Of the many sectors drastically affected by the COVID-19 outbreak, the real estate sector is one of the major sectors that has suffered the full wrath of the pandemic. Even now after the ease in lockdown restrictions, and the festive season gradually bringing buyers and investors back, the feeling of uncertainty still prevails in the real estate market. But property owners, investors, tenants, landlords, buyers, and sellers are still finding ways to navigate through this challenge and keeping the real estate ecosystem in balance. Property management tools for COVID-19 readiness plays a major role in helping these people maintain this balance. These are the tools that people can use in times of COVID-19 pandemic to operate efficiently.
So, what exactly are these property management tools for COVID-19 readiness and how do they help the landlords and tenants in property management? Here are a few property management tools for COVID-19 readiness.
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1. Digital Payment Property Management Tools for COVID-19 Readiness:
Tools:
Google Pay, Paytm, Phonepe
Who is it for?
Landlords and tenants.
How does it help?
Due to the spread of COVID-19, tenants and landlords are moving away from using cash and checks for payments, as they are seen as a potential carrier of the virus. As a result, they are adopting digital payment solutions for paying rent, repair costs, etc. This way it eliminates the need for personal contact to make payments. Moreover, with the growth of digital wallets and other online payment platforms like Paytm and Google Pay, people are comfortable with digital payment solutions. Thus, digital payment solutions help landlords and owners with safe and swift payment transactions.
2. Communication Tools for COVID-19 Readiness
Tools:
WhatsApp, Telegram, Hangouts
Who is it for?
Landlord and tenants.
How does it help?
A key part of improving the tenant experience is having an open line of communication. Regular communication between tenants and owners not only builds a stronger property manager to tenant relationship but also keeps everyone on the same page, along with creating some peace of mind in this crisis. With simple communication tools like WhatsApp that we use every day, tenants and owners can communicate regarding any issues that concern both the parties. Although this may sound simple, these kinds of property management tools for COVID-19 readiness help maintain efficiency in the operations while preventing the spread of the pandemic. These communication tools can also be used to share important notices, documents, and updates regarding the tenancy or lease with tenants.
Also Read: Online Rent agreement – is it legally valid and why should we use it?
3. Applicant Screening Rool for COVID-19 Readiness
Tools:
Housewise web portal
Who is it for?
Landlords
How does it help?
This is one of the important property management tools for COVID-19 readiness. As a property owner, finding a suitable tenant in times like these can be pretty daunting. You will be in a position to find a tenant as soon as possible for your vacant property while dealing with the risk of catching the coronavirus. Moreover, you wouldn’t want to select a bad tenant who would just cause you more problems and money. This is where potential applicant screening tools can help. A property management portal like Housewise helps you find the right tenant for your property. All you need to do is to sign in to the Housewise portal and register your property. They interview the tenants, do background checks, security checks, run credit reports, and close the deal for you, while you relax at your home.
4. eSignature Property Management Tools for COVID-19 Readiness:
Tools:
DocuSign, SignEasy
Who is it for?
Owners and potential tenants.
How does it help?
One of the inevitable things that property owners and applicants have to go through is the paperwork. With the help of eSignature tools, applications, agreements and any document requiring signatures can be signed electronically without having to meet in-person. This way, eSignature tools help the landlords and tenants to simplify the processes and easily obtain signatures on the important documents, without any delay or constraints like distance or absence.
Also Read: NRI Property Management Company in India
5. Contact Tracing app for COVID-19 Readiness:
Tools:
Aarogya Setu
Who is it for?
Tenants and landlords.
How does it help?
Contact tracing app plays a major role in preventing and slowing and the spread of coronavirus. It is one of the crucial property management tools for COVID-19 readiness. Contact tracing apps like Aarogya Setu in India use mobile phones to perform cross-reference of individual’s data with a database held by the Indian Council of Medical Research (IMCR). This way it notifies the users whether they have been exposed to COVID-19, by checking their proximity to known patients. In short, it finds people who are at higher risk than others due to the potential exposure and notifies them if possible. This will greatly help people staying in apartments or other places where they have to share common spaces like a lift, garden area, gym, etc to stay safe.
A deadly pandemic, economic collapse, job cuts, downfall of many businesses- Certainly there is a lot going on right now in this world and this is unlike any challenge we have seen before. As a property owner or a tenant, things might have been a little difficult for you over the past few months but what matters is to move on and navigate through this crisis. Thus, these property management tools for COVID-19 readiness can be put together to help solve some of the major issues and operational difficulties faced by the tenants and landlords.