Student Accommodation Debt
Daniels Silverman are very experienced in collecting student accommodation type debts and understand the unique demands of the sector. We’re always working to make sure we are constantly up to date with best practice and any changes in legislation. We are qualified, regulated and ethical and our approach is driven by the core idea that we need to recover your losses without hurting your business.
The student accommodation market has been rapidly evolving. Gone are the dreary student digs or poor-quality HMOs, today’s market is all about providing excellent accommodation as well as add on services. There are some fantastic private developments to cater solely for students, with purpose-built student accommodation (PBSA) that would rival a boutique hotel stay! Opting for a PBSA is usually around 9% more expensive than choosing university accommodation, but the sector is thriving with leaders such as Sanctuary, Derwent, Student Roost, and Vita leading the way with their offers including additional services such as onsite gyms, cinema rooms, organised socials, free super-fast wi-fi and concierge services.
The student market has attracted investors who are drawn to the returns that it can provide, but as with every great return, there is risk attached.
For many students this will be their first experience of independent living and the first time they have had to manage their budgets and prioritise spending. It can be a steep learning curve for a lot of students and difficulties can easily arise around rent arrears.
However, today’s students are different from those who didn’t have to pay for their higher education. With figures from the IFS stating that the average student debt is around £50k, students are increasingly viewing themselves as customers, with higher expectations of their university experience, from the content of their course and teaching hours to the quality of their accommodation.
Students today are also communicating their experiences in ways that were previously impossible. The explosion of social media, review sites, student forums and user generated content, has meant that one bad experience can now go viral overnight.
All of these elements mean that it is not only the housing market that has to evolve and respond to the changing landscape, but also their partners involved in collecting any rental arrears on their behalf. This market calls for specialist knowledge and a skilful approach, and a company who understand that while a heavy-handed approach may get you some money back in the short term, the damage done to your brand and reputation could be much more long term.
Daniels Silverman know that understanding and supporting the long-term goals of these companies is a must for a successful partnership. High occupancy rates, outstanding service and rental income growth are all key goals and we work hard to ensure that our approach supports this. We work closely with our clients to ensure not only great recovery rates but also to make sure that all dealings with the students and their guarantors do not negatively impact on their university experience, or your brand.
Daniels Silverman are very experienced and understand the unique demands of the sector. We’re always working to make sure we are constantly up to date with best practice and any changes in legislation. We are qualified, regulated and ethical and our approach is driven by the core idea that we need to recover your losses without hurting your business.
For a helping hand reconnecting with your customers and getting back on track, get in touch with us today on 0800 953 3631 or visit our website and start a chat session with one of our Business Development team.
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