Latest / Pillow Talk Sessions / Reimagining the Student Experience with Suraiya Comunello (Nido Living)

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Reimagining the Student Experience with Suraiya Comunello (Nido Living) · Pillow Talk Sessions

• 0:03
  SPEAKER_00: Welcome back to Pull Talk Sessions.
• 0:05
  SPEAKER_00: I'm Christian Lipinski and joined as always by my co-host, Jessica Galen.
• 0:09
  SPEAKER_01: Thank you, Christian.
• 0:10
  SPEAKER_01: And today we're really looking forward to welcoming Sariah Commonello, who is the CMO at NETO Living, a brand that's really been leading the way in creating community-focused, design-led student accommodation.
• 0:23
  SPEAKER_00: We'll also be talking about how NETO blends hospitality thinking with purpose-built living, how cultural differences shape student expectations, and why social media plays such a pivotal role in today's housing decisions.
• 0:35
  SPEAKER_01: First, we're going to explore with Soraya how NEDO is supporting student well-being and what makes their approach stand out in such a competitive global market.
• 0:46
  SPEAKER_01: Welcome, Soraya.
• 0:47
  SPEAKER_01: Thank you so much for joining us on the Pillow Talk Sessions podcast.
• 0:50
  SPEAKER_01: It's great to have you here, especially when I know how busy you are right now.
• 0:54
  SPEAKER_01: Big deal that is benounced, you know, very recently with Lavenza as well.
• 0:59
  SPEAKER_01: So thank you for taking that time.
• 1:02
  SPEAKER_01: And before we sort of get into the conversation, can you give us a bit of background on Nido Living, but also yourself as well?
• 1:11
  SPEAKER_02: Well, first of all, thank you guys for having me.
• 1:14
  SPEAKER_02: It's great to be here talking to you today.
• 1:16
  SPEAKER_02: You're right, it has been a busy week, but let me give you a bit of an intro to Nido itself and then where we're going.
• 1:22
  SPEAKER_02: So Nido Living is a vertically integrated student accommodation platform.
• 1:28
  SPEAKER_02: We own, develop, and operate all of our assets across Europe.
• 1:32
  SPEAKER_02: Currently, with the current portfolio we have, we have 4,000 beds, Spain, Portugal, and the Netherlands.
• 1:39
  SPEAKER_02: However, with the Livenza deal, once it comes to close, which is expected in Q4 this year, that platform will grow to 13,000 beds, making us one of the biggest platforms in Iberia, which is really exciting.
• 1:56
  SPEAKER_02: NEDO itself has been around since 2007.
• 2:00
  SPEAKER_02: We have become quite widely recognised for our focus on student experience and for our key pillars, which I hope to talk to you about today.
• 2:09
  SPEAKER_02: And we've won quite a lot of awards along the way, which I'm super proud of.
• 2:13
  SPEAKER_02: We've also been operating across Europe for the last kind of seven years or so with different portfolios and different investors.
• 2:22
  SPEAKER_02: Last year was a big year for Nido.
• 2:25
  SPEAKER_02: We were acquired by CPP, so they're the Canadian Pension Plan Fund.
• 2:32
  SPEAKER_02: So they've kind of fully acquired us and hence we've become this big student accommodation platform.
• 2:39
  SPEAKER_02: I suppose going on to myself, um, so I've been the CMO at Nido for seven years now, so seen quite a lot of change and growth.
• 2:47
  SPEAKER_02: Um I've been in the purpose-built student accommodation sector, or PBSA as I'll probably start to refer to it throughout the conversation, um, for about 12 years now.
• 2:56
  SPEAKER_02: Um, so I've been in various companies with various um properties and working across different European markets during that time.
• 3:04
  SPEAKER_01: Brilliant.
• 3:05
  SPEAKER_01: Student accommodation is a bit dear to my heart right now.
• 3:08
  SPEAKER_01: I spent the weekend viewing student accommodation um last weekend in Warwick.
• 3:14
  SPEAKER_01: I have one child, you know, looking to go to university, and then I have one that's just finished their first year.
• 3:20
  SPEAKER_01: So I feel I am a customer of PBSA at the moment.
• 3:24
  SPEAKER_01: But yeah, no, really great to have you have you with us.
• 3:28
  SPEAKER_00: Yeah, I agree, and it's uh it's a pleasure to have you on, um, Soraya.
• 3:31
  SPEAKER_00: I I think we should jump straight into it.
• 3:33
  SPEAKER_00: You know, you mentioned the pillars.
• 3:34
  SPEAKER_00: I think this is a good place to start.
• 3:36
  SPEAKER_00: Um, as you mentioned, you know, Nido Living emphasizes service, well-being, sustainability, and community.
• 3:42
  SPEAKER_00: You know, how do these pillars translate into the day-to-day experience for students and you know, what makes your approach stand out, especially in a competitive student housing market?
• 3:50
  SPEAKER_02: Yeah, great question.
• 3:51
  SPEAKER_02: I think what we tried to do when we first kind of did a bit of a rebrand of NEDO and we came up with these pillars which were based on a lot of student research as to what students actually value and the key things which are important to them, not just in accommodation, but obviously in their day-to-day lives.
• 4:08
  SPEAKER_02: Um when we came out with the four pillars, we thought about how we could embed that from the moment we start to think about product design.
• 4:16
  SPEAKER_02: So from the initial concept of where the building is going to be located, and then how we're going to develop those buildings with all of these pillars at their core, which then will move on into the service and experience one that's once the buildings are ready.
