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Overcoming Real Estate Challenges in 2022: Navigating Towards Success with Digital Innovation

About The Residential Industry in 2022

A modern apartment building under a twilight sky highlights Fortum Digital's expertise in presenting real estate through advanced digital marketing and 3D virtual tours, showcasing the pinnacle of contemporary property management solutions.

Introduction

The landscape of residential real estate is perpetually evolving, with 2022 poised to introduce a new set of challenges and opportunities. From managing the ongoing implications of COVID-19 to adapting to the digital-first preferences of Generation Z, property management companies are at a crucial juncture. This post delves into these challenges and outlines strategic solutions fortified by Fortum Digital’s cutting-edge services, ensuring your success in the dynamic real estate market.

I. COVID-19 Management Communication

Property managers have been pulled front and center throughout the COVID-19 crisis. As we head into the new year and new mutations continue to erupt, we can expect this trend to continue.

II. The Generational Shift and New Market

More than ever, property managers are discovering how crucial taking an active role in assisting and educating residents can be. As tenant concerns skyrocket, the management of these issues have overtaken previous issues of importance.

III. Advancements in Technology

When the industry had to rapidly change to deal with COVID-19 restrictions during 2020-2021, property managers had no choice but to prioritize digital solutions for their safety as well as others. As lockdowns loom, it is more important now than before to be proactive not reactive.

Navigating COVID-19 with Advanced Digital Tools

Throughout the COVID-19 crisis, property managers have been thrust into the forefront, and this trend is likely to continue in 2022. With the emergence of new mutations, proactive and effective communication will be vital. Property owners and managers need to stay informed about rental regulations, ensure the stability of their profits and properties, and address ongoing challenges. Automating communication processes can significantly streamline operations.

The persistence of COVID-19 and emerging variants necessitate agile and proactive communication strategies. Transitioning to cloud-based applications can revolutionize how property managers interact with tenants and stakeholders, ensuring seamless, real-time updates.

Fortum Digital’s Solution

To cater to the digital generation, property managers must focus on evolving marketing trends. Building emotional connections with prospective tenants through informative and enticing content is crucial. Implementing content marketing strategies and optimizing websites for search engines can enhance visibility and attract ready-renters. Property managers should also leverage social media platforms to engage with the target audience effectively.

Leveraging cloud-based property management software enhances mobility, simplifies workflows, and ensures critical information is always accessible. Implementing tenant portals consolidates communication, making operations more efficient and responsive to the needs of the community.

This visualization underscores the critical importance of leveraging digital solutions by Fortum Digital to adapt to the evolving challenges posed by the pandemic in the real estate sector.

Embracing the Generational Shift with Digital Engagement

As we enter 2022, the real estate market will experience a significant shift due to the emergence of Generation Z. This “digital generation” heavily relies on the digital landscape and social media for lifestyle and purchasing decisions. Property managers must adapt their marketing strategies to resonate with this tech-savvy generation.

The arrival of Generation Z in the real estate market underscores the need for a robust online presence. This tech-savvy cohort expects interactive and digital-first experiences, from 3D property tours to streamlined online leasing processes.

Fortum Digital’s Solution

Optimizing your website and marketing efforts for this digital generation is paramount. Through emotional storytelling, SEO-rich content marketing for the real estate industry, and strategic social media engagement, we help you connect with and captivate Generation Z renters.

Leveraging Technology for Enhanced Efficiency and Experience

The rapid shift to digital solutions, accelerated by the pandemic, has proven essential for property management’s future. Virtual tours, contactless leasing, and digital document management have become the new norm.

Fortum Digital’s Solution

Artificial Intelligence (AI) stands at the forefront of this transformation. AI-powered chatbots and website enhancements not only streamline inquiries and lead management but also create a more engaging and personalized user experience. Our expertise in real estate digital solutions ensures your property stands out and operates at peak efficiency.

Fostering Stronger Tenant Relationships through Education and Assistance

In an era marked by uncertainty, providing tenants with support and resources is crucial for maintaining trust and satisfaction. Educating residents about their options and rights can significantly impact tenant loyalty and retention.

Fortum Digital’s Solution

We advocate for a comprehensive approach to customer service, empowering property managers with tools and content that inform and assist tenants effectively. From creating informative digital content to utilizing email marketing for property management, we ensure you’re equipped to meet your tenants’ needs compassionately and competently.

Property managers should become experts in renter’s assistance options, help residents find financial programs, adapt to changing rental regulations, and the like. Streamlining customer service processes will enable property managers to balance empathy for residents’ concerns with the need for profitability.

Addressing the Talent Gap with Smart Solutions

The challenge of filling onsite roles has prompted a reevaluation of traditional staffing models. Embracing technology can streamline operations and reduce the need for a large onsite team.

Like many companies, Pegasus Property Management is also looking at alternative staffing models that would reduce onsite personnel by leveraging technology, such as artificial intelligence (AI), digital tours and a centralized call center.

Pegasus PM is also choosing to “hire people that know people,” as Belousov puts it. “When you hire someone who is great and they have a network, you’re really hiring them and their network,” he describes.

Fortum Digital’s Solution

By implementing AI, virtual tours, and enhanced digital marketing strategies, property managers can alleviate staffing pressures while improving service quality. Our solutions are designed to automate routine tasks, enabling your team to focus on what matters most—building relationships and driving business growth.

Source: YAKOV BELOUSOV OF PEGASUS PROPERTY MANAGEMENT

“Talent is still the biggest pain point. We as an industry are continuing to realize that at every level…”

Summary and Conclusion

As we venture into 2022, embracing innovation and digital solutions is not just a strategy—it’s a necessity for thriving in the real estate industry. Fortum Digital Services is your partner in this journey, offering a suite of advanced digital solutions tailored to the unique challenges of property management. From cloud-based applications and AI to optimized websites and strategic marketing, we empower you to overcome obstacles and seize opportunities in the ever-evolving real estate landscape.

Embrace the future with Fortum Digital Services, where technology meets real estate expertise to deliver success in 2022 and beyond.