How to Provide Student Accommodation Efficiently.
There’s no respite for student accommodation providers. From the date they move in, in September to moving out in the following summer there is always something to do, even vacant months are hectic. The only way to survive is to ensure your time is used as effectively as possible, this can be helped with various tools including property management software.
Congratulations if you have made it this far. I’m not talking about the students who have recently completed their first exams of their academic year, accommodation providers have already moved tenants in, filed paperwork and legal requirements, nurtured them into the new life, collected rent, conducted room inspection, all within the first 3 months.
Students might get a break for Christmas but landlords don’t, December to February are the months when students look for their next move in the following September. The earlier that you have all your properties filled for the following academic year the less you have to worry about. The last thing you want to have to deal with in the summer is to find that you have properties in your portfolio without new tenants ready to move in, when all the students have already found places.
Providing accommodation for students can be lucrative in comparison to renting out to professionals or families but it can be hard work too.
Benefits of Providing Accommodation for Students:
- University is becoming increasingly popular which means that demand is rising too
- Students are mostly low maintenance tenants so that you won’t need to spend lots on furnishing your properties
- Rent is generally charged per room/tenant, not for the whole property making it more profitable
- With demand increasing the cost to advertising your portfolio minimises
Types of Accommodation for Students:
- Halls of Residence – University Owned
- Halls of Residence – Privately Owned
- Shared Housing – Privately Owned
How to Do it Better:
- Reduce your admin tasks so that you can provide a better service for your tenants
- By having more time for your tenants and helping them to settle in will be easier and more cost-effective to manage throughout the tenancy
- Taking deposits and recording detailed inventories is security for both landlords and tenants
Managing property portfolios can be full of time-consuming processes which take away the focus from your assets, the tenants and properties.
With a property management software solution implemented not only will your data entry and paperwork needs be minimised but you will have time to provide a better service too. Data Entry Professionals can look after property management task.
If you are interested in managing your student accommodation with property management software for Sage request a demonstration today.
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