• 4:32
  SPEAKER_02: Um, so what we've done, I suppose I'll give you a few examples of that, is ensuring that we create spaces which are well-being led.
• 4:41
  SPEAKER_02: Um, and that's kind of through the use of natural colour palettes, colours which promote kind of relaxing and de stressing, things like floor-to-ceiling windows to maximize the use of natural light.
• 4:54
  SPEAKER_02: Um, access to external spaces is huge.
• 4:58
  SPEAKER_02: We've got lots of courtyards and rooftops because obviously we've got quite a lot of city centre buildings, and so wherever we can, we have access to those.
• 5:07
  SPEAKER_02: We're really heavy into biophilic design, we know that has a positive impact on well-being, and even things like um how we design our amenity spaces.
• 5:17
  SPEAKER_02: We look at things which people sometimes laugh or they haven't thought of, and but we ensure that spaces aren't intimidating to enter.
• 5:24
  SPEAKER_02: I think we've all been there where you're kind of it's a door which is closed, and you're like, oh my god, what's going on on the other side of this door?
• 5:31
  SPEAKER_02: And you get this moment of nervousness.
• 5:33
  SPEAKER_02: But actually, we want to eliminate eliminate that totally.
• 5:36
  SPEAKER_02: We want our students to feel so at home that they never have that kind of moment of anxiety, whatever it is.
• 5:42
  SPEAKER_02: So we've actually kind of created glass drawers or draw with glass panels or made sure our amenity spaces are totally um with windows, people can see through or with glass.
• 5:53
  SPEAKER_02: Um, so I think we've really focused on the smallest little things which can ease kind of students' lives but also enhance their well-being.
• 6:02
  SPEAKER_02: And then we move on to things like the layouts, we really think about, you know, what our amenity spaces provide.
• 6:09
  SPEAKER_02: You know, they need to be functional, but they also need to allow for connection.
• 6:13
  SPEAKER_02: I mean, that's key for us.
• 6:14
  SPEAKER_02: We're creating communities and we're creating homes, and we want our students to feel comfortable.
• 6:20
  SPEAKER_02: We want them to feel like they're at home, that they can come down in their pajamas, um, but they can also socialize there and study there really easily.
• 6:29
  SPEAKER_02: And of course, the rooms themselves have to be their safe haven.
• 6:32
  SPEAKER_02: So they need to, you know, be able to sleep, relax, study, and socialise.
• 6:38
  SPEAKER_02: So we really think about the use of the spaces and then how they relate to those pillars of what we're really trying to achieve as a business.
• 6:45
  SPEAKER_02: Um, on the sustainability front, we always try and use reusable and recycled materials for our furniture and within the developments, um, minimizing the use of waste.
• 6:57
  SPEAKER_02: Um, we gain, of course, there's lots of accreditations um related to ESG, which we we always have.
• 7:04
  SPEAKER_02: So things like BRIAM, we tend to target very good for all of our developments, and then wherever we can embed sustainable attributes, we do, but it's very specific to the development, of course, and the location.
• 7:16
  SPEAKER_02: Um, so we consider all of that to inform the physical product, and then we move into how it works in practice, um, which I can go into if you want.
• 7:25
  SPEAKER_01: Well, I just I've got a couple of things to kind of say on that.
• 7:28
  SPEAKER_01: First, is it's so intentional, isn't it?
• 7:31
  SPEAKER_01: And I guess you're in that privileged position to be there from the beginning of the development.
• 7:36
  SPEAKER_01: You know, you're not just coming in and managing it, you know, being provided with a building, you're actually able to go in right actually from the foundations to build it in the way that you you want um your properties to be.
• 7:50
  SPEAKER_01: So that's one thing, and then the other thing is on this podcast we cover a few themes, and one of the themes is the hotelisation, if you like, of real estate, which is, I guess, in this context, is about putting the customer at the center of the property.
• 8:09
  SPEAKER_01: So, so the resident, the customer, um, the student at the center, and it feels like certainly from the way that you're intentionally building, building the buildings, before we even get onto actually what it's like for the students to be in there and for you guys to operate it, it you're really putting the sort of the experience, the the customer experience at the centre of what you're doing.
• 8:37
  SPEAKER_02: Yeah, well that that's kind of where I think we have been able to stand out in terms of our competitors because we've embedded it into everything.
• 8:46
  SPEAKER_02: It's kind of not just aligned into the buildings, but actually into our teams and the training we give them, and so they can deliver the services that we that we want.
• 8:56
  SPEAKER_02: So it's definitely a USP for us, and which is why we have won a number of awards along the way.
• 9:03
  SPEAKER_02: Um, we've also seen it successfully.
• 9:06
  SPEAKER_02: I mean, in an ideal world, yes, we do get to embed it from development upwards, but in in any kind of real estate world, particularly in PBSA, we also have to acquire portfolios sometimes.
• 9:18
  SPEAKER_02: Um, and we've been able to embed our pillars um despite the buildings not being ours, but then it comes more through the staff and the service and the experience we provide.
• 9:31
  SPEAKER_02: So obviously, if you can embed it into your developments, then your product and the whole thing will be really holistic, but it's not to say that you can't still do it with um products that we haven't developed from the ground up.
• 9:44
  SPEAKER_01: And I guess that then brings it into the experience and you know, making sure that those pillars are there when you're operating, not just preparing.
