You might have thought that a few hundred thousand pounds outstanding on the mortgage, pushy tenants and a whole heap of legal, financial and regulatory responsibilities amount to pressure. Well, if you’re a student landlord, these things are likely to be the least of your worries with the development of a new website – UniShack – that allows previous tenants to rate particular student properties.
How does the Site Work?
The site works in two ways – students first choose whether they are looking to rate or to find a property. If they choose to rate a property they can enter the address of the property, the letting agent and give it an overall rating out of five. The reviews are anonymous and, once a property is reviewed it means it can be found by other students who are looking for a property.
The Bad News
There’s no question that such a site could be damaging for the reputations of some landlords. It’s well known that consumers are more inclined to leave negative feedback and any problems will quickly be reported. If that means you end up with a one-star rating then, undoubtedly, that’s going to damage potential business going forward.
The Good News
On the other hand, a good rating and a good bit of publicity will help draw in tenants. You’ll also be able to see what sort of rents are being charged by higher rated properties and perhaps adjust yours accordingly. Equally, if all has gone well, it wouldn’t be a bad strategy to ask your tenants to give you positive feedback.
This sort of site is not uncommon and, sooner or later, might not be restricted to student properties. There’s only going to be more pressure of landlords as this sort of business takes off, so keep to hand a good landlord insurance policy, sort out any problems quickly and efficiently and just bear in mind what a good rating might do for your business.