As students head to university this month, many for the first time without significant Covid-19 measures in place, we ask – are you ready for the rise in student property lets?
The demand for rental properties in student cities will inevitably surge during September, and while it’s great financially for landlords and agents alike, student letting isn’t without its challenges. It’s therefore crucial that letting agents have the right property management software in place to help ease the pressure that letting agencies and landlords will face over the coming months.
The student lettings market
Student properties are highly beneficial to landlords and the letting agents who manage their properties, with 12p in every £1 spent on rent in England and Wales being attributed to student rentals between 2018 and 2019 according to Goodlord research. While this figure dropped to 8p per £1 during 2020, the eased Covid-19 measures are expected to result in numbers increasing once again.
To keep up with demand, as well as property maintenance management and compliance requirements, you must have the right property management software in place.
Property management software for student letting agencies
One tool that all letting agents need is an online property management solution. Why? Because property management software, such as ReziPM, allows you to…
- Collect rent
- Manage maintenance issues and assign contractors
- Sign documents electronically
- Store and access documents
- Generate, renew and end tenancies
- View certificates and licences (HMO, Gas Safety, EPC, etc.)
- And much more!
The paperwork and compliance involved in student lettings can be tedious, which is why agents benefit so much from having all their data in one place, within one property management platform. Your documents must be accessible 24/7, whether you’re at home, in the office or on the go – which is exactly why ReziPM is cloud-based.
Utilise property maintenance software
With ReziPM, letting agents can manage their student rental properties, tenancies, tenants and landlords all within one system. As well as general property management, the best CRM software can make your life a lot easier as it allows you to manage reported issues and maintenance items (which generally tend to be more frequent in student properties!).
Remaining compliant as a letting agent for student let landlords
Compliance requirements for Houses in Multiple Occupation (HMOs) and student properties also tend to be more significant than non-student lets, which means a higher risk of fines due to compliance issues.
Our property management and lettings software provides a built-in, fully compliant accounting system. The software helps agents stay compliant with all approved client money protection schemes, including Client Money Protect, Money Shield and RICS.
As well as this, you can also view and record certificates and licences, such as your Gas Safety and EPCs using ReziPM!
Read more: Why You Need a PM System with Accounting
For more information on ReziPM and property management software for letting agents, be sure to check out our latest guides and book a demo today!