• 9:53
  SPEAKER_02: Yeah, exactly.
• 9:54
  SPEAKER_02: And I think again, we've we've kind of really ensured that there's kind of a core stream throughout everything we do.
• 10:01
  SPEAKER_02: So we hire people looking out for them being able to be advocates of these pillars and how they would be able to translate it into the day-to-day service that they're to there to provide.
• 10:12
  SPEAKER_02: Um, and then we've done various initiatives aligned to all of them.
• 10:16
  SPEAKER_02: In well-being, we I mean, when we came out of COVID, well-being has been a topic for a long time, of course, but COVID almost elevated it where everyone started to talk about it, and it was a really big impact for students, particularly those who had been homeschooled and then were suddenly going into a university environment with all of the anxiety around what it was going to be like.
• 10:38
  SPEAKER_02: Is it safe?
• 10:39
  SPEAKER_02: Will it, you know, will there be another lockdown?
• 10:41
  SPEAKER_02: You know, there were so many things.
• 10:43
  SPEAKER_02: And there were a lot of people at the time putting out content on well-being, and I just didn't feel comfortable doing so, knowing that we had such a captive audience who were actually vulnerable, you know, they're going through such a key stage in their development.
• 10:58
  SPEAKER_02: It was a really kind of key time generally.
• 11:01
  SPEAKER_02: Um, so I wanted to make sure that whatever we were doing was actually aligned with, you know, an expert, you know, scientific-backed well-being advice, which is why we were one of kind of the industry first to have a unique partnership with an expert psychologist, um, Dr.
• 11:18
  SPEAKER_02: Tara, Dr.
• 11:19
  SPEAKER_02: Tara Quinn, who we've been working with for the last four years now.
• 11:23
  SPEAKER_02: And then with Dr.
• 11:24
  SPEAKER_02: Tara, we purposefully developed a well-being program with Toolkits, a hub, she's run sessions, um, so our residents can access and have the support they need.
• 11:36
  SPEAKER_02: What we've also done with that to kind of ensure that we develop and continuously improve is do a number of surveys and get qualitative feedback to make sure that anything that we're producing is actually addressing the needs of the students.
• 11:51
  SPEAKER_02: And we've seen those change a lot.
• 11:54
  SPEAKER_02: I mean, in the 12 years I've been in the sector, they've totally changed, but just even since COVID, they've changed, and year by year we see the things that students are most anxious about changing.
• 12:03
  SPEAKER_02: And so we're always monitoring that and seeing what we can do to enhance their well-being because we know that the place of that they live has a really big impact on their well-being and how well they do in their studies, and that's essentially the reason why they're with us.
• 12:17
  SPEAKER_02: Um, so we have a huge focus on that working with Dr.
• 12:20
  SPEAKER_02: Tara.
• 12:21
  SPEAKER_02: We do a lot of training with our teams.
• 12:23
  SPEAKER_02: We know that they're a family for our residents.
• 12:25
  SPEAKER_02: They're, you know, we provide a home away from home.
• 12:28
  SPEAKER_02: The team are the ones that see the residents every day, they're the ones that are going to notice a change.
• 12:34
  SPEAKER_02: The student doesn't look themselves, they haven't been leaving their room, they're looking stressed, they're the ones that are there to provide that day-to-day support and flag any issues.
• 12:44
  SPEAKER_02: So they create the community and ensure our residents feel like they belong.
• 12:47
  SPEAKER_02: So it goes back to kind of us embedding that into how they're trained and what they look for and the service they provide.
• 12:55
  SPEAKER_02: Um, and then aligning with well-being, we know that feeling like we belong, all of us, we're humans, we all want to feel like we belong.
• 13:03
  SPEAKER_02: It's creating that community and it's kind of purposefully creating that community.
• 13:07
  SPEAKER_02: We also found that students after COVID didn't really know how to communicate that well in person.
• 13:14
  SPEAKER_02: You know, everything had been done online, there were digital events, and so we have to kind of force sometimes students to come down and interact with us because we know ultimately that they will be better off for it.
• 13:28
  SPEAKER_02: So we we like to provide a variety of events which suit different needs, from gaming nights to cooking nights to pizza parties, to well-being events, to yoga, to boxing classes.
• 13:41
  SPEAKER_02: I mean, we we cover a huge array of events, but we try and always link them back to the pillars because we know those are the foundations of what students have been looking for, and those things really build that community.
• 13:54
  SPEAKER_02: Um, we also recognise we have a lot of international students who live with us who are, you know, moving away from home for the first time, moving countries, so much change.
• 14:03
  SPEAKER_02: Um, but they also want to get to know their local community.
• 14:06
  SPEAKER_02: So we do a lot of partnering with local businesses, um we kind of organise voluntary work so students can really feel that they're an active part of their local community, and they can also connect with others, you know, so they can do language exchanges and um really feel that the residence itself is its own social hub, as well as university, because we know that in university they also will have their own friendship group.
• 14:33
  SPEAKER_02: So we want to be able to provide that in the in the residence as well.
• 14:38
  SPEAKER_01: A lot more than just providing a single bed and a lamp, which is what I got at uni.
• 14:44
  SPEAKER_00: Yeah, and a lamp and the the bed was a matches on the floor.
• 14:49
  SPEAKER_00: I want to I wanted to bring us to another topic that kind of you you're alluding a bit to when you're talking about international students because you know we know you guys uh operate across many regions, um, and then which are all you know culturally distinct markets, you know, what are some of the most surprising regional differences in how students and their families approach the housing decisions, you know, when going to university?
