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COVID-19 Impact on Property Managers

Posted by Admin on September 9, 2020
| Location, Property Management, Real Estate
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Our CEO and Principal Broker — Mike Khesin — was interviewed by Real Estate Bees, an online platform for the U.S. real estate experts. The Real Estate Bees research team reached out to Mike and asked for his insight on the consequences of the Coronavirus pandemic on the U.S. property managers.

 

Real Estate Bees were conducting a survey of over two thousand real estate managers across the United States. Mike gladly shared his observations of the COVID-19 impact on the property management industry and, along with other real estate management experts, was featured in the article presenting the results of the survey.

 

The survey consisted of multiple choice questions as well as open questions. In the survey report, the answers to multiple choice questions are presented as pie chart diagrams, while answers to open questions are shown as quotes selected from the best responses.

 

Particularly, Mike provided his insight on the following open questions:

 

  1. What are the specific negative impacts the pandemic is having on property managers?
  2. What unexpected opportunities has the pandemic opened for property managers?
  3. What marketing channels do you prefer to use during the pandemic over the rest and why?

 

The other questions of the survey addressed such aspects as adjusting marketing budget, pros and cons of transferring a property management business on remote work basis, what could’ve been done to minimize losses or even thrive in the current situation, and others.

 

Some of the statistics provided by the survey don’t look obvious. The majority of respondents (66.7%) estimate the negative impact of the pandemic on their property management businesses as moderate, and only 26.2% view it as considerable. The rest (7.1%) haven’t felt any impact at all.

 

The majority of the participants (71.1%) said they had seen new opportunities opened by the pandemic for their business. 78.4% aren’t adjusting their marketing budget to the conditions of the pandemic.

 

Overall, the survey shows that despite all the restrictions, so far the impact of the COVID-19 on the United States property management industry isn’t critical.

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