Nelson Partners Discusses a Few Important Aspects of Student Housing Property Management
Management of student housing requires a unique approach. Hence, landowners often require the experience and expertise of well-established companies like Nelson Partners to maximize their operating returns. This company develops, acquires, invests, and manages student housing properties across the United States. In many ways, student housing properties are like an extended-stay hotel that has to be run like a cruise ship. This is particularly true for the premium purpose-built student housing projects that have become popular today.
One of the key differences between student housing and conventional apartments is the level of operational intensity demanded by the resident base and the academic calendar. Hence, student housing properties generally need a larger, more specialized staff. Once the students get settled, the operators need to turn their attention to making sure that the new residents are effectively engaged with their fellow students and the community. Students who have a positive housing experience are additionally more likely to have higher GPAs and fare better in college.
Student housing markets becomes more complex with time, as new entrants enter the domain. Hence, property managers and operators need to double down their retention efforts to take a bit of pressure off their leading staff. Most student housing management companies today use tier expirations. A lot of such final renewal tiers expire early, thereby potentially leaving money on the table. Unless a student housing facility is full with a waiting list, they need to make a number of additional renewal pushes beyond the final renewal tier expiration even before their final renewal tier has already expired. While it can be of a hard work, it will eventually pay off in the long run and can help student housing managers to get closer to their occupancy goals. The upside of having such a system is gaining a +1 in occupancy revenue. If all of these changes are handled by professionals, they can be done pretty effectively so that everyone wins.
Quarterly inspections at a student housing should ideally be done before the students go back home for the summer. This will help the managers to not only have eyes on the property they are about to turn, but also bill back the damages while the residents are living there. It shall provide them with better odds of actually collecting the damage fees as the changes shall apply to their rent ledger first. The property managers can essentially take care of small items like door stops, bathtub caulk, air filters and more, while they are in the units doing the inspections.
To make sure that all the processes on a student housing facility go smoothly, it will be better to invest in property management engagement system that specialize in the domain like Nelson Partners. All student housing operators have to contend with a single move-in period, usually mid-August. Thus, leasing efforts are focused on getting properties filled prior to summer break. Student housing move-ins align with the new school term, and the effort involved in getting units ready for move-in is pretty huge. Fortunately, most professional student housing management companies have a proper strategy in place to complete this process seamlessly.