Image : Atap Putih Villa
The villa management industry has been on the front lines of every challenge the rental market has faced recently. They’ve been stretched thin trying to prevent the spread of COVID-19 within their properties while simultaneously trying to avert the damage that missed rent payments could have on the entire rental ecosystem. Despite these difficulties, the industry has never felt more visible or valuable in its work.
In 2020, a significant shift occurred in the industry, with 45 percent of property managers naming residents a top priority, beating out efficiency and profitability for the first time. This shift reflects a significant change in how property managers spend their time. They are trying to keep units full, rents paid, and residents safe. Property managers have been communicating with renters more than ever, doing everything they can to reduce the strain on unemployed residents.
As property owners have come to value the work of property managers more, they would want them to offer even more services. The services that rental owners most want a property manager to provide reflect the processes that have become increasingly taxing and complex during COVID-19, such as rent collection, maintenance, inspections, and leasing.
Most property managers scrambled to bring their processes online when the pandemic hit. However, property management companies have seen the benefits of doing business digitally. Property managers largely agree that their teams function just as well at home as in the office. Property managers can offer online payments, communications, maintenance requests, and lease signing.
Property managers believe COVID-19 has made the value of strategic, tech-embracing property managers more evident. They think that untech-savvy property managers and DIY landlords will get out of the business as regulations on the rental market increase and profitability becomes more challenging to achieve. More than three-quarters of property managers anticipate revenue and portfolio growth for their companies in the next two years.
Choosing the right property manager is crucial for real estate investors. A good property manager can provide valuable services, especially as your portfolio grows and you expand beyond your local area. However, finding a good property manager is not always easy. The barrier to entry is low, and many people think they can be property managers.
To help you find the best property manager, here are some key questions to ask:
In conclusion, the villa management industry is not just managing villas; it’s building a community. A community where everyone feels heard, valued, and empowered to contribute their best. By focusing on resident-related concerns, offering more services, leveraging technology, and finding novel ways to grow, the industry is creating a work culture that brings out the best in its employees and delivers the best experience to its guests.
Choosing the right villa manager is a crucial part of this process. Property owners can ensure they’re partnering with a manager who will help them achieve their goals by asking the right questions and knowing what to look for.
At Soobali, we’re committed to these principles and constantly strive to adapt and innovate in response to industry trends and challenges. We believe that by following these strategies, we can continue to provide exceptional villa management services to our clients.