Should You Self-Manage or Use a Letting Agent for Student Properties? 

Managing a student property comes with its own unique challenges and rewards. One of the first decisions a landlord needs to make is whether to take the reins themselves or hand the keys over to a letting agent. While the promise of “hands-free” income is tempting, the reality is more nuanced. So, should you self-manage or use a letting agent? Here’s a frank look at both sides.

👥 What Letting Agents Claim to Offer

Letting agents typically market their services as offering:

• Tenant sourcing and referencing
• Rent collection and arrears chasing
• Maintenance coordination
• Legal compliance (e.g. gas safety, deposit protection)
• Handling tenant communication and disputes

In theory, this sounds like excellent value. But in practice, many agents fall short of delivering the service they advertise. And when it comes to student properties, their one-size-fits-all model rarely fits well.

❌ Where Agents Often Fall Short

1. Lack of urgency or care: Student tenants often have specific timelines and group dynamics. Agents rarely understand or prioritise these needs.
2. Overpriced contractors: Agents frequently use preferred tradesmen who charge more, and landlords foot the bill.
3. Poor communication: It’s not uncommon for both tenants and landlords to find agents unresponsive or evasive when issues arise.
4. Minimal inspections: Despite promising regular property checks, many agents fail to carry them out, leading to missed maintenance issues.
5. Hidden fees: Tenant-find-only fees, renewal fees, maintenance mark-ups – they all add up quickly.

Put simply, many agents offer little more than a rent collection service, yet still charge 10–15%+ of gross rent.

🤝 The Case for Self-Management

Self-managing a student property might sound daunting, but it offers several advantages:

• Better control: You choose your tenants, approve maintenance works, and stay on top of your asset.
• Cost savings: Avoiding agent fees can add thousands to your annual income.
• Faster response times: You or your chosen contractor can act quickly when something needs fixing.
• Stronger relationships with tenants: Students often appreciate a responsive and approachable landlord.

Of course, self-management isn’t free. You’ll need to:

• Understand compliance requirements (HMO licensing, safety certificates, deposit schemes)
• Be reachable (or have someone who is) during tenancies
• Handle occasional conflicts or late rent

But for many landlords, the trade-off is well worth it.

🤔 When an Agent Might Make Sense

There are scenarios where using an agent can be justified:

• You’re based overseas or far from the property
• You’re scaling quickly and managing multiple properties
• You want a more passive investment

Even then, consider a tenant-find only service or a hybrid model where you handle the day-to-day, and they help with initial setup.

Be aware, however, that tenant-find services typically cost around one month’s rent — a significant chunk of income for student properties that are often let for just one academic year. If students only stay 12 months, you’re effectively losing over 8% of gross rent just to source the tenancy.

Also remember:  you are not obliged to use an agent’s contractors. Even if you use an agent to manage the property, you can retain control over maintenance by having your own trusted tradesmen on call. This can result in faster service, lower costs, and better oversight.

Another smart move? Take out service contracts for essential systems like gas boilers. Not only does this provide peace of mind (and quicker fixes if something breaks), but it also removes the stress of emergency call-outs. Many landlords also choose to extend service contracts to white goods or electrical systems, but the boiler remains the most important. The best part? These are tax-deductible as legitimate business expenses.

✉️ Final Thought

Most landlords assume letting agents will save them time and hassle – but the reality often falls short. For student lets in particular, self-management is usually more profitable, more responsive, and not as daunting as it first appears.

If you’re organised, communicative, and willing to put in a bit of effort, there’s no reason you can’t manage your student property yourself and do a better job than most agents. After all, no one cares about your investment as much as you do.