Starting your own student letting agency is never an easy venture. From figuring out how to set up the fundamentals such as registering with HMRC, to finding the right lettings, sales, marketing, bookkeeping, inventory and other software, any business venture can be a minefield when starting out.
For those graduates wishing to go into student property management or lettings there are additional challenges such as Property Redress scheme requirements, HMO legislation, HMO tenant management, having hundreds of tenants all move in and move out only days apart from each other, and many more.
Often, when building a student letting agency sourcing HMO landlord clients can be the easy part. The real work begins once the student tenants have moved in and you need to stay on top of maintenance, rent and arrears administration, inspections and inventories, student tenant and neighbour disputes, deposits and so on. The backend management of lettings can take up a big chunk of your time and can considerably slow you down in focussing on growing your business, especially in the beginning stages when everything is new and you don't yet have set processes and procedures in place.
Costs involved in starting a Letting Agency
Th below list is by no means extensive but purely a snapshot of the costs involved in running your own letting agency.
You will incur Web development fees which can vary greatly. Although if you are technically minded you can use sites such as Wix, SquareSpace or other template sites to set up a basic website. However, if you are looking to source tenants you will need additional functionality to allow them to find your landlord’s properties on your website.
You need to budget for software to run your business such as a bookkeeping/ accounting package, property management/letting & sales software, marketing software, any staffing software and recruitment tools, inventory software, industry membership fees, training and development - just to name a few.
Do I need Experience to Start My Own Student Property Management Business?
While the industry does not currently require formal training, the government has been increasingly tightening down on letting agents in recent years. A graduate looking to start a student HMO property management agency with no experience can run into trouble quite quickly. Understanding the legal requirements of a landlord to maintain a HMO property are a basic need, as you would be responsible for ordering repairs or in some cases, advising student tenants when repairs are not covered and other HMO related management tasks.
Become a Partner with Student Haus
If you are looking to start your own student HMO lettings business as a student or graduate, Student Haus may have an opportunity suitable for you. You will be able to enjoy the perks of being self-employed without incurring the overheads and headaches that can come when setting up a letting agency from scratch.
You can also comfortably work from home and determine what your work – life balance looks like by choosing your own hours.
As we cover the tenancy documentation, rent and maintenance administration, deposit administration and ongoing tenant support you are free to focus ‘on the ground’ work, including sourcing landlords, undertaking viewings, periodic inspections and inventories. This means that you do not need property management experience or experience on how to start a business from scratch. Student Haus will provide training on all aspects required for you to become a Student Haus Partner including how to find prospective landlord clients.
As a Student Haus Partner you enjoy the benefits of having the support of the Student Haus brand behind you, and access to all of Student Haus’ marketing processes, including website listings, legal documents and processes, and are offered ongoing training and support.
Just like your own business, your earning potential is as good as you are – and Student Haus offer great commission not just upon let of a property, but residual monthly payments as a percentage of management income for the lifetime of the tenancy.
If you are a student or graduate and this opportunity is of interest to you contact us today via email@example.com and a member of our team will set up a video call with you!