Back in 2016, the Independent stated that Leeds is “the UK’s best student city”. And as a result of the city’s great reputation for student living, thousands of potential tenants flock here every year.
There’s no doubt that becoming a landlord of student properties can be a real money spinner.
But when it comes to finding rental properties in Leeds, students are spoiled for choice. And because you have so much competition, you need to make sure the home isn’t just fit for purpose. It should also be both appealing and visible to the right students.
What do we mean by ‘right’ students? We mean those who are willing to pay full market value for the best homes, as well as those who pay on time and leave your property in a good state at the end of their contract.
To help you get the most from your time as a landlord, here are 5 tips for marketing your student properties in Headingley and its surrounding areas:
1. Highlight your property’s best features
To get the best return on investment, shine a light on the features that most appeal to your target market.
Students tend to look for houses in areas that are close to campus and offer good connections into Leeds city centre. This is why Headingley, Hyde Park and Woodhouse are so popular with young people.
But because of the wealth of student properties in these areas, location is far from the only factor that matters to them…
Does your property have a tasteful modern interior and 30% more space than the average student digs? Does the house have great soundproofing that will save your tenants from having to endure their housemate’s off-key shower singing? Then make sure your future tenants know about it!
Think about what your home has that will have students beating down your door to be your tenants. Highlight these benefits and you’ll be on the road to great success as a landlord.
2. Follow the Unipol Code
The Unipol Code sets out professional standards that all affiliated landlords and letting agents must adhere to.
All universities in Leeds advise their students to go through Unipol to find new homes. If you follow the Unipol Code, students are more likely to trust you, which in turn will make your property more attractive to your perfect tenants.
3. Get your timing right
If you don’t market your home early enough you could be left with an empty house or undesirable tenants, which can really eat into your profits. Instead, achieve full market value by advertising your student accommodation early.
Most landlords and letting agents tend to start advertising their property from late January each year. This is also when Unipol releases its list of accredited rental properties.
4. Be your own advert
When tenants look for student homes to rent, they look for signs they can trust the landlord. In addition to Unipol’s list of accredited landlords, students can check their potential landlord’s reviews on sites like Google, Yell.com and Facebook.
To gain good reviews, give your tenants plenty of privacy and respond to issues quickly. Be friendly, yet professional and you’ll achieve lower tenant turnover and have those 5-star reviews rolling in.
5. Hire a reputable letting agent
From sorting out your legal duties as a landlord, to finding tenants and maintaining the home, letting out your property without help can be stressful and time-consuming.
As a result, it’s no wonder many landlords choose to hire letting agents to manage their student properties for them.
But with so many letting agents in and around Headingley, how do you find one you can trust? Start by checking online reviews to see how other landlords view different agents. Also make sure the property agent is a member of an accredited industry association, such as the Deposit Protection Scheme (DPS).