This post may contain affiliate links.
Managing a career as a landlord can seem like an easy giig from the outside. But the reality is that many moving parts and challenges come your way in this type of role. Furthermore, you have almost infinite decisions to make about the running of your properties. As well as the complex individuals that serve as tenants there.
Yet of course, you are providing an essential service as a landlord. It’s important to get things right. So – how do you focus your intent on making the most profit from your properties. While also ensuring that your tenants are afforded a dignified, protected and worthwhile place to live? This is the question you’ll seek to answer every day of your life working within this field.
It may be that in order to increase your chance for regular tenants. Also because of your familiarity with the area – renting to students is a possibility that has crossed your mind. After all, many of them have quite reliable student loans that can help with their accommodation costs to some degree. Sometimes allowing them to feel more reliable than regular professional tenants.
With the following advice, you’ll be able to perform more functionally in this role:
Vet Them Appropriately
Vetting your tenants appropriately is important, especially if they are students. Of course, it can seem hard to vet them as students. As it’s unlikely they have a credit report, nor that they will likely have much information going for them. But it can be worth speaking to them beforehand, asking them about their degree. Perhaps coming to a slight conclusion about their trustworthy character. If they have it, requesting optional references from prior student houses they have rented can also be a good idea.
Find The Proper Insurance
It’s important to know what insurance you need, and from where you can find the best result. Depending on your situation, you may need different types of coverage. For instance, HMO Finance Explained will tell you that for houses that are expecting an occupancy of above five tenants. Additional coverage is needed. This not only keeps you safe, but it keeps your tenants safe. This also helps you more stringently plan your operational budget. Insurance is never optional – but you can opt for the best.
We all know what student parties can be like. As a landlord, the thought of this may send shivers down your spine. That’s why it’s perfectly within your rights to inspect the property. Provided you give the legal amount of notice – for some, that’s 24 hours. You don’t have to be overly strict about things, but ensuring that they’re taking the bins out. That damage is inspected and fixed, or that potential issues are dealt with. Such as as student placing too many plug sockets on an extension lead and causing a fire hazard) Remember that students may be so young that this is the first time they are away from home. It can’t hurt to ensure they’re living well inside your property. Even if that means a five-minute inspection once a month.
With this advice, we hope you can more easily rent to students in the best possible manner.