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Posted on: Wednesday, August 7, 2024
When student towns and cities are a hive of hustle and bustle with plenty of students finding their homes for the term ahead, how do you make your property standout? Here are some tips to guide you on how to attract tenants during busy periods.
Placing decent desks with a good chair in each room and having enough bathrooms so there are no queues for the shower are welcome sights to students. You want your tenants to feel at home but not like they have moved back home. So, remove clutter and bric-a-brac that may get broken. Presenting a clean and easy-to-maintain home is easier if you choose darker decorating colours and a low-maintenance garden. Easy-maintenance laminate flooring is also easier to keep clean but will keep your property looking fresh.
Lots of cupboard space for food and drink with well-sized fridges and freezers will help your student tenants live together harmoniously. Sitting rooms should be sparse and functional with plenty of floor space but with adequate comfortable seating. This will provide good entertainment and chilling spaces that encourage socialising, which is important to students. Bedrooms should also make good use of space and be nicely decorated but uncluttered to make way for your tenant’s belongings.
There will be some bedrooms in the house or apartment that are bigger than others, so charge accordingly if you’re letting the property as an HMO. While you want to cover the cost of your investment as a landlord, it’s important to price your property correctly. Charging too much rent might dissuade potential tenants. By the same token, you do not want to undercharge for your property, so doing a bit of research to see what other similar properties are being let for pays.
Student homes tend to be let fully furnished and with bills included. You don’t want your property to stand out for the wrong reasons. Allowing tenants to take care of the bills can lead to disputes and this will only complicate matters. If you have a particularly nice flat or compact home, think about making a bit more effort in the decorating department. Nicer homes tend to attract decent tenants who may take better care of your property. Larger properties with multiple rooms may be more open to less tender love and care. So, think about who your target tenants are.
When you have taken all these steps and more, you want to let your potential tenants know. Whether you use social media, the university’s accommodation service, or the services of a letting agent to handle everything for you, it’s important to shout about all your property’s good features. From its proximity to the campus, nightlife, to levels of security, while clearly defining it as a student house, because most students want to share with other students. If your property is fully managed by a letting agent, they could take care of maintenance, tenant referencing, and rent collection.
If you are thinking of investing, renting, or letting, contact your local Guild Member today.
