Nelson Partners Marks the Challenges Associated with Student Housing Management
The investment opportunities available in the student housing sector have certainly gone up over the years, owing to the shortage of in-campus accommodation witnessed in multiple universities. However, even though there are many opportunities present in this sector, there are several challenges linked to it as well. This sector needs a lot more hands-on management than traditional commercial property portfolios. In many ways, running student accommodation is similar to running a hotel. It requires a particular set of skills, experience and resources that any typical landlord is unlikely to have. Hence, it will be a smart decision for them to seek out the assistance of property management companies specializing in student housing like Nelson Partners.
Managing a student housing property is a way different ball game than managing a traditional multifamily property in a number of ways. College students are younger and have pretty varied needs as opposed to a family person. First of all, most of the tenants at a student housing facility would be living away from home for the very first time, and the concept of landlords might be quite novel to them. To make sure that they enjoy a hassle-free living at a student housing unit, proper staff and solutions are needed. Provisions must be made available to make sure that they can contact the support staff for concerns, rather than having to deal with problems on their own. The students will ideally expect the support staff of the housing unit to be available at all times. But any typical landlord would hardly have the time to be available to the tenants 24×7, nor are they likely to be knowledgeable enough to deal with the issues particularly faced by the students. The professionals working in any property management companies specializing in student housing like Nelson Partners however will know how to manage the students effectively, and make sure that their clients do not have to deal with any added responsibilities.
Professional property management also carried out specialized programs that help the students to integrate their college life, including socializing, sports and recreation events. The students are often tasked to manage leadership committees as well. These experiences play a major role in enriching the lives of a student. Furthermore, much like a hotel brand, student accommodation facilities will also require considerable significant head office infrastructure and capacity to deliver adequate marketing, procurement, administrative and financial support to smoothly carry out the operation.
Budgeting is likely to be a new concept to many college students, and the lateness of rent can be a common issue in student housing. Hence, it is always important to make sure that the students are always clear about their rent due dates and the penalties for lateness they may have to incur. Professional property management companies have adequate expertise in making sure that the students are paying their rent on time.
