Building a Property Portfolio Aimed at Students
Here in Leicester, we are blessed with two world-class universities and a corresponding student population that’s expected to breach 40,000 full time students in 2019. Whilst the universities are scrambling around to build more and more student accommodation, demand outstrips supply, so there remains a buoyant student residential market in the city and suburbs.
Renting to students comes with its own positives and negatives – we probably all remember being students at some point, so know how student digs can be like its very own microcosm – but like with anything, treat your student well and they will, by and large, treat your property with respect, too.
We’ve met with Oliver Rayns from Oliver Rayns Estate Agents, who benefit from a complete division Oliver Rayns Student dedicated to the management of student properties.
Here at Oliver Rayns, we are specialists in handling student properties – be that portfolios, or individuals with a single buy-to-let. As with any good agency, it’s our job to take any stress from your shoulders. It’s our job to represent you and we pride ourselves on treating each property as if it was our own.
HERE ARE SOME OF THE KEY QUESTIONS WE ASK EVERY WOULD BE TENANT ON YOUR BEHALF:
1. Why choose Oliver Rayns Students over other agents?
At OR Students, we have built ever growing links with both of Leicester’s
Universities, this generates fantastic leads, which helps to guarantee each Landlord’s property gets seen by students as soon as they start looking for next year’s accommodation.
2. Do you take deposits and references?
We ensure that all tenancies have valid, detailed references from their previous tenancies and holding deposits are collected as soon as possible. All our managed properties’ deposits are secured with the Tenancy Deposit Scheme in our separate client deposit accounts.
3. What type of tenancy agreement do the students sign?
We’ve created bespoke tenancy agreements that are tailored towards student tenancies, providing Landlords with guarantees that there should be no grey areas when it comes to rights and wrongs during and after the tenancy.
4. What other guaranties can you provide that the tenants will pay their rent?
Each student tenancy will require either the total year’s rent paying upfront or a legal guarantor per tenancy. The guarantor is there to provide Landlords peace of mind that rent will always be collected and any damage can be covered.
5. Is my property checked on during the tenancy?
All managed properties will have periodic inspections carried out by our property manager with a written report as evidence of the condition of the property sent directly to Landlords.
6. What happens at the end of a tenancy?
We carry out a final checkout inspection which compares the state of the property with the initial opening inventory. If the property is in the same condition as the start of the tenancy, we will return the tenant’s deposit / tenant’s deposits. Should there be some discrepancies then we will endeavour to rectify any issues, always keeping the Landlord informed, every step of the way.
7. With all of the new student development projects around Leicester, should Landlords be worried about getting their properties let?
We’ve been asked this question by several new Landlords and have provided valuable advice on what they should/ shouldn’t do to ensure their student properties are let for the foreseeable future. If you have any concerns or want to know a little more, please get in touch with us.