6 Lessons Property Management Firms Learned in 2020

Most people would agree that 2020 has been an unprecedented year. Few would argue that the most notable has been the outbreak of the coronavirus. The profound effect that this pandemic has had on individuals as well as organizations is unlike anything we have ever had to deal with before.

The coronavirus pandemic continues to sweep across the globe claiming lives, shutting down economies, and redefining how we do business and how we live our daily lives. Never before has there been a greater need to learn and adapt than in this changing landscape. Companies must be responsive and inventive if they hope to prosper in these trying times.

The impact of the pandemic continues to affect individuals and organizations. Property management firms have not been immune. What lessons have property management firms learned in 2020?

1. Keep Cash Available

In the world of property management investing capital is the keystone of growing the business. But if 2020 has taught us anything it is the importance of having enough cash or liquid assets on hand to get through tough spots. In unpredictable times where things change rapidly, having available funds to keep things running can make all the difference.

With the pandemic affecting the ability of individuals to pay their bills and causing businesses to close their doors for good, property management firms may find themselves with reduced income. At the same time, expenses may increase as new protocols are put in place and organizations have to invest in order to adapt and stay operational. Having funds available to get through the lean times can make all the difference.

2. Embrace Working Remotely

The year 2020 has brought with it the need for social distancing. For many, the coronavirus pandemic forced us to choose between working from home or not working at all. Remote work can be challenging, especially when there isn’t much time to prepare for it, but desperate times call for desperate measures. With the right tools and perseverance working remotely can not only get us through these difficult times, but also become our new norm.

Having employees work from home is safer in terms of stopping the spread of illness, but can also save an organization money in the long term. Remote work can cut down on overhead by reducing the need for office space. It can reduce distractions and increase productivity. Working from home also reduces the amount of travel time that employees have to take out of their day.

3. Invest in Technology

The right technology can facilitate change management and help companies adapt to a rapidly changing landscape. Remote work requires unique solutions which allow employees to work at home while staying connected. Employees need equipment and software that will allow them to remain productive in the comfort of home.

Organizations must change the way they do business all while adjusting to a leaner budget. Companies can benefit from technology that can streamline, organize, and simplify the work. The right software can help keep information in a secure place, make it accessible to the right people, and save the company time as well as money.

Property Matrix is the most advanced management software on the market today. Accept payments at no cost to you, enjoy enterprise class accounting, and keep all your documents organized. Property Matrix is adaptable and can be customized to fit your business.

4. Approach Hygiene With a Fresh Perspective

While the coronavirus pandemic has certainly hammered home the importance of cleanliness and proper hygiene, it has also shown us the cost associated with the spread of illness. The measures we put in place to try to stop the spread of disease makes sense regardless of pandemic status. A healthy population is productive and happy.

Good practices include the routine cleaning of frequently touched surfaces such as communal bathrooms and kitchens, security desk areas, elevators, and door handles. It’s a good idea to Install hand sanitizer stations in high traffic areas and encourage people to use them. Educating the public can be effective too. We need to offer materials to educate employees and visitors about proper hand hygiene, cough etiquette, and steps for self assessment.

5. Build a Culture of Adapting and Innovating

When dealing with unexpected and unprecedented events, a lot of decisions need to be made on the fly. An organization that is responsive and quick to adapt and innovate will be more likely to thrive when the going gets tough. The year 2020 has taught us the importance of building and maintaining a culture that is supportive of innovation and values adaptability.

Organizational culture is affected by the core values that the company strives to live by. Employees pick up on the attitudes and beliefs of the leadership team and from this the culture of the organization develops. Model the qualities you want your team to have and encourage innovation and fresh ideas.

6. Be Prepared for the Unexpected

While the coronavirus pandemic rages on, it’s easy to remember that we need to keep our guard up and do our best to stay competitive in these uncertain times. Once we move forward from this crisis we can’t revert back to complacency. This year has taught us the value of being prepared for the unexpected and the need to always be on guard.

None of us know what may lay on the horizon, and while it’s difficult to prepare for the unknown there are things we can do to place ourselves in the best position possible. We can’t go back to old patterns once this pandemic is over. We must continue to watch our cash reserves, keep our organizational culture healthy, stay abreast of leading technology solutions, keep our minds open to working remotely, and never stop fighting the war on the spread of disease.

The year 2020 has been a difficult one for many individuals as well as organizations. The coronavirus pandemic has brought with it many challenges and there will likely be some more before we can conclude this chapter. Many sacrifices have been made and we have all had to adjust to our new norm but we learned a few lessons along the way.

Perhaps the most important lesson that we can learn this year is that even when we’re apart, it’s only together that we’ll get through this difficult time. Each of us brings something unique to the table. Leaning on each other is what makes this global crisis bearable and we can never forget that. This pandemic may be difficult but it will not break us. Humanity is greater than the sum of its parts.

What lessons have you learned in 2020?

Photo: Flickr