Whoever said “hindsight is 20/20” must have known that we’d all be looking back at the past year with intense scrutiny. After all, the events of 2020 changed the way all of us lived our lives—both on and off the clock. If you started working from home earlier this year, you weren’t alone. The only question is, were you able to perform your duties as efficiently as before?
Let’s take a look back at 2020, specifically in the area of property management, and see how commercial real estate professionals handled themselves.
Management Went Virtual
Though most tenants were working from home, property managers still had a lot of their plates. At the end of the day, just because you aren’t utilizing your lease space, doesn’t mean your lease obligations disappear. In fact, they become more important than ever. Rent relief, termination options, and force majeure clauses are just some of the things property managers were communicating with their tenants about, and they had to quickly adapt to doing it 100% virtually.
Government Lended a Hand
Foreclosures and evictions were halted by the government early on, putting property managers in a tough spot. Vacancies were also more difficult to fill. But the government did help somewhat with its stimulus package and commercial loan provisions. The CARES act also encouraged property managers to build better relationships with tenants, which was a plus.
The Team Dynamic Changed
Property management teams were affected by the remote work as well. Those without the right technology and communication tools struggled out of the gate. Document access and data processing were two big areas that needed to go virtual for team success. The property managers who thrived were the ones that could easily share data, documents, notes and reminders with others on any device.
Technology Was Crucial for Success
One thing we definitely learned? Those who used property management software were the ones who thrived. Specifically, those who utilized Quarem were set up for success. Communicating about certain lease items and tracking changes to the rent roll were all easy tasks thanks to lease administration tools. From critical date reminders to easy team collaboration, Quarem makes the new normal for property managers easier to handle.
If you’re looking for a better way to do remote property management in 2021, CRE software can help. Request a demo of Quarem today to see it in action for yourself.