Since the beginning of the COVID-19 pandemic, we’ve seen society and businesses transform on a scale completely unlike any other time in recent history. The network of communication and commerce that has been slowly connecting the world has had to be shut down, and many of its channels have been closing up, resulting in the closing or adaptation of business. This has had some major implications in property management in Philadelphia as well.
Property management services have had to undergo some radical overhauls in order to stay afloat and competitive. Here are some ways property management in Philadelphia has had to adapt in some difficult and radical ways during the pandemic.
Changing Eviction Protocol
The loss of commercial trade has had a lot of downstream effects, from the top of corporate finance all the way down to Main Street and the labor class. Because of social distancing measures and lockdowns, people aren’t spending as much, and businesses are either downsizing or outright closing, meaning layoffs and loss of pay. Property management in Philadelphia has had to be cognizant of this trend.
Those who run property management in Philadelphia have had to scale back evictions due to government mandate and out of compassion to their tenants. Because so many are losing their jobs and their income, tenants could be looking at losing their shelters en masse. Property management in Philadelphia has responded by slackening eviction practices.
Changing Renewal and Rental Policies
Rents respond to market growth, and they generally grow incrementally by the year to account for this. Many firms providing property management in Philadelphia, however, have been slackening protocol with rent raises and rental renewals, as well as with evictions, and for many of the same reasons.
Because it makes sense for property management in Philadelphia to preserve tenancies for the long term rather than trying to constantly accommodate for new renters (many of whom also wouldn’t have the funds to cover rent increases), they have been temporarily holding off on rent increases, effectively freezing them for the near future.
Like all businesses, property management in Philadelphia is obligated to follow social distancing protocols, radically changing how they communicate with their clients and forcing them to adapt to innovative communication measures. Many are doing showings remotely using phones or tablets while many others have been prohibiting physical showings altogether. This has implications for the post-pandemic future: the effectiveness of remote showings might make it a preferable method for many going forward.
Switching to Remote Work
The changes property management in Philadelphia has been undertaking don’t always affect the firm-client relationship exclusively; internally, operations have had to change drastically. Because much of what property management in Philadelphia does is clerical, and because many of their offices prohibit social distancing when at capacity, many offices have switched to remote work.
Workers who have instant access to company resources like e-mails are now conducting communique exchanges from home or otherwise away from the office. Like showings, this also has future implications for how property management in Philadelphia conducts business. There may be many costs that have been saved by remote work, and it may cut the need for physical offices altogether.
Property Management in Philadelphia
We’re all in this together, and the measures property management in Philadelphia is taking are there to keep everyone safe and to offer some stability during this time of upheaval. Trustart property management in Philadelphia is here to provide the same quality of service and value to both tenants and landlords. Click here to learn more.