Being a landlord today is about striking the balancing act between doing what’s best for the business and keeping the customer happy. As a landlord of student tenants, you’re dealing directly with people and that requires some people skills as well as attention to protecting your business assets. Here is how you strike that balance.
See Upgrades and Replacements as Investments
It’s widely recognised that student tenants are not fussy when it comes to property. This is not strictly true; with so much choice they are becoming more discerning. With so many people now entering this market, any upgrade to your property is going to have an asset value. Whether that’s adding to the cost of the property directly or providing a selling point, see the addition of an eco-friendly boiler and a new television as an investment.
Answer Queries and Make Repairs Promptly
Any problems with the property should be answered promptly and dealt with at the earliest possible convenience. This will not just demonstrate that you’re a landlord who cares about the tenants, it will also demonstrate that you are reliable and care about protecting your asset. Problems left unsolved will affect how later students perceive your property and you could get passed over in favour of others. Students are also likely to warn others off of renting with you too.
Know Social Media Trends
Regardless of how you promote your property – local university listings, advertising sites and of course through Pads for Students, it helps to understand how social media and web advertising works. Our site works on a simple format and clients experience the most success when they apply some basic principles of social media advertising. To attract students, you need to speak to them on their own level. Short punchy sentences and plenty of images usually works.
Upskilling is for Property Owners Too
Are you a member of a local landlord board? Do you regularly take courses in training for such issues as regulation or even people skills? Upskilling isn’t just a word for tech professionals, every industry is changing, and that includes housing. Seek out local or national associations and see what courses they offer that may be relevant to you. Some may be free and you can be a better landlord and business operator at no extra cost.
Don’t forget that tenants are your customers. Arrange an induction meeting to go over such issues as security, how to use the oven, changing to boiler times and so on. It may also be a good idea to prepare a questionnaire for outgoing student tenants to provide details on their experience living in your property, the area, and what they might like to improve. The modern landlord is a business owner and feedback from customers is an essential part of that process.