Doug Fath and I spent some time talking about the student housing business, and one key distinction that Doug pointed out to me was really quite significant to me. In Doug’s words:
“This is usually the first time the students are living alone without their parents. As a result, they are not familiar with the gas and electric company household upkeep and maintenance. A simple information sheet can go along way in easing the transition for students. It should include contact info for the gas, water, electric and management company. It should also include where to mail the rent each month and it should have all emergency for phone numbers if you have service contracts on your heating, cooling and plumbing systems.”
I hadn’t considered this particular practical reality, but it makes perfect sense. After all, when a college student is your renter, not only have they probably never been on their own before, but there’s a high probability that they have no knowledge of the local area or the utility/service providers that they’ll need to work with… so make it easy for them!
I’d like to thank Doug Fath again for his excellent insight into the student housing business!
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