Who benefits from student accommodation software?
Do you have student accommodation in your portfolio?
- Halls of Residence (University owned)
- Halls of Residence (Privately owned)
- HMOs (Privately owned)
Providing accommodation for students is unlike any other residential property management. It is often more time-consuming but the rewards can be financially beneficial.
What do student accommodation providers offer?
When it comes to student accommodation landlords often find themselves with a workload far greater than your standard residential let, whether that is a family or professional.
Typically, students are in their late teens and living away from their parents for the very first time. They require help and guidance to settle in to their new life to ensure that they get the most out of their education, especially since the fees have been increased.
Obviously there are downsides to housing students. They have a reputation for being unreliable, messy and sometimes careless. It is unfair to presume that all students make bad tenants but there are reasons for that reputation which can make providing accommodation for students a risk.
To protect yourself it is important that your tenants have a guarantor in-case they fail to pay their rent, a full inventory to cover damages to the property and regular inspections should be done (without intruding).
It is highly likely that you will have a set of tenants moving in each September as the new educational year begins. In most cases your properties will be vacant from June following the exam period, this gives you time to prepare for the next lot of tenants as wear and tear usually needs to be seen to. If a tenancy ends and a carpet is ripped or furniture is damaged and it isn’t fixed during this period and it is left for another year then that small job can become something bigger.
Whether you manage halls of residence or HMOs, when done correctly this can be financially lucrative as you can charge rent individually, rather than per property.
What do students expect?
As fees have increased so have the expectations of students when it comes to their living conditions, they are no longer happy to live in run-down, poorly maintained properties (especially the oversees students who pay even higher fees for their education) as they take studying more seriously.
This might sound like an inconvenience for landlords who, in the past could get away with providing low standard conditions. Instead students want to live in furnished properties that don’t get damp and cold in the winter. If you can deliver this then you can charge higher rent (the influx in overseas students has created a demand for this) and it is more likely that your property will be treated more respectfully, lowering maintenance costs.
How can student accommodation software help?
Managing accommodation for students can be more time consuming compared to professional/family residential for 3 reasons.
- You don’t just provide a home, you provide a service to young adults who are learning new life skills
- Your portfolio is likely to be more extensive if you manage a halls of residence with lots of students in or a large number of HMO properties with several students in each house
- Unlike your standard residential let, student accommodation has peak times, the majority of students move in and out at the same time, you need to be prepared for this
In general, property management includes a lot of administrative work and tedious data entry tasks which can damage productivity. To avoid this slump and improve efficiency there are property management software systems out there which minimise a lot of this side of the job.
By streamlining the amount of paper work required and working in a system which will organise your business you will have more time to spend with your students and their needs instead of sitting behind a desk.
Is Decorus for Sage right for you?
Decorus for Sage is a high-powered property management software solution perfect for those providing accommodation for students as it caters for different types of portfolios.
Our CRM provides databases to log property, block and tenant information whilst the office diary helps users plan their time better. The unique integration with Sage simplifies the financial side of the business and offers reports using live data.
Although the software is desktop based the system can be hosted in the cloud so that users can log in to the system even if they are away from the office.
Book an online demonstration and get Decorus implemented for next semester!
Request a presentation of our student accommodation software based around you set-up.