The Great Resignation has emerged as a result of people quitting their jobs since the COVID-19 pandemic began. It is still going strong despite the unemployment rate decreasing by 3.6%. In just one year, between February 2021 to February 2022, housing costs increased 19.8%, and in March 2022, inflation reached 8.5%, the highest level since December 1891.
During the economic uncertainty brought on by the onset of the pandemic, many postponed planned leave, whether to launch their own business or for other reasons.
With the introduction of COVID-19 vaccinations and bolstered economic recovery, hiring has increased, even as people who had put off quitting for various reasons now feel confident in moving forward.
The top trending career search term from January 2021 to January 2022, according to Google searches, was "how to become a real estate agent."
Housing Market and Great Resignation
What impact does Great Resignation have on the housing market?
According to the National Association of Realtors, many looking to buy a home prioritize living in low-cost areas since housing prices have grown significantly. Employed Americans ages 18 and 44 are more likely to accept a pay cut or a position with a lower salary to relocate to a more affordable place.
As for workers, property management was always about work-life balance, unpredictable daily tasks, and an in-office presence. The shift between 2019-2022 shows us that we need to be ready to adjust to a new reality fast.
The Great Resignation’s message to the housing market is clear: it is time to adapt.
Related: The BRRRR Method in Real Estate: How to Start Using It
How Can Property Management Software Help?
Millennial households are expanding due to new roommates, families, and pets. In October 2021, 57% of homeowners aged 18 to 34 said that an expanding household impacted their housing demands, up from 50% in February 2021. It is understandable that many young Americans are looking for homes and are prepared to move.
Across the country, a growing number of new landlords and property managers, who previously worked full-time office jobs, are searching for faster and more stable income. Property management software helps optimize business operations to lease properties faster while assisting customer relationships. Innovative rental management software assists in storing and managing information, communicating with tenants, advertising, and business growth.
Advantages of Using Property Management Software
The software simplifies administrative, marketing, and related business for anyone who manages rental properties. Among its many features, it enables users to advertise properties, sign lease agreements online, list rentals, and receive and handle maintenance requests from tenants.
One of the major advantages of property management software is the ability to collect rent online, saving both landlords' and tenants’ time. It also simplifies and expedites automatic payments, security deposit collection, and lease administration.
Screening is another essential step in the leasing process.
During the tenant screening process, landlords gather relevant information on a potential tenant, including a credit check and rental history.
TenantCloud offers a tenant background check, possible criminal history, employment history, previous evictions, and more. A complete tenant screening report includes a background check, a credit check, and a search of National Eviction Records.
Use both background and credit checks to feel confident you are finding the best renters.
Document Templates and Online Lease Agreements
Online lease agreements can replace paper lease agreements, saving time and money. TenantCloud provides Landlord Forms, customizable documents that landlords will need for their rental properties.
Other benefits of online lease agreements are autofill and e-signatures. Online documents and payments are safe and protected.
Landlords miss out on a large population of potential tenants if they don't advertise their properties online. Fortunately, finding a rental property is easier than ever, and looking for rentals online is often free.
Most property management software systems will enable you to market and post your rental vacancy on the most popular websites.