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Providing property management services in the time of COVID-19 pandemic
Abstract
RESEARCH OBJECTIVE: The objective of the article is to assess the impact of COVID-19 pandemic on a selected segment of real estate services ant the costs related to the maintenance of property
THE RESEARCH PROBLEM AND METHODS: For the purpose of assessing the impact of COVID-19 pandemic on selected aspects of the real estate market a survey questionnaire with open-ended questions was distributed amongst all the property managers associated in the Institute of Real Estate Economy.
THE PROCESS of ARGUMENTATION: The COVID-19 pandemic had an impact on the costs of real estate servicing, including significantly in the area of maintaining its cleanliness. At the same time, the expectations of real estate owners have changed, mostly to the typical ones, revealed during the period of economic crises. Property managers therefore had to deal with new responsibilities, and their remuneration for this has not changed. Importantly for this market situation, it was also not lowered. Property managers have started online activities for certain responsibilities and their teams have started working as a hybrid. Their companies developed technologically through the purchase or intensification of the use of software and hardware. They also implemented new rules of work organization ensuring the required safety measures.
RESEARCH RESULTS: The conducted research confirms that the COVID-19 pandemic contributed to an increase in the cost of maintaining the property. Due to the changing expectations of the owners of the facilities and the necessary safety rules for property managers, it is a time of intense work. It is worth noting, however, that it was confirmed to what extent the COVID-19 pandemic had an impact on the above and whether the changes would be permanent, therefore the need for further studies.
CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: This article is one of the few that dealt with the impact of the COVID-19 pandemic on property maintenance costs and the scope and manner of performing property managers’ tasks at that time.
Keywords
property market ; property management ; COVID-19 ; real estate servicing costs
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