The last two years have completely transformed the lives of all of us. The Covid-19 pandemic has negatively impacted every human being, either directly or indirectly. Millions of people lost their loved ones due to the sudden outbreak of this mysterious virus, while all of us got subjected to a sudden change in our lifestyles.
We can now no longer meet freely. We cannot socialize, party, or even work like we used to do. Physical distancing, hand sanitization, and masks have become a part of our routine.
In the last two years, many people lost their jobs. Numerous companies and businesses suffered humongous losses. However, there are certain sectors for which Covid-19 has proved to be a boon. And one of those sectors is ‘Property Management’, which provides Facility Management Services.
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As per the latest report of one of the top accounting firms KPMG, property prices have skyrocketed in Australia due to an increasing gap between demand and supply. The interesting point is that the prices have increased at a higher rate than what they would have in a non-Covid period.
And that’s where the Building Management and Maintenance Companies are thriving. Due to the lockdowns and work-from-home approach, the demand for good properties has proliferated. But, at the same time and due to the same reason, the supply of well-maintained and well-sanitized properties has reduced.
The property management companies thus act as a mediator between landlords and tenants. They help both parties in such a way that they both end up in a win-win situation. The Building Management Companieshire smart and well-educated building managers, who take care of both residential and commercial properties. They perform the following essential tasks:
The Facility Management Companies work for both landlords and tenants and help both parties to achieve their desired goals. While working for the landlords, they inspect the property and ensure that it is well-maintained. If anything is lacking in the property, the appointed Property Manager informs the landlord about the same so that the necessary action can be taken.
They then take corrective action to maintain the landlord’s property, which includes fixing all the things that are lacking in that particular property. Once satisfied with the property, the Property Manager takes up the responsibility to show that property to the potential tenants. But before showing the property, it is the duty of the Property Management Company and the appointed Property Manager to screen the applications of all the tenants and check their references.
Once a tenant finalizes a property, the Property Manager does all the legal work and the paperwork. And once tenants move in, it is the responsibility of Building Maintenance Companies to do a regular inspection of the property and collect the rent on behalf of the landlord.
Everyone wants to be in a safe environment because safety brings peace and happiness. The Building Management and Maintenance Companies, apart from taking care of the residential and commercial property management, provide extensive security solutions to the landlords and tenants.
Apart from manning the property with vigilant security personnel, they install hi-tech security cameras to cover every nook of the property. The tenants living in a residential property or workers working in a commercial building should feel safe. Moreover, the landlord should also feel confident that his/her property is in safe hands. The Facility Management Companies provide this solution.
Apart from ensuring safety from unauthorized intruders, the Facilities Management Companies protect the property from unforeseen emergencies, like Fire. They make sure that the property, be it residential or commercial, is equipped with fire prevention solutions, which include fire extinguishers, smoke detectors, alarms, automated sprinkler systems, warning signs, etc. The property maintenance companies ensure the maintenance of all the equipment.
Cleanliness is an important aspect of every property. Landlords want their property to remain spotless, and tenants look for those properties, which are clean and hygienic. The property maintenance companies make sure that the premises of a property, which includes swimming pools, gardens, parking area, etc., is properly cleaned.
The importance of cleanliness has exponentially increased post the outbreak of the Covid-19 pandemic. A lot of tenants are now cautious about people entering their premises. Therefore, the Building Maintenance Companiesmake sure that Covid-19 protocols are followed, the temperature of visitors and the tenants are checked, and regular sanitization is done.
The Covid-19 pandemic affected most of the businesses around the globe. Everything came to a standstill. Buildings were shut. Offices were closed. Hotels were vacant. The work-from-home model was introduced worldwide. And this resulted in vacant properties. Though potential buyers were there, lockdowns were enforced.
The Facilities Management Companies acted proactively and took the digitization route to provide cloud-based and automated solutions to the landlords and tenants.
With the help of virtual tours and high-quality digital videos, the tenants can now actually see the property, without visiting it. Even if something unexpected happens in a property, be it as simple as a malfunctioned air-conditioner or a leaking pipe, the Building Management Companies now have technology-driven processes to overcome such problems in an extremely short span of time.
Therefore, when the world was forced to lockdowns, the Facilities Maintenance Companies continued to progress and grow by adapting themselves according to the changing market needs. They saw a huge gap between the demand and the supply of the properties, and they cashed in at the right time. They followed the path of digital transformation and filled this gap perfectly.
Another prominent reason behind their growth is the herculean rise of vacation rentals. Many tourists are now choosing rented homes to spend their vacations, rather than hotels. This, however, does not mean that vocational rentals will destroy the hotel industry. But the inclination of the tourists towards rented homes has further skyrocketed the growth of residential and commercial property management companies.
Lockdowns or no lockdowns, their business continued to grow, and it will continue to prosper in the future too.