Jesmond Student Accommodation

Landlords

Why use Jesmond Student Accommodation to fill your student properties?

Your properties are competing with thousands of other landlords and agents in a market that has become saturated so you must maximise your opportunity to get your propeties seen and filled. Working on a No Let - No Fee basis means we are doing all the work giving your properties maximum exposure and tenant viewings and only get paid if we are successful at finding a suitable group... and we don't mind multiple agency and if you already have a managing agent we are happy to complement them with the tenant find and leaving the management to them... we simply want to fill your property.

Competitive Fixed Tenant Finding Fees

£250 - 1 to 4 bed properties
£450 - 5 to 8 bed properties

We are not vat registered so you save a further 20%

We don't mind if you want to multi agent, all we ask is for a set of keys and to erect a To Let board if this is suitable and as we don't manage properties we don't have others to fill before yours.


Landlords FAQs


What does your tenant finding service consist of?

  • Market appraisal
  • Marketing and advertising on all major portals
  • Arrange and accompany viewings
  • Obtain Guarantor forms & tenant particular forms
  • Collect and forward on the security deposit
  • Prepare any relevant pre-tenancy Housing Act 1996 Notices applicable only prior to the commencement of the tenancy
  • Draft AST
  • No Let - No Fee

How much are your finder's fees?

£250 - 1 - 4 bed properties
£450 - 5 - 8 bed properties


Why do you not charge VAT?

Unlike most agents, the tenants deposit is paid directly to the landlord. We don't collect it, bank it then forward it on. You save 20% on top of our already low fees.


Will you erect a To Let board?

Yes, this is part of the service and we recommend this as a lot of tenants walk around Jesmond compiling lists of properties to view.


Do I need to provide contents insurance?

You should consider providing contents insurance should your tenants fail to have theirs in place. In addition you should ensure your policy includes landlord's public liability insurance


How long are contracts for?

Student contracts are usually twelve months unless agreed otherwise. Group contracts are joint and several meaning if one person drops out, the remaining group is responsible for finding a replacement or paying the shortfall.


How and when are rents paid?

As you prefer, typically it's monthly in advance by standing order and the tenant is instructed to set this up with their own online banking. Sometimes it's 10 or 8 standing orders over a twelve month period. It can be by cheque quarterly, thirdly or on grant dates, whatever you prefer.


Is the tenants deposit their first month's rent?

No, they must still pay your rent in advance as per the contract in addition to their deposit which you must register in a government approved scheme.


Is there any compliance that must be obtained prior to you letting my property?

Absolutely, you must have the following up to date certificates.

  • Portable Appliance Testing certificate
  • Gas safe certificate
  • Electrical certificate
  • Energy performance certificates
  • Furniture, bedding and soft furnishings have the correct labels attached

And where applicable your property must be licensed as an HMO.

If you are unsure of your legal obligations as a landlord the local council will advise you of what is required.

We feel it is best to seek the council's opinion directly as they ultimately interpret the law and decide on a local basis what they will and will not accept.


What utilities is the tenant responsible for?

Typically, the tenants are responsible for all utilities and the bills should be in their names. They are exempt from council tax as long as all tenants remain in full time education.


What contracts and paperwork do you use?

We use standard Assured Shorthold Tenancies. We are happy to provide you with copies to read over and ask that if you would like anything added you simply tell us at the outset before the documentation is given to the tenants to sign. It is imperative that you read all documentation and satisfy yourself that you are completely happy with it before signing.


Can I multi-Agent?

Yes you can and you can also use us to provide the tenant finding even if you have a letting agent that is managing the property for you. There is no logic in not getting your properties maximum exposure and filled quickly with the best groups.


Will you provide my tenants with at least 24 hours notice?

Yes, we hand deliver a letter through their doors stating that we will be conducting afternoon viewings Mondays to Saturdays over the season until the property is filled and ask they help us to help them by keeping the property tidy during this period to help get it filled quickly and therefore put an end to the viewings.


When can I call you?

We value your custom and appreciate it is no longer a 9-5 world. We welcome texts and calls outside of office hours.


Assisted Management

We don't offer traditional full management but in addition to our Tenant Finding Service at £250 for 1 - 4 bed properties and £450 for 5 – 8 bed properties, you may be interested in Assisted Management, a service that seems to be more suited to established and long-term landlords.

A portfolio of perhaps five typical 6-bed student properties would average somewhere in the region of £125k per annum in Jesmond. With full management you would have an annual management fee of around 10%, so £12.5k plus vat totaling £15k. Also if there were third party contractors required such as tradesmen for repairs and maintenance the agent would normally take a margin on that too. £15k would be the minimum in management fees, however you would probably be looking at a higher bill with inflated repairs.

Your net rent is basically your gross rent less management, mortgage and maintenance payments and on average this leaves most landlords with a net at about a third of their gross rents. Traditional management fees are typically 10% of your gross rent, not your net, which means you are actually giving away approximately one-third of your actual net profit.

After you look at full management and strip away the gloss of the sales literature it looks pricey for what you get and generally means:

  1. Check in and Inventory
  2. Rent collection
  3. Contacting trades for any repairs
  4. Check out and inventory

Now consider these options:

Option 1

Using your existing inventory or drafting a new one, we will meet the new tenants, take new photos at check in, issue keys and organise the signing of the inventory and the photos. We will contact all utility companies and inform them of the new tenants and provide meter readings. At check out we will then compare that inventory, take and print photos for you and collect keys. We would also visit each property the weekend following their Christmas leave and set the heating at a constant 15 degrees to comply with the heating clause in most landlords' insurance to prevent water damage from frozen pipes. This Assisted Maintenance will cost just £350 per property and as we don't collect rents and the deposits are paid direct from the tenant to you we do not exceed the vat threshold so there's no extra 20% to pay.

Rents would be paid to you, the landlord, directly from tenants, (as we do with the deposit when we arrange the tenant finding) by one group standing order per property as normal. Students occasionally pay late or there may be a shortfall but ultimately, there are guarantors.

For repairs and maintenance the tenant would call, txt or email, whatever you specify, and you simply forward the communication to the appropriate trades. If you don't have any trade contacts we're more than happy to provide details of those we have used for years. This would mean that any involvement you have is limited and on a portfolio as in the above example you would save upwards of around £13k per annum.

Option 2

You can also use the likes of British Gas and E-on who now offer a landlord package for around £30 pcm for repairs inclusive of parts and labour for:

  • Boiler and controls
  • Central heating
  • Plumbing and drains
  • Electrics
  • Annual boiler service
  • Annual CP12

And for around an extra £10 pcm they will cover parts and labour for the kitchen appliances. They will even take the tenant calls directly if you prefer.

You could run with 'Option 1' to begin then if you feel you want less involvement you can change to 'Option 2'. Either way you save thousands against the costly traditional management and remember when doing the calculations the parts are covered in the points above, whereas with traditional full management this is an additional expense.

In addition, when we do viewings, typically from November 1st Onwards, a few months after the existing group has moved in, we keep a discreet eye on the tenants and can inform you in the unlikely event that something doesn't appear right.

You have the financial security and control, receiving your rents' gross and keeping your deposits, guarantors as normal. You'll have systems in place and won't pay huge monthly management fees when most of the time the properties will not require anything.