The student accommodation industry is changing rapidly and with an estimated £3.1 Billion of investment from REITS and a number of pension funds (according to the Knight Frank UK student housing Q1 2017 update) it’s not hard to see that independent businesses are under threat.
The threat; economies of scale
These large consolidations are occurring frequently and there’s a real need for independent providers to adapt to this changing environment with haste.
These big players will now use economies of scale provided by their large portfolios to implement operational efficiencies, branding and marketing.
Students are demanding more
In a recent roundtable discussion a group of student accommodation operators and developers debated over why student accommodation models need to reflect students’ changing social and financial concerns.
James Greenaway of BuckleyGrayYeoman and Trevor Bonnage of UPP Projects both raised the fact that the student experience is a key competitive factor, therefore, the need to be more competitive, whilst improving the student experience has never been more important.
Students are also demanding a more high-quality, modern experience, so independent operators must find new ways to differentiate their offering to ensure they meet these expectations.
The recent rise of PropTech has introduced new technologies into the mix, from smart thermostats to lighting systems. Such technologies are helping to introduce more cost effective and efficient devices to help both operators and students alike with the everyday running of their properties.
What’s the solution for independent student housing providers?
Independent providers need to introduce more efficiencies and leverage modern technology into their business in order to be competitive against these larger organisations.
By exceeding the expectations of their students, independent accommodation providers will be able to offer a rivalled experience, ensuring that they remain competitive.
There’s a huge need for the introduction of cutting-edge solutions from which operators can manage their students, properties, maintenance and accounts, along with the introduction of a more modern experience for the students themselves; access to their bills, maintenance requests, contract agreements and more straight from their smartphone devices.
The Re-Leased App gives student operators a platform from which to send rent notifications, reminders and invoices automatically, whilst allowing students to report maintenance issues and pay rent straight from their smartphones.
If you would like to find how Re-Leased property management software can help you to stay ahead of the student accommodation game then contact us here for a demo today.