How to manage multiple student tenancies online
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Landlords and property managers face numerous hurdles when dealing with multiple student lettings.
Student rental agreements, with their high turnover rates and somewhat flexible requirements, demand landlords and managers be responsive, efficient and willing to communicate, either directly or through a reputable estate agent.
Fortunately, digitisation and automation has ushered in plenty of tech-led solutions that make online rental management much easier and more streamlined. Innovative technology, from eSignature solutions to centralised portfolio management software, can simplify the process of overseeing multiple student leases and keeping properties occupied for as long as possible.
Managing just one rental property is difficult enough and involves several unique responsibilities, but technologies and solutions like those listed in this article are there to make the process of managing multiple student tenancies much easier and more effective.
Creating and customising online lease agreements
Managing more than one student tenancy requires the ability to create rental agreements at the drop of a hat. In years past, the lease creation process took up hours of valuable time and resources, and the pace of modern life demands more efficient and seamless digital alternatives.
Online rental agreement platforms often come with customisable lease agreement templates that can be tailored to each property and landlord’s needs and preferences. They can easily incorporate anything from utility arrangements and maintenance responsibilities to break clauses and early exit procedures.
Using digital templates allows landlords to generate multiple customisable leases with consistency across their entire property portfolios. This saves valuable time and also reduces the risk of human error or omissions that could invalidate any legal entitlements. Private landlords and student property managers should seriously consider a secure online tool that facilitates lease creation for their tenants, as turnover is usually very high and the resulting administration can be burdensome.
eSignatures for straightforward lease signing
Creating bespoke digital lease agreements is made infinitely easier by incorporating eSignature functionality. These are deemed legally binding signatures when initiated through a compliant platform – like that offered by Signable – while being much more convenient and flexible for both parties.
With the help of eSignatures, students can sign leases remotely – on any mobile device – and eliminate the need for in-person meetings with witnessed physical signatures. These signatures are often more secure when stored in a centralised, patched system like Signable, and users can easily track and monitor which leases have been signed and whether any required signatures are outstanding.
Choosing an eSignature solution is something that should take time to complete, with landlords faring best if they opt for one that offers flexibility in how documents can be signed, sent, and returned. A versatile and secure platform ensures that different preferences can be accounted for.
Ensuring compliance and security
As with any digital solution, managing tenancies requires legal and regulatory compliance boxes to be ticked. Online management systems can help landlords stay compliant with ease, by automating the process of providing legally required documentation to tenants, sending reminders for important legal duties (such as gas safety checks and deposit protection notices), and storing sensitive and identifiable tenant information.
When it comes to data protection and tenant privacy, it’s vital to select a platform that offers robust encryption, multi-factor authentication and regular security patching. Some reputable vendors even validate their security protocols with outsourced penetration testing and vulnerability assessments to ensure any potential weak points in their software are identified, addressed, and contained. This validation ensures that your and your tenants’ data remains safe from cyber threats and data breaches.
Centralising tenant information and communication
Managing several properties and tenancies becomes significantly easier with a centralised management system. Online rental management platforms make tenant data easier to access in the event that maintenance requests, routine inspections, rent collections, or queries are raised.
Having this information accessible in one place allows landlords and property managers to access essential details about each tenancy and streamlines the communication process between them and their tenants. When dealing with multiple properties or large numbers of student tenants, a central communication portal is invaluable.
Automating rent collection and finances
Managing timely rent payments is a constant battle for landlords and property managers, and with the help of online tenancy management systems, the rent collection process is automated.
Landlords can set up recurring payments, send automatic reminders, process various payment methods and generate financial reports. Managing all of this digitally in a single platform for multiple tenancies allows for a top-level view of cash flow and incoming and outgoing finances.
Furthermore, this minimises the time spent consolidating previous financial records, allowing landlords to generate them immediately, which saves time when preparing for tax returns or returning deposits under Deposit Protection Schemes.
Integration with other digital tools
To make online rental management even easier, some tools can integrate well with other digital tools. Some landlords may find it useful to connect their property management software with tools that allow them to book boiler and gas safety checks, energy performance certification visits, and tradespeople who can conduct renovations or refurbishments, further simplifying the tenancy management process.
By using a management platform, students can also benefit. In the run-up to the end of their tenancy agreements, they can use software to view other available properties in their landlords’ portfolios, if applicable. With the right interface and integrations, a platform can function similarly to how they might book an event space or facility on their university campus.
Making more informed decisions
The wealth of data provided by online rental management systems is often overlooked. Digitising tenancy management allows landlords to unlock valuable insights into occupancy rates, average tenancy durations, common maintenance issues, rent payment trends, and more. This data can all drastically influence your decision-making process, allowing you to optimise and enhance your property portfolio, adjust prices accordingly with market rates, and improve your overall communication with your tenants and/or agents.
Embracing digital student tenancy management
It’s undeniable that managing various tenancies online offers plenty of benefits for landlords and property managers. Property portfolio management often involves heavy paperwork and administration, so digitising the process as much as possible is a one-way ticket to improved efficiency, healthy returns, and more convenience for your tenants.
As the student rental market continues to fluctuate even as the UK economy stabilises, landlords who can balance digital rental management along with their other responsibilities will find themselves attracting more tech-savvy tenants who benefit from easy-to-use technology that reduces the burden on them too.
Manage student lettings with Signable
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Dakota Murphey
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