Student housing is a unique industry based on one significant factor: once a year the entirety of their rent roll moves out. Two weeks later, students fill the rooms again. This is the “student housing property turn” or more commonly referred to as “a continuous two-week long nightmare.”
August: the month when college students come back to campus ready to mingle, catch up with friends and settle in for the semester ahead. For student housing managers and landlords alike, it’s cramming an entire years’ worth of work into two weeks. It’s safe to say the days building up to the start of the semester are a roller-coaster filled with emotion.
This is because property managers are trying to prepare their complexes for the massive influx of simultaneous move-ins.
Usually, when one of your tenants moves out a few things must happen. Move-out inspection, repair work, cleaning and then preparation for the next tenants to move in. This wouldn’t be so hard if it were just one property to cater to. However, with the average student housing population being around the 10,000 mark the workload involved with a student housing turn is phenomenal.
Conventional apartment complexes do not experience the same number of units turning over especially all at once. Because of this, they can deal with their own “turn” using only in-house maintenance staff.
Whereas on the other hand, student housing managers must employ additional contractors to combat the extra workload. Student housing presents the unique challenge of making all these moves in and outs at once which offers a new issue entirely. Below, we have rounded up the five of the most important things to consider as you enter the property turn.
Cover your back with property inspection software
Every property management business has different qualities that make them unique. For that very reason companies pick different software solutions depending on their needs. Student housing properties usually take a beating and are the cause of many tenant-landlord disputes.
Parents will question maintenance charges, repair work or cleaning demanding to see proof linking the damage to their children. With property inspection software and the cloud, you can bring up the last move in report you conducted on the property and compare it to the current day situation, quickly silencing parents and moving processes along much quicker.
Make sure you have implemented a property inspection software system during the student housing property turn that can keep up with your workload, cover your back and most importantly save you money.
Provide your tenants with a move out checklist
Given that you are dealing with students, the move out process could be brand new to them. Make no room for time costly errors during your student housing property turn by providing your tenants with a move out checklist.
These can be as basic or in-depth as you desire. Below we have a few checkpoints you may want to include on your move out checklist to help deal with the student housing property turn.
Remove all your personal belongings from your room. Any items left behind go to the trash.
Take all rubbish out. Failure to remove all trash and other belongings will result in a cleaning fee
Ensure all drawers, wardrobes, shelving units, closets and other furnishings are empty and clean; return furniture to the original set up. Return all dishes, and utensils to the dining facility
Vacuum the carpet
Turn off all power and heating units
Claim mail from the campus mail room. Unclaimed mail and packages are returned to sender.
Close all windows.
Close and lock all doors
Return all keys to your Unit office. Do not leave them in the room or give them to a friend to return.
You must sign a form when returning keys
Campus orientations present an excellent opportunity to increase tenant population. Universities will not let you be on campus to promote your rooms, so you need to get creative and think outside the box.
A simple and effective way to market to these prospective tenants is to research where both the students and parents are staying during orientation week. In most cases, hotels will allow you to work with them and their guests.
Sponsor a buffet breakfast, hand out flyers, engage in organic conversation. Go above and beyond to get yourself out there and in front of the right people.
Could SnapInspect help you manage your student housing property turn?
SnapInspect covers it all. From generating due diligence reports using business intelligence to creating fully customizable checklists, SnapInspect has it covered. We have been helping student housing managers deal with the student property turn for many years. We know what you need and more importantly, we understand why you need it. Click here to see just how effective SnapInspect can be for even the busiest student housing manager.