In a recent blogpost entitled 4 Tips for Weathering the Storm, our founder and President Elizabeth Francisco wrote in the early days of COVID-19 that her first experiences with property management occurred during a crisis – the Great Recession of 2008.
It was during this time that what was already difficult became unmanageable with the old methods (namely: stacks and stacks of Excel spreadsheets). Something had to give!
ResMan was birthed out of that refining challenge.
NAVIGATING THIS CURRENT CRISIS
For a crisis such as COVID-19, we’ve certainly seen unprecedented changes. Internally you’ve endured staff reductions, office closures and work-from-home staff, the need for PPE and social distancing, and widespread unemployment that impacted your residents.
Externally, COVID-19 has heavily disrupted the policies, procedures and deadlines of the Affordable Housing industry. The subsequent CARES Act has demanded massive learning curves for keeping up with a swiftly evolving situation.
But sometimes crisis doesn’t just create new challenges, it puts current bottlenecks, barriers, glitches and inefficient workflows on steroids. It forces us to address problems and issues that were perhaps merely annoying or troublesome before with an openness to consider new ways to provide relief. In other words, we come to a point where something has to give!
3 ESSENTIAL TOOLS FOR AFFORDABLE COMPLIANCE
With COVID-19’s physically altered protocols for managing your property, it’s clear that technology is the way through. Ms. Francisco stated that “Reluctance to adopt efficient technology ultimately means you won’t be able to compete.” You’ll also find affordable compliance untenable without these tools.
And if that’s true any given day, it’s even more vital during our current economic disruption. Here’s what you must have:
1. Cloud-based software
With many staff still working from home, residents socially isolating and vendors operating only online, cloud-based software is an absolute must. It’s more important than ever to be able to access your information from anywhere, at any time.
2. Unlimited Document Storage
With electronic forms replacing paper forms due to the need to avoid contact, it’s vital for both you and your residents to be able to easily access all documents. They’ll need to be able to scan forms and upload them. This is something you needed anyway, in today’s consumer-driven quest for convenience.
3. Compliance Guidance
The CARES Act and frequent changes to local and federal policies have turned our industry upside down.
-You have questions about stimulus funds (is it a lump sum or recurring? what type of forms/reporting do you need to complete?).
-You’re trying to stay abreast of the ever-changing evictions process.
-You’ve got to devise a way to keep up with new payment plans.
And these are just the tip of the iceberg.
The good news is that there is help available!
- For starters, consider participating in associations such as NAHMA, to share and network ideas and to have a voice with the governing bodies of the programs.
- Next, we recommend working with compliance experts dedicated to your success. (We have three, with 60 years’ combined experience!) Easy access to affordable housing experts and software that keeps you within intuitive compliance guardrails is game-changing during a crisis. (And pretty awesome the rest of the time.)
HOW RESMAN HELPS AFFORDABLE PROPERTY MANAGERS ANYTIME
The reality is that even before the pandemic, Affordable Housing compliance could feel like a crisis on any given day. So, whether it’s 2020’s calamities or business-as-usual, you can put your compliance in ResMan’s hands:
- Our Affordable comprehensive compliance suite is always up-to-date, automating, ensuring accuracy and helping you avoid costly compliance risks.
- Our Affordable experts speak your language!
Request a free demo of ResMan Affordable to see how we’re changing affordable property management software to make your job easier than ever before.