New findings have suggested that the student property sector continues to go from strength to strength.
A report from Glide and Accommodation for Students shows that January and February proved popular months for students to start looking for their next rental home. 23% of landlords questioned said that they had already agreed tenancy agreements for all of the homes in their portfolio.[1]
In addition, another 36% of landlords and agents said that they believed their whole student property portfolio would be let by the end of May. Just 15% said that they did not expect to be successful in renting out all of their properties by the beginning of the next academic year in September.[1]
Competition
These statistics indicate that there is increased competition within the market, with properties being let earlier and quicker than before. With this in mind, Glide has teamed with Brett Booth, a youth insight consultant, to provide ideas aimed at helping landlords appeal to students and get their properties let as a result.
Their tips for landlords and agents include:
Embracing humour
When trying to appeal to younger people, the think-tank believes that using humour is a key element that must be used. By making fun of the industry and even themselves, landlords or agents could make their advert stand out in the congested market. Parodying themselves by using creative devices such as Photo-shop is just one way that humour could work well in appealing to the youth market.
Make the advert visible
With the youth of today more technologically advanced than ever before, landlords and agents must be conscious of the multitude of social media channels where they could successfully advertise. Channels such as Facebook, Twitter and Instagram provide perfect platforms for good adverts to not only be spotted but to be far reaching.
In order to be successful, landlords and agents should consider having both pictures and engaging videos embedded into their advert.
Simplify Bills
Many students are daunted by the prospect of leaving their homes to live in university accommodation. For a very high number, this transition will be the first time they have left home, therefore they could feel scared or apprehensive. The last thing they need then is to be worrying about bills.
To this end, student property providers should aim to offer inclusive bills where possible. Findings show that 72% of students say that inclusive bills are an important or crucial factor in attracting them to a property.
Value for money
All properties will be bound according to average local student rates. However, landlords can steal a march on their competitors by impressively marketing their homes. Instead of just providing a price, landlords and agents should tell the student exactly what they would receive for their money.
Fees for further education have rocketed; therefore students are becoming cagier with their money and look harder for the ideal property to suit their budget.
Agents and landlords alike should highlight specific benefits that are on offer as part of a student’s rent. This could include satellite television or high-speed broadband. Ex-residents could also serve as an ideal selling point if they were to talk about their positive experiences of living in the property. By using former students, existing academics will be more likely to empathise with them and could possibly be swayed to enter into a tenancy agreement.
[1] http://www.propertyreporter.co.uk/landlords/new-report-shows-student-property-sector-is-booming.html