In this four-part series, TransPar discusses the student housing and off-campus transportation market, and what property management professionals should consider when vetting an experienced transportation management organization to help mitigate risk and provide the reliable service their residents expect.
“How do I focus on hitting occupancy goals when the shuttle sucks up a lot of my time?”
“How do I know how much we’re really spending on the property shuttle when administrative costs roll up to the corporate level?”
“How do I know if our drivers are properly credentialed and if we have enough insurance coverage?”
“What is our potential liability for operating the shuttle, and how much is that costing us or could that cost us?”
Answering one of these questions incorrectly can significantly increase risk to the ownership and management organization(s), degrade the safety posture of the transportation system, and drive up both real and potential costs for property stakeholders.
When a property manager decides that they are going to offer transportation services to their residents, they incur a range of financial, legal, and operational considerations for which they are often not fully prepared. First and foremost is the capital investment associated with purchasing vehicles and the operating costs associated with operating and maintaining them. A very close second is finding enough of the “right” people to operate the system while ensuring students are informed of whether the bus is on schedule or not.
Finally, there are the liability questions associated with moving residents to and from your facility. Each of these issues, and the myriad of other concerns, are relevant whether you have one or one hundred vehicles. And managing this “monster” is frequently the biggest thorn in the side of a property manager.
POINTS TO CONSIDER
» Complexity of pitfalls and high costs for mistakes
» Potential liability drives up insurance and legal costs
» Lower resident satisfaction can drive down occupancy
» Key ancillary service distracts from core property management
» Realized liability can endanger and harm PM and PO
Developing and managing a structured transportation service plan that focuses on how to properly manage risk can help transform this value-added service from a burden to a boon for property managers.
To learn more about how TransPar can get your residents to and from campus safely, efficiently, and affordably, check us out online.