*It is important as a property manager to follow all the FCC and your state laws regarding sending automated phone calls or texts. Make sure your residents know that they will be receiving your alerts when they sign a lease agreement or have them opt-in to your own custom keyword by texting your keyword to 80123.
Towns and cities that are home to large universities and colleges are full of homes and buildings that are being used as off-campus housing. As an owner of this type of property, you are subjecting yourself to a yearly change in the tenants who are residing there. To help in keeping your rental activities organized and communication with your young tenants open, use DialMyCalls to stay in touch with them and their parents via phone call, text message, and email.
While some landlords may shudder at the thought of renting their investment property to a group of young college students, it could be very beneficial financially if you handle it right. Competing with dorm rates allows you to charge a higher rent than you could with local residents and you are virtually guaranteed payment as it is usually mom and dad who are footing the bill. Some parents might even give you a few months rent a time to avoid the hassle of having to send it every month. Since the parents are ultimately in charge, make sure you get their cell phone numbers and add them to your DialMyCalls contacts center.
This is the first time away from home for most of your student tenants. Immaturity and their new-found freedom could mean trouble for your property. They tend to be harder on the rental as they have not yet learned the value of property or how to properly maintain it. This risk of property damage is one of the main reasons why some landlords shy away from the nearby student body when it comes to finding new tenants.
To profit from the constant turnover of tenants in a college town you need to take extra precautions that regular landlords wouldn’t have to. To start with, the lease agreement should always include parents as co-signers. Not only does this make them ultimately financially responsible if any damages are incurred, it also gives you the legal right to send them messages if the terms of the lease are being violated.
The lease agreement also needs to include special clauses about how damages will be handled, occupancy levels, and acceptable noise amounts. Also always insist that your tenants be responsible for paying their own utilities. College kids usually have no idea of the cost of keeping every light on until they get their first electricity bill.
Your property management notification service is a great tool to have when renting multiple units to college students. Use your DialMyCalls account to help keep your property maintained. Send text messages to the students weekly asking if there are any repairs that need to be made. They may forget to tell you about the leaking pipe in the bathroom until you remind them. Use two-way texting so that they can immediately respond to your inquiries.
Send rent reminder messages to both the students and the parents a week before the first of the month. This gives the parents plenty of time to wire the money to their kids.
To ensure smooth moving in and out transitions, send a message using the telephone polling feature offering the dates and times that you are available and insist that they respond back quickly. With college students you need to make yourself available to do a walk through and document the condition of the rental before they move in and out. This protects you from being left with large cleaning and repair bills after they leave.
Renting to college students can be a risky endeavor but a profitable one if handled right. Be an exceptional landlord by letting DialMyCalls help you keep tabs on your property and secure timely payments while at the same time keeping you accessible to your tenants.
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