Where is third-party management headed? This is a loaded question in 2023. The economic environment alone presents its fair share of challenges. An indirect result of fewer properties transacting in the student housing sector is that properties are changing management firms less often. This doesn’t mean that third-party managers are resting on their laurels, however. They are continuing to enhance operations to create a better experience for guests while becoming more efficient for their property owner clients. Instead, operators are using this time to hone their craft, and there is much to ponder. Which COVID-19 protocols should remain from an on-site perspective? Should they look at centralizing some processes? And how can the implementation of AI help streamline processes without taking away the personal element? All of these questions — and more — are currently being assessed by third-party managers heading into the all-important turn season this summer. But unlike the temperatures outside, operators are keeping their cool with a focus on what they do best — customer service. Meeting Current Challenges The sector — and commercial real estate at large — is facing a number of hurdles, many of which are being exacerbated by the looming turn cycle. “It seems each …
