If you are thinking about starting Student Accommodation Please Read this First.

Discussion in 'Property Management' started by fullylucky, 25th Mar, 2016.

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  1. Biz

    Biz Well-Known Member

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    None of that surprises me. What are you expecting renting out a student share house?
     
    Last edited: 1st May, 2016
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  2. Ted Varrick

    Ted Varrick Well-Known Member

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    A viewing of John Belushi's excellent performance in Animal House should curb some enthusiasm in regards to the kinds of expected returns in this pursuit of profit.
     
  3. dabbler

    dabbler Well-Known Member

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    He is too busy out the back in the temple for those kind of fun and games.....frankly think most problems are self created.
     
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  4. Hive_Dan

    Hive_Dan Member

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    Having specialised in managing student accommodation for several years I feel this is a negative stereotype that whilst certainly can happen, shouldn't if the property is managed professionally.

    I hope the management is going better for you now.

    Anyone considering managing multi-tenancy accommodation without a PM background should at very least meet with a student focused PM.
     
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  5. Fernfurn

    Fernfurn Well-Known Member

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    Against my better judgement but r.e. advised these were 3 quality dedicated students from NZ parents paying for uni fees so under pressure to get good marks, all had part time jobs so no time to party. So we rented our beautiful townhouse in Surfers to them. The partied hard very other night, non stop smokers, loud music, never put their rubbish bins out so overflowing, then if they finally put them out, they never bought them in. Used all the other owners car spaces. Constant emails from other tenants complaining. never again
     
  6. Whitecat

    Whitecat Well-Known Member

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    I would do student accom but only if i lived on site in some sort of private place. Like a granny flat out the back or an upstairs that was separate or something
    Then i would keep an eye on the place, interact from time to time to sort things out and I would choose tenants who wouldn't have an issue with that in fact they would be happy because the place would be really clean not feral like when it's left up to its own tenants
     
  7. Ted Varrick

    Ted Varrick Well-Known Member

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    Fernfurn, what was the postscript to this story?
     
  8. Excalibur1

    Excalibur1 Well-Known Member

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    Not my personal experience but a family friend has had students for last 8 years. He had 4 rooms at that time, they had common kitchen and lounge dinning and bathroom. He said he wanted to stop doing it after first year after similar problems as you.

    Then he got one japanese female student. Super clean, polite and quiet. He made hear a deal, if she can get 3 of her friends in other rooms she only had to pay half the rent. Since then he only took female, Japanese students! Never had any issues for 7 years. He lives in Sydney Northern beaches which is not close to any university.

    I pointed to him that he is kind of discriminating by doing that, and he says he has no headaches anymore and good money. After the girls go back to Japan they tell their friends where they stayed and how good it was so he always has new students staying there.
     
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  9. melbournian

    melbournian Well-Known Member

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    Japanese and koreans are the best - u see limited or no basically no vandalism on walls in japan and korea. There is also a hierarchy in which they have to respect their elders. And hygiene is high in their lists. If you drop a wallet or bag, it is in their culture not to steal the item but rather find the rightful owner as it is the honourable thing to do. Which is why renting to students in university is good if you have many rooms (they normally like living in groups).

    Mainland Chinese students (that one is a mix bag)
     
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  10. Excalibur1

    Excalibur1 Well-Known Member

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    Yeah he did mention that he tried Chinese students and it didnt work out well. I didn't ask him about Koreans. But I agree Koreans are very tidy. This is generalizing, but every country has good and bad.
     
  11. fullylucky

    fullylucky Well-Known Member

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    New one for today:

    Last Week forgets key at 11pm calls me, hey landlord can you come and open the door for me, I forgot my key inside the room... nnnh yah you're landlord so it's your duty.

    Today... told them will come to show potential tenants and inspect room at 11am, yesterday advanced notice given.

    me with new potential tenant: *knock on door.* here to look at the room.
    ungrateful tenant: Oh I'm still sleeping. i haven't dressed. i sleep late so need to sleep. Come another day.

    who sleeps until 11am??! srs

    main point: Don't do student accommodation! stop undercharging these *******s, just ruining the market for everyone, stop thinking you can make money on this.
     
  12. D.T.

    D.T. Specialist Property Manager Business Member

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    Landlords / PMs don't have to help with this. Tell them to get a locksmith at their expense.
    You legally have to give more notice than this.
     
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  13. fullylucky

    fullylucky Well-Known Member

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    you're not getting the point. do you think these guys can afford a locksmith or even know how to call one? they will probably push the window up and then break it in the process.

    my point is you be good to them they don't remember it. when it comes to their turn to return a favour they don't give a *** about you.
     
  14. fullylucky

    fullylucky Well-Known Member

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    what if i told you on top of this they didn't give 2 weeks notice to leave. so finding a new tenant asap is in their best interest or else they lose part of the bond that doesn't cover when the new tenant moves in...

    nah i want to keep my bond but don't wanna give you 2 weeks notice.
     
  15. D.T.

    D.T. Specialist Property Manager Business Member

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    If they break it they pay for it to be repaired. You're not their parents.
     
  16. fullylucky

    fullylucky Well-Known Member

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    if it's all done properly not student accommodation your logic would work. but when it comes to student accommodation it just won't work.

    ok so lets play it out. you ask them get a locksmith.

    They call and oh ok i'll hire a locksmith no worries Mr Landlord.

    next minute they leave all taps running put a text book on the flush button. Have fun paying the water bill. Because water is covered in the rent for student accommodation.

    Your logic won't work. if you try this tit for tat stuff they will just outsmart you. you try A they will then do B C and D.
     
  17. D.T.

    D.T. Specialist Property Manager Business Member

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    So because its students, they're not subject to the residential tenancies act? Is that what you're saying?
     
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  18. Marg4000

    Marg4000 Well-Known Member

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    So after all the negatives you have posted you are still renting to students????
    Marg
     
  19. dabbler

    dabbler Well-Known Member

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    I think he enjoys it.

    Waiting for people to change personality or habits is a long term thing, sooner or later you will change them, may take a few heater burouts or mega kilo liters of water, but you will get there.
     
  20. Omnidragon

    Omnidragon Well-Known Member

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    Morale of story is only rent to people from responsible upbringings.