How Remote Property Management Looked in 2020

 December 22, 2020

By  Guy Gray

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.

You Might Also Like:

Why Is FASB Trending Again?
CRE Article Roundup: The Latest CRE News and How It Affects Pros
The Capital Stack, Explained

About the author 

Guy Gray

Guy Gray serves as Chief Operating Officer overseeing our technology and client services teams. He is responsible for guiding Quarem application development, networking and security, as well as new client implementations.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Get Started With Quarem

Less headaches. More Control.  A better way to manage your leases.

See Quarem in action.  Get a Demo >

>