Tech Usage in Student Housing Property Management

With the boom of the digital era, technological advancements have been revolutionizing almost every sector. As the student housing market continues to grow, property managers are constantly looking for innovative ways to improve efficiency, reduce costs, and enhance the student living experience. This blog will explore the latest property management technology trends in the student housing market to optimize their operations, and ultimately transform the industry.

1. How Can Technology Resolve Current Challenges in the Student Housing Industry?

In the ever-evolving landscape of the student housing industry, technology emerges as a powerful force, offering solutions to address the challenges faced by students and property managers. Some ways in which property management technology can pave the way for greater efficiency and convenience encompass:

1. High Demand for Student Stays: International students need help finding a proper home for themselves, especially after encountering endless scams amidst the student housing crisis. This makes it difficult for students to trust someone with their money. Technology can simplify the process of finding and booking student housing facilities through credible online booking platforms, like amber. With virtual tours, high-definition images, and multichannel representation, students can make informed decisions generated by credible sources.
2. Maintenance and Repair Requests: Students usually don’t have time to contact landlords personally for every little inconvenience. The implementation of mobile apps, and online portals enables tenants to quickly and easily submit maintenance requests, with the added benefit of tracking their progress as per their convenience.
3. Security and Safety Concerns: Smart home technology, such as electronic locks and security cameras can improve the safety of the student housing facilities. This can further provide peace of mind and prevent acts of vandalism on the property.
4. Lease Management and Rental Payments: Property management technology like digital lease management software and online payment platforms streamline the entire rental process, making it easier for tenants to pay their rent and for property managers to manage the leases. The systems are advanced enough to remove any requirement for physical copies of transactions, in lieu of digital proof of payment.
5. Communication with Tenants: Communication tools, such as text messaging and chatbots enable property managers to easily communicate with tenants. This time-efficient solution helps to quickly address any concerns or questions the tenants may have. Property managers can also use bulk messaging for more routine issues such as parking, standard information, or even trivial changes like updated pool hours.

2. Benefits of Property Management Technology in Student Housing

Property management technology presents a myriad of benefits for student housing,  that can transform the way properties are operated and tenants are served through:

1. Increased Efficiency: The use of technology in property management can automate tasks, reduce manual work, and improve overall operational efficiency. This ultimately helps in increasing productivity and reducing costs for student housing managers.
2. Enhanced Tenant Experience: Tools such as smart home devices and mobile apps can enhance the overall living experience for the tenants, making it more convenient for them. Moreover, this can also assist in boosting tenant satisfaction and trust, ultimately leading to better ratings for a higher number of bookings in the future.
3. Better Cost Management:Property management technology can help operators identify areas of cost-saving, such as energy-efficient devices, and collect revenue through online payment systems. It increases overall profitability which helps them save money on manual labor, resulting in higher revenue generation.
4. Competitive Edge in the Market: The use of technology for property management can give student housing operators a competitive edge in the market, as tenants are increasingly looking for more modern, tech-enabled facilities with convenient amenities to streamline operations.

3. Top Student Housing Technologies for Property Management

Some of the top tech solutions that have been observed in a wide spectrum of the student housing market consist of:

1. Property Management Software: A comprehensive software system can automate, and streamline many tasks for property managers. It can streamline operations and automate tasks like leasing, rent collection, maintenance tracking, accounting, etc. Furthermore, they can provide valuable insights to improve decision-making for property managers.

For instance, such tech-based student housing partnerships have been observed between Blackstone-acquired iQ and Yolanda tech platform, Xior Student Housing and Yardi tech services, and others.

2. Smart Locks and Access Control: A smart security solution is the most effective way of providing safety to tenants and their personal belongings, besides enabling easy access across the property. Property managers can remotely monitor and control who enters the premises and take preventive measures in case of break-ins. Features such as keyless entry, remote access, and real-time monitoring help property managers in smartly securing living spaces.

3. Maintenance Management Software: Maintenance management software is a type of property management technology that can help operators track and prioritize maintenance requests, streamline work-order generation, and improve response times, enhancing tenant satisfaction. This can establish a smooth line of communication between tenants and property managers by leading to better operational efficiency and reducing downtime.

4. Communication and Collaboration Tools: A suite of digital communication tools such as messaging, email, and chatbots enable property managers to communicate with tenants and staff effectively. It helps people address concerns, foster collaboration, improve overall satisfaction, and reduce response time.

5. API Integration: The target demographic of all the property managers is mostly Gen Z. A common trait between all Gen Z students is that they usually prefer to have all things in one place. Furthermore, they don’t like to tussle for their needs and wants. Interlinking channels of services like delivering food, groceries, medicines, or even the service of booking a cab on the communication platform by the tenants can help in providing them with a seamless experience. Lastly, it can also help property managers position themselves uniquely in a swarmed market, hence attracting more students to their properties.

4. Best Practices for Student Housing Property Management

Adapting to these changes can be a long and tiring process and that’s why here is a checklist of 4 best practices for successfully implementing the latest property management technology:

1. Identify Your Goals: Understanding the specific requirements of student housing property and determining how technology can help cater to those needs, will help make optimized tech augmentations to the student housing premises.
2. Train Your Staff: Proper training is essential for the successful adoption of technology. This involves providing adequate resources, support to staff, and services to tenants so that they can use the tech tools effectively.
3. Monitor the Results: Regularly monitoring the performance and results of your tech adoption will help identify issues or areas of improvement. This will decide on necessary adjustments to ensure that the technology is instrumental in delivering values. Moreover, PMGs can rework their way with a few tweaks in the tech usage to best fit their requirement.
4. Stay Up to Date: Technology is constantly evolving, and it is important to continuously update the tech stack with the latest trends and innovations. This will help make the property competitive in the student housing market and ensure the delivery of the best possible experience to your tenants.

Conclusion

The usage of property management technology in student housing is a game-changer for the industry. With automated leasing and rental payments, property managers can save time and improve cash flow. Convenient, yet effortless, tech usage in student housing properties reduces errors and saves resources. Real-time analytics and reporting provide valuable insights that can help in making better decisions. By leveraging these property management technology trends, student housing operators can streamline operations, increase efficiency, and provide a better experience for tenants. If your student housing property is ready to be operational in the market, benefit from listing your property with amber, a student housing solutions provider to improve visibility.