You’re sitting on a student housing gold mine. But you might not even be aware of it.
No, we’re not talking about your student properties themselves. We mean the data they’re spinning off day in and day out that can help you optimize asset and portfolio performance.
Only in the past decade has this become possible, as software companies have developed ingenious solutions for capturing and presenting data in a way that enables powerful insights into what’s working, what isn’t, and where subtle adjustments can increase NOI. Traditionally this fine-tuning has been done through a combination of experience and intuition on the part of owners and managers. And while these virtues are still critical, today they’re enhanced by software tools that blow away the spreadsheets and simplistic KPI measurements of the past.
Data insights for smarter investment decisions
Today’s asset optimization solutions can give property managers the insight needed to make smarter investment decisions and ultimately, maximize the property’s performance.
In the forthcoming articles, we will give more detail on how these solutions use data to help you answer important questions accurately.
“Where asset optimization is being fully exploited in some industries, we find there’s a long way to go in the property business, and particularly in student,” says Keith Dunkin, Sr. VP of Asset Optimization at RealPage. “There’s a fear factor – a sense that you need to be a statistician or specialist to use these tools, and that’s just not true. They’re designed to be used by operators and owners, and in fact the whole point of them is to give these operators a lens into property markets and performance without special training or knowledge.”
Asset optimization for student housing
“But student is different,” we often hear. The truth is, when it comes to analytics, it really isn’t. The particular dynamics of student housing are just as ripe for capture and translation into meaningful information as those associated with multifamily or any other sector.
Amy Dreyfuss, who serves as SVP, Revenue Management at RealPage, says the beauty of asset optimization tools is their objectivity and accuracy. “Business acumen is great, and it’s important, but what even a savvy manager might conclude at first glance isn’t always what the numbers show to be the best decision,” she says. “Pricing rents is a great example. Sometimes the asking price that will drive optimal bottom-line revenues for a property isn’t what your gut feel would tell you. And only a computer algorithm can crunch market factors, inventory, current and future occupancy forecasts, seasonal leasing history and other criteria to arrive at the perfect price for every bed, every day.”
There’s nothing to be afraid of: these tools were designed for you. Learn more on this blog with articles on data analytics, business intelligence, revenue management and other powerful solutions for driving unprecedented performance at your student properties.
See how to price units right in student housing with revenue management by clicking here now.