The global COVID-19 pandemic has changed many aspects of the economy, and rental property management is no exception. While many of the changes have been bad, there have been some rather positive differences that offer more efficient and innovative ways to conduct business. Some of these changes are especially apparent in the Las Vegas property management industry and expected to have a lasting effect on long-term rentals.
Remote Property Management
Thanks to modern technology, a property manager Las Vegas residents rent from can now handle many of the business details online. Advertising properties online is now easy, and many landlords in the area are choosing this method to reach a broader audience. The pandemic has also prompted some property managers to accept online applications and e-signatures from interested tenants. Online video call or chat software can also be used by landlords to interview prospective tenants, and this method of interviewing can also be safer from a health and safety standpoint.
Even with all the great houses for sale in Las Vegas that are still available, many people can’t afford to buy currently because of financial hardship. With so many people suffering financial losses from the pandemic, the number of renters has increased, which has been especially beneficial for landlords. Property managers are able to fill their vacancies more consistently, and many of their tenants are expected to be long-term renters. Some landlords are seeing a sharp increase in renters who are recent college graduates and other young people who don’t have a lot of money because of the downturn in the economy.
Higher Rentals and Real Estate
According to Cassie Mor of The MOR Group, “Sale prices and rent prices have gone up drastically. People are willing to pay more for where they live since they work from home and spend more time at home. Also, many people are moving from California and other states that have higher rents and prices and see our process are so low and they can afford to pay more. Inventory is low right now and the demand is very high!”
Tenants who aren’t able to pay rent have been able to have their evictions postponed and sometimes stopped altogether because of new laws that were enacted during the pandemic, and this has had mixed results for Las Vegas and Henderson property management professionals. The eviction moratoriums have caused some landlords to suffer great financial losses while other landlords have been able to adapt to the new rules with few difficulties. Foreclosure moratoriums have been enacted in some jurisdictions that allow landlords to keep their properties if the mortgage payments aren’t able to be made because of the loss of rental income from tenants. These moratoriums are expected to cease for the long term once the pandemic ends and the economy recovers better.
Stricter Sanitation Standards
The pandemic has also put a greater emphasis on the importance of cleanliness to avoid the spread of germs and viruses. Landlords are expected to clean their rental units more thoroughly before renting them out to tenants. Using cleaning products that are more effective in killing germs and viruses on surfaces has become standard practice for many landlords. Portable foggers have proven to be especially useful for property managers who want to sanitize their rentals as thoroughly as possible. Ventilation may also need to be improved in certain units to help them stay cleaner for longer periods and reduce the chances of tenants contracting airborne illnesses.
A Higher Demand for Safety Features
The pandemic has increased the demand for more safety features in long-term rentals. Many tenants nowadays are putting less emphasis on fun and focusing more on how safe a particular unit is. Some landlords have been encouraged to upgrade the door locks on their rental units to locks that use keyless entry technology as a way to minimize the need to touch surfaces that might be riddled with illness-causing germs and viruses. HVAC systems are also being upgraded more often to make the indoor air quality safer. Real estate investors who want to purchase houses for sale in Summerlin and other parts of the Las Vegas area to lease to tenants are looking more for homes that already include these safety features.
An Increase in DIY Repairs
Traditionally, tenants have called their landlords whenever there is a maintenance issue in a unit, but some property managers have given tenants the tools to fix the problems themselves because of the pandemic. In order to maintain social distancing and lower the risk of transmitting COVID-19 or other illnesses, tenants are starting to learn how to perform some simple repairs and other maintenance tasks with help from their landlords. The landlord may provide a step-by-step manual on how to resolve certain issues so that no outside persons will need to enter a unit to do the work. Some landlords have even loaned tenants their toolsets so that they can try to fix any problems themselves. This increase in DIY repairs has saved some property managers the money that would need to be used to hire contractors to do the work.
Changes in Commercial Property Management
In addition to residential property management, there have been changes with commercial property management Las Vegas property managers have had to adjust to in order to adapt to the changing times. These changes have been particularly noticeable for retail, hospitality, business and industrial properties. Since more employees are working from home or quitting their jobs altogether because of the pandemic, office space has not been in great demand, which has negatively affected many managers of office buildings who are trying to fill their vacancies. The same decline has been seen in buildings that are used by the retail and hospitality industries. Industrial properties, however, have been in higher demand because of the need for more space to store products that are used to fulfill online orders.
The MOR Group | Henderson Property Management & Real Estate
Additional challenges and opportunities for property managers have arisen with the pandemic, and some of these changes may be permanent while others will likely be temporary. If you own a rental property in the Las Vegas area, The Mor Group can offer you first-class Las Vegas property management services to help you protect your investment. Please contact The Mor Group today by visiting www.themorgroup.com or calling 702-501-1085 to learn more about what our team can do for you.