Rental for students: advantages and challenges of this market
At the beginning of the year, the real estate market is strongly heated by leasing to students who are looking for a place to live when leaving their hometown to study. According to the latest IBGE survey on the subject, 30% of Brazilian university students study outside the city where they live.
The data indicates an excellent business opportunity. However, although demand intensifies at the beginning of the school year, the work of the realtor should start much earlier. After all, it is necessary to capture properties, talk to the owners about this opportunity and work on the promotion.
To be successful with student rentals, we’ve put together a few tips. Check it out below:
Students are still shunned
First of all, you need to deal with the fact that there are factors that discourage some homeowners from having students in their apartment. For them, investing in university students seems disadvantageous and risky because of the disturbance to the neighborhood or the fear of not receiving the rent on time.
After all, a student is a party boy and lives without money, isn’t he? No, not all! But the owner has the right to refuse to sign a contract with this consumer profile.
In order not to miss this opportunity, you can (should) show the owner how this transaction can be advantageous and safe. Just draw up an efficient contract and discuss the pros and cons with your client.
Capture well-located properties
In general, students tend to rent properties close to the university where they will study for the next few years. Therefore, make a survey of the main higher education institutions in your city and mark your presence in these regions.
Here, it’s even worth consulting your real estate CRM to see if you have clients that own properties near universities. Use all your weapons to do well in this market.
Advantages of Student Lease
When renting a property to a couple, you are guaranteed a contract for at least one year. With a college student, the story could be different. As students have, on average, four years to complete the course, they need to stay in the property during this period. In other words, the possibility of renewal is very large.
From the owner’s perspective, this means a guaranteed long-term income. In addition, everyone wants to rent the property as quickly as possible so that they don’t have to bear the costs alone. Dealing with university students facilitates negotiation in this regard. With a property close to colleges or even with easy access to the subway and bus stops, it is halfway to a successful transaction.
Student Rental Care
It is customary, but a detailed inspection of the furniture is essential both at the beginning and at the end of the contract. You need to assure the owner that you have informed the state of the property and how they will receive it.
Thus, in case of need for future repairs, they must be done by the students when they return the property to the owner.
Check condominium rules
Before closing the lease, introduce the students to all the condominium rules. Everything must be explained in the smallest detail so that parties do not go over the limit, for example. Point out the fines or measures that may be applied in case of incidents.
In fact, find out, at the condominium convention, if it is allowed to lease students to form a republic. Two or even three young people are not characterized as a republic, but a larger number can be restrictive. Inform the tenant of the maximum number of residents allowed.
Make a targeted outreach
All right with the owners? So, it’s time to find customers. In addition to advertising the property on specialized portals, try to publicize it on social networks. So, you impact more people.
In fact, another advantage of social networks is the ability to target your ads to the right audience. For example, you can define the age, gender and interests of the people who will be impacted by your posts.
To avoid wasting time on this task, use vile Imo’s social integration tool to post your property listings on major social networks such as Facebook, Instagram and Twitter.
Attention when preparing the contract
When drafting the contract, think about the two parties involved in the deal and write rules that guarantee a good relationship between them. Student rentals must follow the standard rite and criteria of any other type of rental agreement.
Clearly and objectively define the duties and rights of tenants and landlords. In most cases it is the parents who sign the contract, but there are many students who are already paying for it. Pay attention when writing the contract and check the rental guarantees.