Significant growth in the buy-to-let sector has seen the numbers of student landlords soar. But with students getting more and more choice of properties through private landlords, letting agencies and university accommodation, in many cities the student rental sector is becoming very competitive. Students are becoming more concerned with having a good landlord/tenant relationship. Being a good landlord will not only reward you financially, but it will also make your life a lot easier.
1. Build a relationship with tenants
One of the most important things you can do as a landlord is have some sort of relationship with your tenants. Rather than viewing them as faceless student tenants, take the time to know their names and meet with them at least once. Tenants will have more respect for you if you show that you respect them.
2. Respond to queries quickly
Make sure that you stay on top of any queries. If a property is in need of repair then sort out the problem as soon as possible. Leaving it may mean it gets worse as your tenants get more and more dissatisfied.
3. Don’t be the invisible landlord
A good landlord can be contacted easily. Be sure not to disappear off the face of the earth after tenants have moved in, and make sure that your phone number and email address is widely available. It’s also important to answer phone calls and emails promptly.
4. Make sure the property is up to scratch
Whilst students might not be a bit more forgiving than other potential tenants, it’s only fair to make sure your property is up to scratch when they move in. That means nothing broken or dirty – it’s always a good idea to get cleaners in to make the property a nice place to move in to.
5. Don’t invade space
You should have a good relationship with tenants, but you shouldn’t be waltzing in and out of the property whenever you feel like it. Let tenants know you are coming to the property, and tell them in advance if you are bringing others round for a viewing to avoid any awkward situations.
6. Keep tenants in the loop
Make sure tenants know the ins and outs of your agreement. Let them know when to pay rent and thank them when payments are received. If you are waiting on a repairman, tell them how long it will be. Tenants don’t like to be left hanging, so make sure they always know what’s going on.
7. Be firm, but don’t intimidate
Issues such as late rent payment are a pain, and tenants need to know that late rent is not acceptable. Saying that, you need to take care to not be intimidating. Be firm, but don’t threaten or show signs of anger.
8. Know the property and area
Be sure that you know your property and the area inside out. Students that are new to the area may want to know how far the nearest bus stop, amenities and bars are, so do some swotting in order to answer any potential questions.
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Written by Sarah Davis