Recover More Losses at Student Turn with Your Final Account Statements (FASs)
Are you missing opportunities to recapture damage losses? No more debates over damage or cleaning charges. Make a statement by documenting MIMO on mobile and get your FASs to parents and students fast.
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One common message we hear from Student Housing companies regarding Turn is that it’s the most disruptive juncture in their business all year. The volume of transactions and squeezed timeframe during the turn cycle makes it easy for operators to get buried under bad processes and miss opportunities to recapture damage losses at move-out.
Complicating matters is the fact that in Student Housing, Final Account Statements (FASs), including unit charges, most often get billed to parents who serve as the co-signers and financial support system for your residents. Unlike other multifamily verticals in which operators deal exclusively with the primary resident of each unit, Student Housing operators have to manage relationships with highly involved parent stakeholders who are one degree removed from the property. And parents often resist the assertion (they might view it as an accusation) that their son or daughter could possibly be at fault for property destruction — making disputes over damage charges particularly contentious in the Student space.
Aware that property managers are under immense pressure during Turn, parents may also leverage the overwhelming nature of the season to attempt to get the charges dropped. This factor brings not only your interactions with parents and students into focus, but also the efficiency of your workflows. When managers and staff are stressed, drained and overburdened by sub-optimal processes, they have less time, energy and willpower to devote to handling disputes and recovering damages.
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"You can take an important step toward operational excellence by re-examining both the efficiency of your inspection and maintenance workflows, and the effectiveness of your FASs in recapturing property losses."
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"These issues are attributable to a poor inspection workflow that isn’t tracking critical data points, creating accountability or offering you instant property-level clarity. Anything you can do to develop and push accountability portfolio-wise will help your achieve lift on your recoveries. And that includes upgrading your inspection workflow."
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When it comes to achieving lift on your cost recoveries, you need rock-solid records provided by a fully-featured mobile inspection platform, the most important features being:
Moving to a real-time operation with the right tools helps you move really fast, so you can get final account statements to residents promptly after move-out — and so parents know what they’re being charged and why. if the corporate office needs to get involved, they can sign in to the system right away, drill down to properties, units, inspections and even individual apartment items, see pictures of the damages in question and decide if the charges stand or not.
But not only does a mobile system create visibility and unassailable documentation for move-outs without the need for constant onsite visits — it also allows you to do mass data collection quickly, in the compressed Turn period and all year long during your quarterly inspections, helping you realize a number of year-round benefits.
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"But not only does a mobile system create visibility and unassailable documentation for move-outs without the need for constant onsite visits — it also allows you to do mass data collection quickly, in the compressed Turn period and all year long during your quarterly inspections, helping you realize a number of year-round benefits."
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