• 15:12
  SPEAKER_02: Yeah, you're right.
• 15:13
  SPEAKER_02: It's been incredible to see how cultural context shapes decision making.
• 15:17
  SPEAKER_02: Um and I sometimes I think about it and I'm still surprised by the things I'm told every day by the residence teams.
• 15:25
  SPEAKER_02: Um I suppose one of the biggest differences is who makes the decision.
• 15:29
  SPEAKER_02: So if we're talking about the UK, students tend to take the lead, they're more independent from a younger age.
• 15:38
  SPEAKER_02: I think it's more of an expectation that students in the UK tend to start doing things a little bit earlier.
• 15:43
  SPEAKER_02: Um, they are often responsible for selecting and securing their accommodation, they make decisions quite quickly, and in total contrast is Spain and Portugal, where the families are so much more involved.
• 15:56
  SPEAKER_02: Um, you know, it's parents who are handling the process.
• 15:58
  SPEAKER_02: And you know, if we're coming down to systems and um, you know, if we're talking about lead capture and things, many times we have the details of the parents, and then we're like, who are we addressing?
• 16:09
  SPEAKER_02: Are we addressing the parent or the student?
• 16:11
  SPEAKER_02: Um, so it's totally blurred in in Spain and Portugal.
• 16:15
  SPEAKER_02: Um they always want to visit the properties in person if they can.
• 16:20
  SPEAKER_02: And I have been in sites where sometimes the grandparents turn up for the visit in addition to the parents, and sometimes the visit will take two hours because you know everything is spoken about and they want to be totally sure.
• 16:33
  SPEAKER_02: So it's much more of a collective decision, um, I think in Spain and Portugal, and it takes much longer.
• 16:40
  SPEAKER_02: Um, sometimes they will call the teams two, three, four times before they they book.
• 16:47
  SPEAKER_02: Um, so it just reflects that there's a stronger family-oriented culture in southern Europe, I suppose, and and things just take a little bit of discussion.
• 16:55
  SPEAKER_02: And I I live in Spain, so I have definitely noticed that change of pace from living in London for 15 years, so it's just a cultural thing which we've really come into play.
• 17:05
  SPEAKER_02: Um, and another thing is timing and urgency.
• 17:08
  SPEAKER_02: So in the UK, for example, you would see people looking for accommodation way in advance, like very well organized.
• 17:18
  SPEAKER_02: Um, sometimes we've seen in some UK markets that they move in in September, they start their course, and by October, the very next month, they're already looking for accommodation for the following September.
• 17:31
  SPEAKER_02: Whereas actually in Spain and in Portugal, it's way more last minute, as you might expect.
• 17:37
  SPEAKER_02: So bookings happen just weeks before term starts.
• 17:40
  SPEAKER_02: Um, and this obviously has big big implications for us.
• 17:43
  SPEAKER_02: It's how we market, how we communicate.
• 17:46
  SPEAKER_02: Um, we need to be far more proactive in if you're in the UK or Ireland, whereas in Iberia, flexibility and responsiveness are key.
• 17:54
  SPEAKER_02: So we just have to work to the market timings.
• 17:57
  SPEAKER_02: Um, there's also a lot more distrust in Spain and Portugal around new buildings and new developments.
• 18:04
  SPEAKER_02: Um, so they have less confidence in whether buildings are going to be finished on time.
• 18:11
  SPEAKER_02: So even though we might show a chauffeur and show visuals of what spaces will look like and give them all the assurances we need, actually, until they see a finished full product, there'll be many people who won't want to take that risk to book.
• 18:25
  SPEAKER_02: So we always have to take that into account when we are mobilising new buildings in those markets, and it's quite different to other builds, other countries which have a little bit more confidence in developers and contractors finishing buildings on time.
• 18:39
  SPEAKER_02: So that's been really interesting and impacted a lot of how we work and the messaging we have and the type of progress that we show to try and give them the confidence that buildings will be ready when we're in that situation.
• 18:51
  SPEAKER_02: And I suppose finally it's a little bit about what constitutes value, um, and that means different things to different people in general, and everyone's an individual.
• 19:01
  SPEAKER_02: But in Spain and Portugal, we've seen location and condition and quality actually come first with a preference for a studio product and catering services in Spain, particularly, which is something which isn't usually required in the UK.
• 19:17
  SPEAKER_02: Um, so we've seen a lot of those differences too, of the services we have to provide and what value for money means.
• 19:23
  SPEAKER_02: And again, um, this has meant we've had to localize our offering totally, but also the tone, the timing, and our approach to the students, who the key targets are.
• 19:36
  SPEAKER_02: So obviously in Spain and Portugal, we make sure we're also targeting parents as well.
• 19:41
  SPEAKER_02: Um, and that's been key to building trust in each market.
• 19:44
  SPEAKER_02: So yeah, we've we've definitely learned a lot.
• 19:46
  SPEAKER_02: It's complex, isn't it?
• 19:48
  SPEAKER_01: All these different nuances, and and and you know, having to sort of market to different personas, you know, customers and where they get their information as well, I'm sure, is very different from the students to the parents, and then to the influencer buyer, if you like, the grandparents.
• 20:06
  SPEAKER_01: I thought that was quite interesting what you said about decision making is made much, much earlier in the UK compared to Spain and Portugal.
• 20:14
  SPEAKER_01: And I wonder if that's because we worry about things running out, you know, i in the UK.
