Are you considering investing in purpose-built student accommodation (PBSA)? If so, you may be wondering about the best way to market your property to attract student tenants. When investing in this type of real-estate, you need to understand the needs of your target tenants and what they want from a living space during their time at university.
If you’re struggling with a marketing strategy, you should read these top tips to help you effectively advertise your property. By following these guidelines, you are guaranteed to reap the financial benefits from your investment.
One of the most important things to consider when devising a marketing strategy is to evaluate the financial state of your potential tenants and what price range they are looking at. However, this varies entirely, as some students may receive a large sum loan, where others might get a minimal amount. Many students also tend to take on part-time jobs for additional income or may receive support from their parents.
Due to different circumstances, budgets will vary, so it is up to you to decide who you want to target. Bear in mind that those with a small budget will be on the lookout for cheaper accommodation. In this scenario, you must ask yourself is your prospective property suitable and can you afford to lower rent?
In recent years, many students have steered clear of university accommodation and instead opted for more private and luxurious student apartments. This is slowly becoming a profitable market, as more students are now using their loan to fund luxury living to help them focus on their studies.
If you’re interested in investing in this type of property, you should seek advice from property investment experts like RW Invest. They have a variety of upscale properties available in the north-west in proximity to the University of Manchester, John Moores University, and more. Contemporary developments include modern and stylish private apartments, which feature smart technology, high-speed Wi-Fi, fitness rooms, and roof garden views.
One of the major considerations students take into account when choosing accommodation is the social aspect. Therefore, you should consider investing in properties that boast communal kitchens and TV rooms, where students can get to know each other.
Your tenants will want their accommodation to feel like a home from home, so it is essential to highlight the idea of community in your marketing strategy. This will ensure you attract a diverse range of tenants including everyone from first-year students to international students.
Once you have all your key messages in place, you can then start spreading the word about your investment. The best way to do this is through the internet and social media, where you will reach your intended tenants quickly and effectively.
Make sure you pay particular notice to the key details of your property, including modern designs and technology which will attract a wide selection of students. You should also include clear and eye-catching images of your property. If you have an off-plan investment, then make sure you obtain CGI images to show your potential tenants how the finished product will look.