be at their house and when repairs are being made. This kind of fast communication is going to really put certain property management companies ahead.
3. Finding good people. I think that you're going to see this throughout the world, but especially in Texas and San Antonio, it's going to be hard to find good people. We're starting to see a lot of companies that are short-staffed. At short-staffed property management companies, you're seeing wages increase, but if they can't afford the right people they're going to have a hard time. You might see customer service slipping and you might see more automated service happening. I know it's bad news, but it could be a very big reality.
If you have any real estate questions, give me a call at 210-802-9959. I'd love to talk to you.