Strata Property Management Trends for 2021

The COVID-19 pandemic made strata property management in 2020 very unpredictable and led to unexpected outcomes. It altered the landscape of property management in Vancouver and invoked the need of evolving trends in the property management BC industry. Property managers in Vancouver were faced with the task of keeping up with their usual array of duties while maintaining COVID-19 protocols in place.

Here are some trends that will shape strata property management companiesin 2021:

Remote management through cloud tech:

“Remote work” was the key term of 2020 and propelled most of us to work from home. For strata property managers, this was tougher as regular site visits and on-site work forms the core of their operation. Technology took the forefront as we strove for physical distancing. Cloud technology played a huge role in this arena by helping in collection of rent and miscellaneous fees, tracking dates of moving, complaint and requests management, cleaning schedules for properties, arranging for repairs, etc.

Implementing AI for efficient communication:

Efficient communication will be the key to improved performance and effective solution to quickly respond to client queries. Artificial Intelligence in the form of Chatbots and virtual assistants will go a long way in resolving issues and will act as the first form of contact for many. This will also ease the workload of property managers and ensure efficient management of resource allocation.

Smart Security:

Smart devices have made it easier to monitor properties from the palm of our hands using phones. This reduces the response time when there is a security breach or emergency situation. Furthermore, installation of smart security devices can send out alerts and keep surveillance in the area. This acts as a deterrent to harmful elements. Video surveillance can also give or revoke access to people entering the premises and can help control security clearance.

Smart security features with face detection can put an end to physical touch with touchless entry to curb the spread of harmful viruses.

Emphasis on residents:

Property management companies pivoted to focus their attention more on residents than on the top reigning duo of profitability and efficiency. This can be attributed to increased communication between Vancouver property managers and residents/tenants to come up with solutions to tackle the pandemic. Property managers learnt the importance of maintaining a strong relation and understanding with tenants and how it improves their chances of a successful relationship.