As you will no doubt be aware the 2014/15 student cycle is nearly upon us and such is the demand from last year that we have decided to get ahead of the game by preparing to market our student portfolio nice and early to satisfy the huge demand we are expecting in the next 3 months.
Experience tells us that the majority of motivated students looking for accommodationfor next year will start their search early to ensure they secure the best houses available. It is a known fact that approximately 80% of students will look to secure their accommodation for next year during the months of November and December 2014.
If you are a landlord with a student property for this next cycle here are a few tips that have served us well in ensuring your property does not get left behind when the window and interest closes (1st March)
- Have you or your agent called the existing tenants to determine their intentions for the next academic year? They should be offered the option to renew at a price you have decided with the help of your agent if you currently use one.
- Ensure a timeframe for decision is agreed. As the marketing window for this period is so sensitive it is always best to lay out the conditions under which the renewal is offered. We recommend a decision by the 1st December with a new agreement signed and completed. During this time the property should be marketed and the tenants made aware, so that interest is generated.
- Get that signed agreement back ASAP! A tenant telling you 'yes we would like to renew', is not a legally binding agreement. Everyday that you don’t have a signed agreement is another day wasted on marketing. If you don’t have an agreement in place and the tenants decide to change their mind, your property is caught in a bad marketing period and you may struggle to secure new tenants for the following year. Tenants DO change their minds for all sort of reasons. they drop out of their course, they decide they need a change or they fall out with their housemates. It all happens and more reguarly than you'd imagine. A signed agreement ensures they are committed.
- If your tenant is leaving, do not delay the marketing and most importantly of all, instruct a reputable letting agent (unless of course you are already using one!). All new first year tenants will be guided by college mentors. This includes advice on accommodation and the do's and don’tswhen renting a property. A decent agent offers them the security they are looking for and gives your property the greatest shop window to acheive maximum return - The World Wide Web of course!
Our list goes live from the 20th October 2014. For information on this and more student lettings advice please call me.