• 20:20
  SPEAKER_01: And if you don't, you know, if you don't get it, you won't get the the best or something.
• 20:24
  SPEAKER_00: Um maybe not, maybe it is just a I I think there's a there's a word for it, FOMO fear of missing out.
• 20:32
  SPEAKER_01: Yeah.
• 20:32
  SPEAKER_01: Um I so there's I mean, there's so much, you know, in in in how you then approach you know the different customer, I guess, that you might have, you know, it's not a one hat fits all.
• 20:46
  SPEAKER_01: But can we go back a little bit to your your pillars and and how so not just and I guess it is in in how you do everything?
• 20:55
  SPEAKER_01: So it is how you develop the buildings, how you operate the buildings, how you market the buildings, how you serve the buildings.
• 21:02
  SPEAKER_01: Do you measure, like how do you measure the success and the impact of all this kind of um intention that that you put into NEDO?
• 21:14
  SPEAKER_01: How do you sort of measure that that it's impactful or successful?
• 21:18
  SPEAKER_02: I suppose there's a few KPIs that we focus on.
• 21:22
  SPEAKER_02: So for new residents, and I suppose the main part of our job is leasing our buildings, so ensuring we meet our occupancy targets every year, and that kind of shows that we have, you know, used the right messaging, we've engaged with our target audiences in the right way for them to be able to come and lease our buildings.
• 21:41
  SPEAKER_02: But then we also look at the actual experience once they're living with us, and that's really key for us.
• 21:47
  SPEAKER_02: It's getting that feedback once they're residents and they're in room, they've done the whole booking process, they've moved in and they're living with us.
• 21:56
  SPEAKER_02: So we run like a couple of surveys every year.
• 21:59
  SPEAKER_02: Um We do our own internal surveys and we also partner with the Global Student Living Index.
• 22:06
  SPEAKER_02: So they are actually the only provider right now who has this index.
• 22:13
  SPEAKER_02: So they have one survey which all of the different operators across Europe will do with their residences in-house.
• 22:20
  SPEAKER_02: And then they come out with this index and then they benchmark everybody and you get a certification and then their awards.
• 22:28
  SPEAKER_02: And that's the only kind of awards and certification which is actually all based on student feedback alone.
• 22:36
  SPEAKER_02: So that's a really good benchmark for us.
• 22:38
  SPEAKER_02: And so we use we use that alongside our own internal survey data to really track our progress in all of the different areas.
• 22:46
  SPEAKER_02: And obviously, a lot of the pillars that we have are within that.
• 22:49
  SPEAKER_02: But the main things we look for are obviously student satisfaction, NPS scores, and then all of the different metrics related to about well-being and how supported our students feel and whether they would rebook and refer others to us.
• 23:03
  SPEAKER_02: So those are kind of the key things that we we look at regularly, as well as all of the, you know, the comments and all the various feedback, those are my favourite bits to look at because you tend to get the people who are either really happy or really unhappy fill out the comment section.
• 23:19
  SPEAKER_02: So I always read all of those comments to make sure we can keep improving.
• 23:24
  SPEAKER_02: I think that's a big thing for us.
• 23:26
  SPEAKER_02: We want to listen and we want to act on feedback.
• 23:29
  SPEAKER_02: We don't just want to say we're doing things and then we never follow up.
• 23:32
  SPEAKER_02: We really are authentic and true to our word.
• 23:36
  SPEAKER_02: And I think that's what's resulted in us kind of winning awards for the last few years running.
• 23:43
  SPEAKER_02: Um, and I mean, just last month we found out that we've been nominated for another nine Global Student Living Index Awards, which is fantastic and really testament to our teams on the ground who are living, breathing our pillars, and creating these fantastic communities.
• 24:00
  SPEAKER_02: Yeah.
• 24:01
  SPEAKER_02: Incredible.
• 24:02
  SPEAKER_00: Yeah, no, that's that's great.
• 24:03
  SPEAKER_00: And then, you know, congrats on that.
• 24:05
  SPEAKER_00: So we got our fingers crossed for you on those those upcoming awards.
• 24:08
  SPEAKER_00: Um, you know, during our discovery call, we had a bit of a chat about hospitality.
• 24:12
  SPEAKER_00: Um, as we know that, you know, Nito has integrated hospitality operations into some of the student properties, including offering hotel service.
• 24:20
  SPEAKER_00: So, you know, uh my question is, you know, what led to that crossover and how do you guys manage to, you know, balance between student living and the hotel guest expectations, you know, in the same place?
• 24:31
  SPEAKER_02: Yeah, it's been a it's been a bit of a journey for us.
• 24:34
  SPEAKER_02: Um, it was a little bit by accident, but when we had new developments in Valencia and decided to totally repurpose a former hotel in Madrid, um, we also had the opportunity to utilize the licensing which those developments had to offer so we could create this more flexible living product.
• 24:52
  SPEAKER_02: Um both the assets are also positioned in locations with demand which can support short stay hospitality.
• 24:59
  SPEAKER_02: So it felt like, you know, we've already been set up to focus on delivering living experiences which are exemplar.
• 25:07
  SPEAKER_02: Um, why not bridge the gap for hospitality too?
• 25:11
  SPEAKER_02: Um, but of course, that's been a big focus for us that we really didn't want to compromise on the student experience by doing this.
• 25:18
  SPEAKER_02: So we took it um step by step to really think through the operational side of things, the customer side of things, and it's been a learning curve.
