The global supply chain delays and labour shortages have left many businesses floundering as they try to catch up and improvise. In property management as well, supply chain delays and labour shortages are straining property managers’ ability to get work done quickly and cost-effectively. This is likely to impact tenants’ satisfaction with their services. Let’s understand how this is affecting the property management industry and what are some ways the damage can be mitigated.
The Problem:
Supply Chain Shortage Effects:
1. Decrease in Maintenance Budget
As a direct result of the global supply chain shortages, prices have soared past what we have been accustomed to. Whether it plays out in hiring outside services whose fees have increased, or buying parts that are simply much more expensive than they used to be, managers can expect to factor in higher costs in the regular maintenance of their properties. With fewer products to go around, higher costs become the norm.
2. Reduced Availability of Essential Parts:
Needing to pay higher rates for parts is entirely different than not being able to attain those parts at all. If you can’t get the appropriate replacement parts for a rental unit that has a renter already living there, you are bound to encounter some unpleasantness. Accessing common repair parts to plumbing, electrical, paint, doors, locks, windows etc, will be uncertain for a while longer. Production overseas in places where Covid restrictions may be strong, is one reason why your products may be just out of reach. There may be simply not enough of a product to keep it in circulation on the shelves in your local hardware store. Even if the materials are available, shipping delays due to labour shortages or port bottlenecking may be the reason you cannot get what you need when it comes to maintaining your properties properly.
Labour Shortages:
Property management companies are now operating with smaller teams due to the labour shortage. This can stem from a few sources. Fewer employees may be due to decreased cash flow as a result of the ongoing pandemic, or that there are simply fewer suitable candidates applying to choose from. Whatever the cause, as a result of this phenomenon, companies are now investing more effort into attracting and retaining employees, as well as adopting the appropriate software to help them achieve more, even with fewer hands on deck.
Working with paper spreadsheets in a world of smartphones and cloud computing is no longer a viable option, especially when dealing with short staffing issues.
The MyPortal by Payquad Solution:
Although having the proper software cannot eliminate the supply chain issue or the issue of inflated prices, it can serve to remove much internal frustration among your staff and tenants by opening the lines of communication and collaboration. A burden shared is a burden halved and getting everyone on the team on the same page is crucial when facing difficulties of any sort within the company. Empowering your team by providing them with access and training to newer cloud-based and tenant software technologies will not only improve skill sets and job satisfaction, but will also take your whole business to the next level. Using these systems is more timely, precise and efficient and will drastically improve your company’s productivity notwithstanding the reality of decreased manpower.
Furthermore, the pandemic has altered workers’ expectations from their employers. Successful companies who want to not just survive, but thrive, need to embrace these new standards to improve their operations on a grand scale and increase employee retention. Recognizing employees for their good work and investing in their skills with new technology and effective training are two simple and powerful ways to accomplish this. Sign up now for a free Payquad demo!
