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What the 'Gig Economy' Means for Property Management Companies

Posted by Mitchell Vinnitsky on Dec 3, 2019 6:00:00 AM

What the ‘Gig Economy’ Means for Property Management Companies

By now, you’ve probably heard about the so-called “gig economy.” But what does that term really mean? More importantly, what – if any – roll will it play in how your property management company will operate in the not-so-distant future? Let’s take a look.

 

 

What is the gig economy?

Simply put, the gig economy is a non-traditional work arrangement by which companies contract with independent workers, either for on-demand or project-based services. For example, a property management company hosting executives for its annual board meeting might contract with an Uber driver to transport attendees to and from the airport. Or, they might hire a freelance writer or marketing consultant to work remotely in assisting them on their content strategy.

Benefits of the Gig Economy

From an organizational standpoint, companies (property management firms included) can benefit from these “gig” arrangements in a number of ways. The most obvious advantage is cost savings. With independent contractors and freelancers, there’s no need to pay a full-time employee, nor is the company required to cover other employment related expenses like payroll taxes, health insurance premiums, retirement fund matching, etc.

Because much of the work being completed through the gig economy is handled remotely, another benefit this provides is access to a global pool of talent. Now, instead of being limited only to professionals who live in close proximity to your office, you can tap into skilled workers located all around the world.

Thirdly, because the nature of the gig economy is remote and temporary, this type of arrangement allows employers to scale up and down with ease. Need extra hands on deck for a big project? Bring in some gig workers. This is especially beneficial to smaller property management companies that don’t have the capital to hire additional employees. They can simply tap into remote and temporary workers to bridge the gap and help make them more competitive without maxing out expenditure.

Technology and Gig Workers

Property management company leaders preparing for tomorrow must recognize that the future of work will most likely involve some combination of the gig economy along with advanced technology. The most successful firms will see humans and artificial intelligence (in the way of gig workers and tools like automation) working in tandem toward shared organizational goals.

Is your property management company ready for this change? Get ahead of the game with property management software from Netintegrity. Request a free demo today to get started.

Topics: Productivity, Blog, Technology, Property Management, Tips, Business Growth, Employee Satisfaction, Hiring, Training, Economics

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