Sep 13, 2019 No Comments
As we welcome in the new month of September we also welcome a new university term! If you’re a long-time student landlord, you will know this feeling very well! However, many landlords will be becoming student landlords for the first time this year and if that’s you then listen up! We have some top tips for our first-time student landlords…
Being a landlord in general, you must be available and contactable to your tenants. If your tenants have a property related issue they will expect your help and assistance as soon as you can give it – therefore, communication is key! If you are a new landlord to a student property then be prepared to have a number of people within one household messaging you about one issue. A great way to combat this is to establish a lead tenant or some sort of spokesperson for the whole house – therefore you know you won’t have the whole house massaging you about the same thing! It is also important to set out clear guidelines for all student tenancies and make sure you establish concrete deadlines for signing contracts, paying deposits and first rent instalments. Establishing the boundaries early on will aid you massively and ensure your job as a landlord runs as smoothly as possible.
Now, this may be something you haven’t even thought about but for most students, this is their first time living away from home and therefore it can be a massive learning curve. Some students may not be fully aware of the general day-to-day running of a household and therefore, using some applications in the home may be completely new to them. We would recommend keeping copies of instruction manuals for any appliances you have in the house. Whether that may even just be for the washing machine or the water system – having clear instructions will hopefully minimise the risk of items getting broken or damaged.
Since most students won’t have their own furniture then you will most likely be renting out a furnished property and it is important to make sure everything is ready for when your tenants move in. Don’t forget to take a full inventory list of everything in the property and also the condition they are in – make sure this is signed by a tenant too! If there are things in the house that any of the tenants may need to gain access to (this could be the internet router, boiler and fuse box) then make sure these are located in a communal space.
As a landlord, you are responsible for making sure your tenants look after the property – but one other thing you also need to be wary of is making sure your tenants don’t disrupt the rest of the street. This could be anything from annoying the neighbours, leaving a mess in the street or having loud parties – you have a duty to speak to them. If the antisocial behaviour continues, the council may step in.
Finding suitable student tenants can often seem like a risky (and stressful) process, however our team will be here to alleviate the stress out of the process. The busiest time for a student let is typically between the months of May to September. Here at Prem-Lets, we provide a Let Only and Fully Managed Service to our Landlords.
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If you’re looking for some guidance from our team then why not give us a call today and have a chat with our friendly staff!