PBSA providers are focused on expanding their portfolios by building new properties or purchasing existing properties. Consolidation has also occurred, with larger PBSA providers buying other providers outright to quickly increase their number of beds and reach scale. Against this backdrop, the PBSA software marketplace is still very immature.
Many established software providers offer property management systems, but their tech stack is often outdated and restricts PBSA's ability to integrate and rapidly meet marketplace needs.
For other aspects of PBSA operations, providers often use various stand-alone systems to issue digital keys and manage building maintenance, student parcels, well-being, and front desk tasks.
Often, staff rely on email, Excel files, or Google Sheets to track and manage operations. This results in large amounts of manual entry and disjointed systems. Students are often required to use different systems to book, get help, request maintenance, find information, and get keys. These disjointed systems make it difficult for students and create an increased workload for front desk staff.
PBSA providers have primarily focused on the real estate aspects of the market. However, to stay competitive and generate better returns, they must shift their focus to improving operations across their portfolio. Altitude's platform can help them achieve this.
Altitude has developed a platform that enables PBSA providers to consolidate their systems and present a unified platform to students. Through Altitude's white-label Student App, students can have all their needs taken care of from one place. The app makes servicing students easier, as information is centralised for the front desk and other operational staff.
There is still plenty of scope for growth in the PBSA market, but competition for funding will increase. PBSA providers who can streamline their operations to improve efficiencies while enhancing the student experience will generate better returns than the competition, giving them access to better funding sources and the ability to scale.
The software platform used by PBSA providers is becoming a defining feature, not just from the student's perspective but also from an investor's viewpoint. PBSA providers who fail to adopt the right software platform risk being left behind in the market.
You can learn more about Altitude's Student Platform here.