Are you a property owner thinking of outsourcing your real estate management for the student housing sector? Perhaps you have some real estate experience and are considering managing student rental properties. Either way, you’ll be wondering what exactly managing student housing requires.
Real estate management and property management fulfill different functions in the student housing sector. Yet both are critical in keeping rental properties occupied, functional, and profitable. Find out why and how they do so in this guide to real estate and property management for the student housing sector.
Real estate and property management services are often confused with each other. Although they are related, they each cover distinct duties. And they are both essential in the student housing sector.
Some companies offer a real estate property management combination, with both these services under one roof.
How can you know when to entrust your property listings and marketing to a real estate management service? If you have several properties you wish to rent out to students, it’s a good idea to get professional help with advertising and marketing them.
A real estate manager will know the real estate market and probably have a real estate degree or certification. They are best equipped to handle your property listings and marketing. That said, first, check if they have experience with college student housing.
So, when should you hire a property management company to oversee your student rental properties? If you own several properties, the maintenance and upkeep will take a lot of time and effort. You’ll need help.
Even one property with many rental units could prove to be a lot of work. With the added burden of screening prospective tenants and handling rent payments, managing a property on your own may prove to be too much for you.
Property management companies manage properties in all sectors of the housing market. However, it is wise to check that they have experience dealing with student tenants because they have very specific needs.
Real estate management and property management services are both essential for the student housing sector. Let’s examine the top reasons why both of these services are necessary.
College and university students are typically young and inexperienced when it comes to looking after their own rental units. For most, this will be their first time living outside their parents' homes.
Student renters have a higher need for support than your average tenant. Property managers need to understand this and be empathetic to students’ needs. Real estate services should stress the social and support structures when marketing properties to students.
Student rental properties see a much higher turnover than ordinary residential rental properties.
This is to be expected, for three main reasons:
Student tenants need to be able to socialize with other young people in a safe space.
Therefore, safety and security issues are crucial for both student housing property management and real estate services.
Property managers must oversee features like access keycards and security cameras. Real estate management services must highlight safety and security when listing these properties.
Real estate and property management companies offer several services to help property owners. These include finding the right student tenants and ensuring the properties are well-maintained and rents are paid on time.
Tenant screening and lease management are where many real estate and management services overlap.
Property managers typically offer property management services like tenant screening and lease management, as do many real estate companies.
Besides tenant screening and leasing, these services may also include inspections before new student tenants move in and after they move out.
Rent collection and basic financial recordkeeping are other services most property managers provide.
This reduces the administrative burden on property owners and makes their financial reporting easier. Many property managers find that property management software allows them to streamline operations, reducing their admin burden, too. This frees them up to focus on other property management tasks.
A property owner is responsible for general maintenance, repairs, and upkeep of their property, even when they are renting it out.
Many owners hire a property manager to handle repair and maintenance requests from students. Property managers are also expected to schedule and oversee these repairs and maintenance tasks.
They may have a dedicated team for this or they may outsource these tasks on the owner’s behalf. Property managers also often handle basic safety and security at the student properties. This necessitates effective property management strategies.
To get the best student tenants for your properties, you’ll need to advertise and market them. Like real estate brokers, real estate managers may advise property owners on aspects of property preparation before listing. They also handle the advertising and marketing of the properties.
However, both real estate and property management companies offer these services to some degree. Therefore, property managers can often be entrusted to market student housing properties when they become vacant again.
Efficient real estate management and property management are crucial in the student housing property market. But what’s even more important is having accurate student housing information at your fingertips.
All facets of the housing industry benefit from up-to-date insight. Property owners need student rental statistics. Developers and investors need relevant student housing market reports and tips. Property agents and managers need expert marketing and management insights.
They all find what they’re looking for at College House. We offer the data, intelligence, and insights you need for astute real estate investment and management in the student housing sector. Are you ready to join this exciting sector? Book your demo today.
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