Best Practices for Effective Student Property Management

Introduction

Effective student property management is all about mastering the art of governance and the usage of a judicious mix of essential resources. From rental leasing and drafting tenancy agreements to catering to student preferences and roommate compatibility assurance, property operators can streamline operations with the right approach. In this student renter's guide for best practices for property management groups (PMGs), you can glance at the do’s and don’ts while managing student properties.

1. Do Use Smart Technology for Student Property Management

PMGs can streamline their management process with smart technology to help them keep track of tenant moves and subsequently align their accounting with their monthly management process. So, how is technology used in property management? Here are a few ways property operators can optimize operations using suitable technology and property management tools:

• Cloud-Based Property Management Software:Student Housing Property Management Software: Property managers need to master multitasking, and using property management software is surely the way to go. For instance, Appfolio is cloud-based student housing property management software that allows property managers to streamline their operations, including tenant screening, lease management, rent collection, and maintenance requests.
• Roommate Matching Application:Using roommate matching applications is like a match made in heaven for effective management! To ensure like-minded people live together and the tenants don't have any difficulties adjusting, roommate matching applications can be used by managers to assign rooms and place like-minded people living together. Applications like Roomi and the Spare Room have shown significant results over the years.

Things PMGs Should be Careful About:

• Fail to Resolve a Conflict:A manager should resolve any sort of conflict that falls under their jurisdiction. Failing to do so can result in losing tenants who would not like to stay where there is unresolved conflict.
• Don’t Communicate Poorly: A manager should communicate effectively with their tenants and the owner. Poor communication can cause misunderstandings and confusion, which can ultimately lead to the reduction of profit margins in the long run.

2. Student Marketplaces & Aggregators

Effective student property management is all about using the best practices to maintain the profit margin for the property. To achieve this goal, student marketplaces can come in handy:

• Low Risk: Listing with an aggregator can help minimise risks for both managers and tenants. For instance, aggregators like amber do not charge the PMGs until all the beds listed with them are sold out. This way the PMGs can attain maximum ROIs.
• Do Explore New Properties: Due to historical data, aggregators can track changes in market demand, making their marketing strategies and communication more effective in ensuring higher profits.
• Comprehensive Dashboard: Aggregators provide a comprehensive dashboard that adds a lot of credibility to the listed properties. For example, if a property is sold out, it indicates that it is in high demand and tenants prefer that particular accommodation, which ultimately attracts more renters.
• Goodwill: Having a property listed with aggregators will certainly add to its goodwill, as several prospective tenants trust student marketplaces. Student PMGs are more likely to get a higher number of bookings if it is listed with trustworthy and credible aggregators.

Things PMGs Should Be Careful About:

• Don’t Trust the Wrong Aggregator: Property management groups should choose a student aggregator only after in-depth research and thorough analysis of the market players. As a result of rental scams, 11,578 people in the US lost $350,328 in 2021, up 64% from 2020 (Source: The PIE News). If your potential tenants can’t trust your aggregator, it is likely to affect your bookings.

3. Do Use Simple Billing and Utility Management:

Billing and utility management is one of the biggest challenges a manager has to deal with. However, several practices can help managers overcome these challenges:

• Create a Systematic Billing and Accounting System: Depending on the number of properties you manage, you may need to develop a system for tracking all your properties’ bills and utilities.
• Provide Clear Instructions: Make sure that your tenants understand how to pay their bills and what is expected of them. Provide clear instructions and valid contact information, so they can reach out with any questions or concerns they may have.
• Keep Records: Keep detailed records of all billing and utility payments, including dates, amounts, and notes or comments. This can help you to stay organised and keep track of your finances.

Things PMGs Should Be Careful About:

• Avoid False Accounting: Managers should avoid false accounting, which can lead to confusion and false accusations against management.
• Don’t Indulge in Inadequate Bill Tracking System:  PMGs should have an adequate bill tracking system to double-check any unsuccessful or delayed payments.

4. Financial Agreements and Discounts:

Drafting financial agreements and getting tenants the best deals is one of the major responsibilities of the property manager. Here are some property management tools and tricks that can help in improving the efficiency of your PMG’s operations:

• Lawyer-Reviewed Financial Agreements: Avail is a web-based application that helps managers avail lawyers to review financial agreements and check the authenticity of the document. Hence, managers can create legal and descriptive financial agreements using this application.
• Getting Discounts Approved: Any discounts should be discussed in advance with upper management and agreed upon in writing.
• Do Use Referral Codes: To encourage current tenants to refer new businesses to your management firm, managers should consider offering referral discounts.

Things PMGs Should Be Careful About:

• Lack of Legal Consultation: Managers should never enter into any financial agreements without consulting a legal or finance professional. This is to ensure that the property managers remain legally, and financially sound in the long run.
• Don’t Make Unrealistic Commitments: Managers should never commit to misleading a tenant when it comes to discounts and referral codes.

5. CRM and Guest Communication

Managers should excel in the art of customer relations, as it is often said, “Customer is God”. Here are some practices that can help the manager treat tenants the same way:

• CRM Build-in Application with Tenant Portal: Doorloop is an application with built-in CRM which allows tenants to raise an inquiry or complaint. The application acts as a bridge between the manager, and the tenants. With this, the manager can view the listed concerns or complaints on the dashboard, and resolve them.
• Personalized Communication: Managers should communicate with the guests by using their first names to address any specific concerns they may have. Furthermore, property owners can use personalized communication to interact with students. This will help to create a more positive and memorable experience for the tenants. For instance, a personalized Easter Holiday message can cheer up a student who might be feeling homesick.

Things PMGs Should Be Careful About:

• Don’t Over-Communicate: Property operators should avoid over-communicating with tenants. Bombarding them with too many messages or emails can be overwhelming and may even lead to them ignoring your messages altogether.
• Don’t Take Late Actions: PMGs should avoid taking too long to address a tenant's concern. This leaves a negative impact on the tenant and hence, can adversely affect your ratings..

6. Site Management and Marketing Efforts:

One of the major responsibilities of a student property manager is to manage and market them effectively. Here are a few practices that can help property managers excel in the art of site management and marketing:

• Tenant Lease Renewal: The process of tenant lease renewal should be easy and budget-friendly. It is often noticed that most tenants do not renew their leases because it requires a lot of time and effort. The manager should ensure that the lease renewal process happens smoothly, without causing any inconvenience to the tenant..
• Good Reviews are the Best Form of Marketing: A happy tenant will leave good feedback which will add to the credibility of the management. Moreover, a tenant satisfied with the management may provide good peer reviews which will increase the visibility and occupancies of your property. So, managers should make efforts to provide excellent services, so the tenant can leave good feedback.

Things PMGs Should Be Careful About:

• Don’t Ignore Negative Feedback: A student property manager should acknowledge the negative feedback and address the tenant's concern as soon as possible. This is because good reviews are the foundation of a potentially prosperous property.

Conclusion

By now, it must be clear why is it important to be efficient when managing a property. A student property manager can only run their property smoothly by following the best practices for student property management. This in turn helps to increase the efficiency and effectiveness of business operations, ultimately assisting in maximizing profits. When property operators manage their property well, they can attract more students to their properties. It’s a win-win situation for everyone. If you believe your has the potential to attract student tenants, do list with us at amber.