2020 has been a tough year for Boston real estate property owners and managers. The pandemic has eviscerated commercial rentals with bars, restaurants, and stores forced to close to slow the spread of the virus.
The year has also been tough on the Beacon Hill apartment sector, as well. Yes, eviction moratoriums were also necessary as millions lost their jobs. But little has been done to help landlords and property management companies – most of which are small businesses, themselves.
Having a Real Estate Plan Helps
Managing risk is a vital element of Beacon Hill apartment management; however, many were caught entirely off-guard by the arrival of the pandemic and its impact on their Beacon Hill apartment rentals.
However, many managers have recovered from the early days of the pandemic with work-at-home plans for their teams, better coordination with service providers, and automating tenant support. Doing so has made their businesses more resilient, and then the lesson is that having a plan helps.
In the good old days, Beacon Hill apartment managers did not have to develop a communication strategy. As the saying goes, that was then, and this is now. In the post-COVID world, property managers need to have a communication plan. It will make it easier to inform tenants of how the situation impacts their ability to provide services.
In an age of heightened uncertainty, communication is critical and the best property managers are making sure that having a solid communications plan in place will make their job more manageable going forward.
While no one wants their properties viewed as hazardous work areas, there is a need to ramp up safety measures during a global pandemic. This not only includes cleaning and sanitizing common areas, but also screening visitors. While the virus has spread to almost every corner of the country, even rural areas, it is essential to remain vigilant as an outbreak at one of your properties could make your job even harder in the long run.
Review Your Maintenance Plan
That most COVID has delayed most capital investments on Beacon Hill apartment buildings, property managers are seeking to preserve cash in a time of uncertainty. However, normal wear and tear mean that maintenance must go on.
However, some repairs might be mandated by local authorities. As such, a maintenance plan must consider the local requirements and guidelines from public health officials. This is a balancing act, given the challenges 2020 presents, it is crucial to prioritize.
In the past, Beacon Hill apartment lease renewals and visits were done in person. However, this might not be feasible in the current environment. As such, leading property management groups are taking many of these processes online.
Not only does this reduce contacts (which is important in the age of social distancing), it also moves toward automating processes. The latter will help to reduce operating costs, and this improvement in operational efficiency will help to offset revenue pressures as tenants struggle to pay their monthly rentals.
2020 is a challenging year, but property managers are adapting to the challenges. In doing so, they are protecting themselves and their clients and their tenants from everything this year has thrown at them.