Property management company: first potential door is student housing

[Christopher Tinelli]

Not exactly what I prepared for as my first doors but I want to make sure I do this right. What does the community suggest in terms of how the management agreement, leases, etc. are changed/structured due to this? Or anything else I would need to know, look out for, etc.?

Thanks!

- Chris

[Drew Sygit]

@Christopher Tinelli when I first read the title, I thought YOU are a PMC and your BP profile seems to confirm this.

Unfortunately, most of the responders seem to be answering as if you bought the property.

Recommend checking out NARPM, there are a lot of student housing PMCs there.

Here's what I can think of

PMA: you'll want to have a charge for periodic walk-thrus, like almost monthly. How else will you keep college kids from causing major damages? You can't do this for free, so you'll want to charge for it somehow.
- Also, you'll want to handle lawn & snow as students won't have time. Again, owner will have to pay.

LEASE: include lawn & snow in cost of lease.
- Charge tenants for any walk-thrus?
- You'll want VERY specific language for tenant damages and paying for those damages. 
- As it's not uncommon for students to drop out or decide they can't get along, you'll want very strong language regarding one tenant moving out and the others remaining - specifically that you won't refund security deposit to one student moving until ALL tenants on lease vacate.
- Strong language regarding locks on bedroom doors
- Cover landlord?PMC will not be responsible for theft of personal items.
- To stop students from trying to make you their babysitter and counselor, language that PMC will not interven on intra-tenant matters unless there is a specific lease violation with proof or a police report.