Here are some useful student landlord tips
- Select a suitable agreement- there will be varying liabilities and responsibilities for tenants based on the agreement type that you have selected.
- Check tenants carefully- always conduct a thorough background check of your student accommodation including their identities, guardians, universities where they are studying and so on.
- Smoking issues- it is an offence to light up in shared/common areas in rental properties. Always emphasize this fact to your tenants directly and also in writing in the tenancy agreement.
- Noise & Disturbance- always ensure that you have a noise and nuisance clause in the tenancy agreement which could nip any future problems in the bud.
- Furnish your property- students will usually desire fully furnished homes and you should opt for furniture and fittings accordingly which are durable. Always expect reasonable wear and tear and prepare a periodic maintenance plan likewise.
- Deposit issues- always have a clause in the tenancy agreement and make your tenants aware that in case of any damage or cleaning required in common areas that are not sorted prior to them moving out, it will be deducted from their deposits.
- Dealing with agencies- if you are listed with any agency, ask them about any tenant care services/initiatives. This will help you avoid a situation where your tenant suddenly leaves and you will have to pay the agent again for finding a new tenant for yourself.
- Always emphasize on a personal touch- be available for your tenants. Students will appreciate your availability in times of emergencies or even in case of teething problems. Tenants should have the freedom to call you at a convenient time to discuss any important issues.
- Choose your agent carefully- always choose an agent carefully. Be sure that the online agent is adding value to your business. An online agent will be a cheaper proposition but make sure that the company has a solid track record of delivering on whatever it promises.