• 25:28
  SPEAKER_02: Um but what we've tried to do is ensure that every guest, whether it's a student or it's a hotel guest, has the very best experience.
• 25:35
  SPEAKER_02: So for us, it's been about kind of sophisticated operations, systems, and clear communications.
• 25:43
  SPEAKER_02: I think those are the kind of key things.
• 25:46
  SPEAKER_02: We ensure hotel guests have a really seamless check-in and stay, but we want to ensure that our students retain the sense of ownership and security that they expect from their home.
• 25:58
  SPEAKER_02: Um, so we have curated shared spaces, but not all of the spaces are shared.
• 26:03
  SPEAKER_02: So, you know, our study rooms are for our students only.
• 26:06
  SPEAKER_02: Um, we have really clear boundaries, and most importantly, we have really clear communication.
• 26:11
  SPEAKER_02: So everyone knows what to expect.
• 26:14
  SPEAKER_02: Um, our teams are also really trained to support both of the groups without compromising on the service part or the communities that we're creating.
• 26:23
  SPEAKER_02: Um, and so far we've we've been able to manage it quite well.
• 26:27
  SPEAKER_02: I mean, we're still learning, we're still kind of constantly improving our communications and what we're doing on the ground, but um it's gone really well, which is again testament to the team.
• 26:37
  SPEAKER_01: Because doing hospitality is hard, you know, it's it's very hard.
• 26:41
  SPEAKER_01: You've got all those turnovers, you've got guest expectations, you've got, you know, the review sites that can be, you know, brutal at times.
• 26:52
  SPEAKER_01: It's it's it's hard to do it to provide that level of service and the communication that is required for all, you know, for people that are just staying for a a night or a couple of nights.
• 27:03
  SPEAKER_01: What have you found the most challenging doing hospitality when it's not it hasn't been your traditional and it sort of sounds like it's not necessarily your way you're going in your roadmap, or maybe it is, but um, it's not the plan for the roadmap unless kind of we get further developments which might have a licensing option.
• 27:25
  SPEAKER_02: Um, and as you know, in student accommodation in summer buildings tend to get quite vacant as students tend to go home, so it's always a good model to have to fill over summer.
• 27:36
  SPEAKER_02: Um, but what has been challenging, I suppose I suppose initially when we were thinking, you know, what does a hotel guest need versus student?
• 27:47
  SPEAKER_02: And we had to totally shift our mindset um on how the operations would work.
• 27:52
  SPEAKER_02: And I think that was probably harder for me coming from more of a PBSA background, but luckily we've hired um teams on the ground, so definitely our residence manager in Prince Bebio in Madrid and our residence manager in Valencia, they both come from hotel backgrounds, so for them it was much easier to translate the hospitality side of things into what we were doing already.
• 28:15
  SPEAKER_02: Um, so I think it was, you know, the con, like you said, the constant turnovers, sorting out the cleaning, you know, the communications, the guest check-in, but actually the systems that we've put into place to manage that has helped massively, um, especially as the teams have been trained and everyone's more used to things, and we've got really good reviews.
• 28:36
  SPEAKER_02: I mean, I can't remember both of them, but I I did look at Printer P the other day and it's like a 4.5 um for the hotel side of things, which is fantastic for our we're not we've not even done a year of operations yet.
• 28:48
  SPEAKER_02: Um, so I suppose we were set up in a way that because we put so much focus on the student experience in general throughout our whole product design and operation and service model, it put us in a better position to be able to tackle the hospitality side of things.
• 29:06
  SPEAKER_02: I think if we hadn't had this basis, it would have been much harder.
• 29:10
  SPEAKER_01: Yeah, my husband actually, he was on a work trip last week and he stayed in student accommodation.
• 29:15
  SPEAKER_01: He said it was great.
• 29:17
  SPEAKER_01: You know, brilliant.
• 29:18
  SPEAKER_01: Um but how do you find, and we don't need to sort of mention specific tech, but managing both, so the the the longer-term students and then the short term, how are you finding that?
• 29:32
  SPEAKER_01: Kind of, you know, having different systems and you know, different kind of needs, I guess, and challenges, challenges that the tech can solve for you.
• 29:40
  SPEAKER_02: Yeah, I suppose anyone who works in PBSA will know that there's no one tech solution that will fit all right now.
• 29:48
  SPEAKER_02: So for anyone listening who's a tech provider, it's a huge opportunity out there.
• 29:52
  SPEAKER_02: We're all waiting for it.
• 29:54
  SPEAKER_02: Yeah.
• 29:55
  SPEAKER_02: Um so yes, we have had to implement two systems.
• 29:58
  SPEAKER_01: I just have to interrupt that.
• 29:59
  SPEAKER_01: I think we're actually waiting for that across all lodging as well, like one that will just you know do a good job.
• 30:05
  SPEAKER_01: We're still waiting for that in you know, short-term rentals, hotels, I think build-to-rent are as well.
• 30:10
  SPEAKER_02: So I think it's good to know it's not just us then being impacted.
• 30:14
  SPEAKER_02: Um, and yes, I mean, from a total operations perspective, you just want one system which can manage everything, right?
• 30:22
  SPEAKER_02: From your finance through to your guest communications, through to the check-in, checkout, um, you know, managing cleaning, you just want one.
• 30:30
  SPEAKER_02: However, um, like I said, it doesn't exist yet.
