The opportunities in student housing are substantial, but the nuances of this niche market adds layers of complexity that creates challenges within daily operations. If you’ve been in the world of student housing management, you get it. The unique setup of student housing means there could be as many as four contacts for a single unit. Which means resident interaction is heightened, especially in contrast to conventional housing where there is normally a single contact per unit.
A lot of students are away from home for the first time and they, alongside their parents, expect someone from management to be on-site 24/7 to help answer questions and resolve problems. And with the extremely limited window of time to pre-lease before the start of the next school year, the pressure is on. As if that weren’t enough, factor in the single move in date for hundreds of students. The enormous effort that goes into preparing units for hundreds of move-ins at once is unlike any other housing market.
A crucial element required for success in the student housing sector is experienced management, and when it comes to utilities, it’s no different. Managing utilities is a complex component of the business for any real estate investment. Factor in the distinct nature of student housing and you might feel like throwing in the towel before you even get started.
Effective utility management is two parts; processing and paying provider bills and making sure those expenses get billed back to students properly. The sheer volume of utility invoices received every month is overwhelming. If invoices aren’t promptly processed and paid, the late fees start to add up. Utilities are the third largest operating expense, so paying late fees on top of that really cuts into your bottom line. The time spent trying to track down utility invoices and making sure they are paid promptly takes away from time spent pre-leasing, preparing for turn, and making sure students have everything they need for a positive living experience.
Just like everything else in the student housing market, resident bill back doesn’t come without its own distinct set of challenges. The ability to bill by bed is essential to ensure fair and accurate billing for your residents. And mass move-ins can only mean one thing: mass move-outs. Preparing and collecting final utility bills at move-out can be a logistical nightmare. But what if it didn’t have to be?
What if your utility program aligned with pre-leasing efforts, created a seamless turn experience, assisted with move-outs to increase collections on final bills, and came with an easy to use resident portal for an improved student resident experience? And what if all that could be done with the added bonus of eliminating pre-funding, freeing up your cash flow?
Sounds too good to be true, right?
Conservice offers comprehensive utility management specializing in student housing solutions that reduce administrative burden, free up time, reduce overall utility spend, and maximize recovery, all while ensuring your residents have a seamless experience. With custom solutions, like our Student Direct platform, you can eliminate the need to pre-fund utility invoices. Under this platform, Conservice processes and pays your provider invoices and then uses those expenses to bill and collect directly from your residents — eliminating the need for you to front the cost on utility expenses, which results in increased cash flow.
Utilities can feel like a burden, but they don’t have to. Click here to find out how Conservice’s team of experts can streamline your utility processes and free up your staff to focus on other important operational tasks.
Whether your need is expense management, resident billing, or both, Conservice will help you achieve your financial goals while freeing you from the daily hassle of utility management. With their leading knowledge and expertise, Conservice can relieve you of the burden of utility expense management. A wide range of service offerings and custom solutions is what makes Conservice The Utility Experts.
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