How Can Property Managers Master Student Housing Market With Technology?
The United States is the world’s largest student housing market. That’s why the market is attracting the highest volume of investment capital each year. The annual student housing investment amount has tripled. Therefore, investing in students’ housing projects would be a smart decision. But managing your students’ housing rentals is the biggest challenge. You would definitely need to consider property management software.
When you look at property management software, you’ll see that managing student housing isn’t the same as managing other sorts of properties. Essential property management software may not be able to meet several particular demands and technological requirements. It gets much more complicated if you order various properties: you’ll need to pick software that can handle all of them. Student Housing Property Management Software is the simple answer as it meets all the requirements.
Concentrating on specific goals such as making paperless, managing expansion following mergers and acquisitions, compliance, and automating marketing might influence your ultimate decision. Let’s discuss it with the features of the student housing software.
What аrе thе fеаturеs tо lооk fоr in a student hоusе sоftwаrе?
While searching for web-based property management software, you must look for some of the essential features. These include:
- Accounting: When you’re in charge of several properties spread over many sites, you’ll need a reliable accounting module that can make general accounting handling, payables, intercompany accounting, and rent collecting easier. When selecting software, ensure that it complies with applicable accounting and regulatory standards.
- Budgeting and forecasting: While most software systems include an accounting module, only a few provide comprehensive budgeting and forecasting capabilities. This capability is crucial for more prominent players that manage or own many properties in different locations. The program can produce projections for spending and revenue based on the data as helpful information for developing appropriate operating budgets.
- Online Portal: Today’s students – your primary customers – are internet savvy and accustomed to having things done online. Suppose you have a software system that allows students to go online and pick rooms, check details about due rent, lodge maintenance requests, and schedule additional services. In that case, you may provide a superior customer experience. Some software may also offer similar interfaces for managing your vendors.
- Support fоr аnу оthеr service: Different ѕtudеnt ассоmmоdаtіоn companies may оffеr different ѕеrvісеѕ and fасіlіtіеѕ. As a result, there aren’t standard services that surpass what various student housing firms offer. Your company may provide a variety of auxiliary services to students that aren’t pre-programmed into the software. Provide paid TV, laundry, food, wireless, and other services. You should be able to integrate them with your software, allowing you to do combined computations and collect payments for all of them in one go.
- Maintenance: A maintenance and incident management module enables you to automate routine and emergency property maintenance tasks. Some software systems also allow students, owners, or employees to send notes, photos, or videos of maintenance jobs that need to be completed. Additionally, the software may record each incidence, allowing managers to better understand the maintenance issues for specific locations or the whole portfolio.
- Marketing: It’s crucial to reach out to potential tenants on the internet and inform them about your services using social media, paid advertisements, and other means. A marketing plan that allows students to view, book, produce, and make requests online can be crucial in ensuring the success of your business.
Finally, in terms of Sales and Service, Delivery and Maintenance, and so much more, the Student Housing Property Management Software makes everything more straightforward and hassle-free. Property managers can easily manage everything and have full control over different students’ accommodations at different locations.