• 30:35
  SPEAKER_02: So we have had to go with two systems, um, so one for our student stay and one for the hotel stay.
• 30:41
  SPEAKER_02: And actually, it's now everything's set up, it's working really well.
• 30:45
  SPEAKER_02: Um, so we're pleased with that.
• 30:48
  SPEAKER_02: However, um, if you think about our general operational infrastructure, it's a lot of systems for our teams to manage.
• 30:57
  SPEAKER_02: Um, because you know, we don't just have the property management system, we also have an app which is used to communicate with our residents, and then we also have uh a CRM system to communicate with the leads.
• 31:10
  SPEAKER_02: So if you start thinking about the different systems the teams on the ground need to enter every day to just manage the properties in addition to the central teams, it becomes a lot.
• 31:21
  SPEAKER_02: So, yes, ideal world is still, we would want a one-stop shop which has everything.
• 31:26
  SPEAKER_02: So you just don't have this thing of trying to also integrate various systems, which still doesn't work.
• 31:32
  SPEAKER_00: Um, you know, sorry, I got uh one more question.
• 31:34
  SPEAKER_00: And speaking of apps and technology, um, we know that students are heavily influenced by digital content.
• 31:41
  SPEAKER_00: How has social media platforms like Instagram or TikTok, you know, changed the way students research and choose where they want to live?
• 31:48
  SPEAKER_02: Yeah, it's actually been a bit of a game changer over the last few years, and we've seen a huge shift.
• 31:54
  SPEAKER_02: Um, if you think just in general, over two-thirds of students in 2024 they didn't even visit their accommodation physically.
• 32:03
  SPEAKER_02: Um so people are making their decisions purely online by what they're seeing.
• 32:08
  SPEAKER_02: Um and whilst the majority still use Google search to find the actual accommodation website and university websites, those are still the first two points of research.
• 32:20
  SPEAKER_02: Social media is now in third place and it never used to be.
• 32:23
  SPEAKER_02: Um, so it's really reshaped how they not only research, but actually I think it it impacts more how they make their decision.
• 32:34
  SPEAKER_02: Um, because students, they whilst they do want to see the website, and it's still very important to have a good website with good UX, of course, they want to see real life now, they want to see what the rooms actually look like.
• 32:48
  SPEAKER_02: Um, so they're not just looking for polished photos anymore, they want to find the vibes, they want to see that user-generated content, the behind-the-scene videos, the walkthroughs, and we're finding that whenever we're doing things like that, it carries way more weight than showing our dressed um rooms, which we photographed.
• 33:08
  SPEAKER_02: So, what's changed is probably that kind of that looking for the genuine experience, and actually it's probably a little bit of an emotional thing as well because they're not just using the platform to see, you know, is it the right price, the right location, the right quality?
• 33:24
  SPEAKER_02: It's actually, can I see myself living there?
• 33:27
  SPEAKER_02: Is it a place where I'm going to feel comfortable?
• 33:29
  SPEAKER_02: Is it a place where I can make friends?
• 33:31
  SPEAKER_02: Can I see people that are like me living there in their social platforms currently?
• 33:36
  SPEAKER_02: Um, will I be proud to live there?
• 33:38
  SPEAKER_02: You know, this is where like authenticity comes in.
• 33:42
  SPEAKER_02: So I suppose what we've done is totally change our social strategy and probably like the same as many providers.
• 33:49
  SPEAKER_02: Whereas before social just used to be another channel, and it's probably way down the list.
• 33:54
  SPEAKER_02: Um, it's actually become a really important channel to show that kind of social, visual, and emotional journey that students will have.
• 34:02
  SPEAKER_02: Um, and to stay relevant, we have to meet the students where they are, and it is now on TikTok, TikTok or Instagram.
• 34:11
  SPEAKER_01: It's interesting because the mums are probably still on Google searching and quite happy for the dressed photo that shows it's got all the things it should have.
• 34:20
  SPEAKER_01: It's got a washing.
• 34:21
  SPEAKER_01: Well, actually, they don't have washing machines, but it's got a fridge, you know, and and or whatever.
• 34:26
  SPEAKER_01: Um, but the kids uh or the students I should say are looking at can I connect?
• 34:32
  SPEAKER_01: Am I connecting here?
• 34:34
  SPEAKER_01: Like the connection to it.
• 34:36
  SPEAKER_01: Do you think about, and I'm sure you do, the move towards searching on LLMs and chat, Google overviews, and how is that impacting your marketing now or your certainly your kind of plans for positioning and things?
• 34:52
  SPEAKER_02: Yeah, it's a frequent conversation we're having with our digital agency, um, as many people must be.
• 34:59
  SPEAKER_02: I suppose we're we're taking their advice and we are, you know, ensuring all of our content is optimized for how people are now searching on the LLMs rather than just Google.
• 35:10
  SPEAKER_02: So we're optimizing however we can.
• 35:13
  SPEAKER_02: However, ultimately, like we're saying, they're still they're doing all of their decision making on the channels where we can show our actual product and they still want to see those videos and they want to see the experience.
• 35:27
  SPEAKER_02: Um, and in Spain and Portugal, we're still having those, you know, in-person visits.
• 35:32
  SPEAKER_02: So although we are optimizing for it, we still think there's a huge role to play, not just um on the various other digital channels, but we still do a lot of brand awareness campaigns um in market on the ground, um, because we we kind of have a really, I suppose, an omni-channel marketing strategy, and we know that kind of getting that brand awareness in there, especially in markets in Iberia, really helps generating trust.
