Renting to college students is one of the easiest ways of getting returns on investment in a property. But there lies challenges ahead for you if you are to rent your property to the college students. It is a fact that in property management service almost everything is quite challenging. Finding correct renters, collecting rents, safety of the property, maintenance of the property etc. are some of lots of challenges in property management service. So, you need to know what the challenges are if you rent your property to college students. Following are they:
College Students Are of Higher Maintenance:
College students are, in most cases, friendly. They are not aware of the fact that they should maintain formal relationship with the landlord or the property manager. They, sometime, get confused about taking decisions and do not hesitate to call the landlord to solve the issue. Sometimes, they call the landlords to solve a personal issues between themselves – the students. As a property manager you may find it absurd that you are being called to solve their personal issues. But this might happen if you rent your properties to the college students. If you don’t want anything like this to happen, take initiatives before you rent your property to the college students. Prepare a guideline or a set of rules for the renters/college students, let the college students go through the rules and rent your properties to them if they say they can honor the rules.
College Students May Not Be Regular in Paying Rents:
This is another challenging task for the property managers. The college students are not regular payer. They do not always think about how much they earn and how much they need to spend. If they think they need to spend in a party, they will do it even if it means that they will fail to pay this month’s rent. So, as a property manager, you need to do something so that anything like this does not happen to you. Penalties like fines for late payment could be a good option.
College Students May Damage Your Property
College students are not good at looking after properties. Studying, passing time with friends, watching tv these are the most important things to them. Keeping the property they are living in neat, clean and safe is not their priority. In fact, college students may damage properties. Many tenants usually go for services directly if it requires for repairing appliances. But student renters won’t do that. They will call the property manager or the landlords and ask them to repair the appliances.
College Students Come and Go frequently:
Usually tenants leave their rooms for offices in the morning and come back after office. But this is not the case with the student renters. They come and go on frequent basis – sometime for going to college, sometime for part time works or sometime for meeting friends and others. As a property manager you need to keep these things in mind if you are to maintain good relationship with your renters, specially student renters.