The advance of coronavirus has become a serious challenge for economies all around the world. In the US, most states have declared a ‘shelter at home’ situation. Going into quarantine and a drop in demand has resulted in a lot of companies stopping producing their products and services.

All this has caused uncertainty, and speculation on the effect coronavirus has and will have on the world economy is rife. All financial activities, such as investments have become unpredictable and risky.

Now is the time to safeguard and maintain your business and communities that you manage. Even when the economy goes back to normal, it won’t be the same as it was. When a crisis hits, both people and the market change their practices and methods. As a business owner, you should rethink the way you work to come out stronger when this calamity has run its course.

Need ideas on how to manage your property management company during COVID-19? This blog will help you restructure your business, overcome the effects of COVID-19 on managing condos and HOAs, and resume your company’s growth.

Don’t stress and keep an eye on your finances

The first thing to do when surrounded by so much uncertainty and stress is to breathe deeply and remember that this will pass. When it does pass, your property management company needs to be strong and healthy.

The next step is to work to ensure that your finances are in good enough shape to withstand this crisis. You need to be organized, and we’re here to help you.

Do a business health check

In times like these, we know we all need to tighten our belts’. Keep that in mind as you analyze all your options, and create or reassess your plan B (and C). Think about everything that needs to be taken into consideration as you move forward. Your analysis will help you find a solution that will keep your business healthy.

• Evaluate your fixed costs for the next three months
• Do you have enough capital to keep going through this crisis, come what may?

 – If the answer is yes, then you’re prepared.

 – If the answer is no, then it’s time to dig deeper:

– What cuts can you make that won’t affect performance?

– What can you negotiate to pay later or less?

– What happens if a community can’t pay you? Can you offer them a deal?

You can do the same thing for the condos and HOAs you manage, to see what you can do to help them.

Check the finances of the communities you manage

Since you have a property management company, it’s time to ask yourself some questions:

• What are the fixed costs that can’t be touched and which can be cut?
• Which can be negotiated with providers?
• How can you organize and deal with any default payments?

For each of the points above, you need to have an action plan. That way, you’ll have an idea of strategic and financial decisions, as well as keeping an eye on your business’s health.

Follow the market

When we talk about the market, we’re thinking of three different markets:

• Competitor markets
• Financial markets
• Clients

Competitor markets

By that, we mean scope out the market and benchmark. Conduct a strategic, in-depth analysis and find the best practices that are being used, or have been used, by companies that work in the same field as you. Conducting this study and adapting your findings to your company is very important.

Benchmarking is a common practice, and it’s more essential than ever to come out at the top of your game It will help you to save both time and money. Have you ever done a benchmarking for your property management company? It might be a good time to start.

It’s just as important to understand what practices and strategies that companies in your sector have done that didn’t work. You may be on the brink of enacting a similar plan that would be inefficient. Learning from other peoples’ mistakes is just as important as learning from your own.

Financial markets   

Remember that everything that affects your property management company, affects the financial market first, so keep an eye on it! Follow famous economists and experts on social media, read the newspapers and create plans in alignment with the financial markets

Understanding the behavior and workings of the economy will not only give you more of an insight into what’s happening, but it will also show you opportunities for investment that may be better than expected. 

Clients

We’ve already talked about the importance of paying attention to you and your clients’ financial situation. 

It’s worth highlighting how condos and HOAs have evolved and become more accepting of technology and software. One thing COVID-19 has forced us to do is be more adaptable, we have had to become more digital than ever.

This gives us the opportunity to offer clients and potential clients a virtual solution. HOA and condo management software have become more of a necessity than ever.

Get out of your comfort zone

To start making a comeback, you need to make some investments. Think of some indirect income that you could invest in. By that, we mean a source of income that isn’t HOA fees. 

An interesting option is investing in renewable energy. Renewable energy is a good solution if you want to save money because your business, and the condos and HOAs you manage can save up to 30% of what you spend on electricity.

If you choose to invest in this sort of service then you’ll get your energy bill as usual, but you can reduce your energy consumption with credits that you gain by using renewable energy. 

When this is all over

The tips and ideas we’ve given are essential to keep your property management company robust and strong during these difficult times. It’s worth highlighting that when the COVID-19 crisis passes your focus should be on your goals and growing your business. Difficult times can make us all stronger, and we hope that we can help you grow your property management company.

As you’re working more virtually, having a property management software can help you manage and communicate with the HOAs and Condos that you’re in charge of. Neigbrs by Vinteum is the only communication focused software designed for community associations. Schedule your free demo to learn more about how we can help you.