• 36:01
  SPEAKER_02: So if they see us at a big education fair, like we have Aula in Spain and we have Futuralia in Portugal, if they see us kind of when they're high school students there, and then when they're looking at their journey later on, it's it's all about getting those touch points and showing that NEDO are there at all of the key times throughout their search journey.
• 36:22
  SPEAKER_02: So when they are finally ready to make a decision and book, oh yeah, we know Nido, you know, I've seen them there, and then I've seen them on the university website, and then I've seen um them on TikTok or whatever it might be, but we we try and have as many touch points as we can throughout that search journey because it's different for different people.
• 36:40
  SPEAKER_02: Um, so yeah, for us, it's not just about digital, we still heavily believe in in kind of the brand awareness side of things too.
• 36:47
  SPEAKER_00: Hey, one more question about the social media uh in student choices.
• 36:51
  SPEAKER_00: You know, are there any specific content formats or campaigns that outperformed others in terms of engagement and conversion?
• 36:57
  SPEAKER_00: You know, I know like, you know, there's an eight-second window that you have now to grab people with video content.
• 37:03
  SPEAKER_00: Uh I'm just curious uh on your guys' take on that and how you guys craft those messages.
• 37:07
  SPEAKER_02: Um anything which is done by our residents always performs way better than whether we do it ourselves.
• 37:13
  SPEAKER_02: So anything with people and for them speaking, even if they're just showing their room or they've actually, I mean, we saw we did a really fun one the other day where it was just the residents and like a group of girlfriends hanging out in one of our buildings in the spaces and just doing fun things.
• 37:30
  SPEAKER_02: Um and it performed so well.
• 37:32
  SPEAKER_02: Um, so it's the things that we, I mean, me definitely as an older generation would never think of would perform well, performing well.
• 37:42
  SPEAKER_02: But you're right, it has to be something that is going to engage, but also I suppose I'm not so keen on trends, but we keep an eye on trends to make sure that we are maximizing where possible.
• 37:54
  SPEAKER_01: I think, wasn't it in the cans last week that 50% of all advertising dollars are going to influencers now or content creators now?
• 38:05
  SPEAKER_01: I don't know if that's exactly right, but but it was something like that.
• 38:08
  SPEAKER_01: A huge amount no longer going to sort of traditional advertising channels, it is going to content creators.
• 38:15
  SPEAKER_01: But I guess with what you've got is you've got content creators right there as their home.
• 38:20
  SPEAKER_01: You know, you're not having to ship ones in.
• 38:23
  SPEAKER_01: It's a very authentic, natural that they want to share where they're living.
• 38:27
  SPEAKER_02: Yeah, exactly.
• 38:28
  SPEAKER_02: And that's kind of what we want them to be proud to be living with NEDO.
• 38:32
  SPEAKER_02: And if you know they're happy to share their spaces and their experience, I mean, that means that we've we've done something really well.
• 38:38
  SPEAKER_02: So that's kind of what we're aiming for always.
• 38:41
  SPEAKER_02: So it's really great that they also now have a space using social where they can post those things.
• 38:47
  SPEAKER_00: Oh, that's great.
• 38:47
  SPEAKER_00: And I think that's that's a good place to leave today's conversation.
• 38:50
  SPEAKER_00: So, one more question for you, Sarah, before uh we wrap up.
• 38:54
  SPEAKER_00: Uh, anything coming down the line for you guys?
• 38:56
  SPEAKER_00: Any other information you want to share with our audience or if they're interested in finding out more, where can they go?
• 39:00
  SPEAKER_02: Yeah, sure.
• 39:00
  SPEAKER_02: So, I mean, like I mentioned at the beginning, we've got huge growth plans in place.
• 39:05
  SPEAKER_02: So we're looking to reach 25,000 beds by 2031.
• 39:09
  SPEAKER_02: Um, if we close the deal with Livenza, then that will take us to 13,000 beds.
• 39:13
  SPEAKER_02: So our next stop is hopefully going to be Italy and Germany.
• 39:17
  SPEAKER_02: So watch this space.
• 39:18
  SPEAKER_02: Um, and obviously, if you want to find out anything more, nedoliving.com is where we are.
• 39:23
  SPEAKER_02: Or of course our TikTok and social channels.
• 39:26
  SPEAKER_02: Brilliant.
• 39:28
  SPEAKER_01: Absolutely, absolutely.
• 39:30
  SPEAKER_01: So, Soraya, thank you so much for coming on and sharing with us.
• 39:34
  SPEAKER_01: And and you know, it's been a really great conversation, and I feel like I've learned a lot today.
• 39:39
  SPEAKER_02: So, thank you.
• 39:40
  SPEAKER_02: Great, thank you for having me.
• 39:41
  SPEAKER_02: It's been a pleasure.
• 39:42
  SPEAKER_00: And that wraps it up for us today.
• 39:44
  SPEAKER_00: So, thank you guys so much for joining us on this episode of Pillow Talk Sessions.
• 39:48
  SPEAKER_00: To stay connected and catch every new episode, do us a favor and head over to Pillotalksessions.com to subscribe.
• 39:53
  SPEAKER_00: And be sure to follow us on LinkedIn for more insights and interviews with leaders who are shaping the future of hospitality, multifamily living, and community driven spaces.
• 40:02
  SPEAKER_00: Thanks again for tuning in, and we'll see you next time on Pillow Talk Sessions.