5 Reasons Students Are Heading Online To Find Accommodation…

…And How Letting Agents Can Capitalise On This

Tech sectors are reliant on online resources to market their products in this digital age, so why is this not mirrored in the student property market? 

Here are five key reasons demonstrating exactly why students are becoming increasingly inclined to head online in order to discover their university accommodation.

1. The changing role of both online and offline platforms

Research shows that students still rely on both online and offline research when finding a property, however, the figures don’t lie – and, in a recent survey, 87% of students stated that the first place they would look for a property is online. This means a large proportion of their route to rental is completed on the internet, thus utilising online marketing to advertise your listings increases the potential student audience who are viewing your properties. Additionally, a staggering 80% of University Cribs users visit our online platforms through mobile devices. So, how are they accessing your properties? User experience is key and needs to be optimised to fit your demographic, who are relying heavily on handheld devices and technology in their house hunt. Therefore, by creating engaging online content which students can access through their mobile phones wherever they are, you are no longer limited by the opening hours of your letting agent.

2. The efficiency of an online process

Viewing properties online is a far more efficient process than visiting multiple properties in person, so students can utilise a platform like University Cribs to sift through available properties within minutes. By doing this, they can compile a shortlist of 2-3 they might be interested in viewing, saving you time and money as a letting agent by taking out unnecessary trips to view houses that don’t suit their needs. This time efficiency provides scope for optimising in other areas, as you have more time to let out additional properties or refocus marketing efforts.

3. Social channels

Many letting agents have social profiles for their company, largely Facebook and occasionally Instagram, yet their social presence still doesn’t mirror that of their target demographic. Research shows that the average time spent online for 18-24 year old’s each day is 5 hours. This 5 hours should be seen as a window of opportunity to engage the constantly connected Generation Z. By creating relevant online content, ranging from property hack blogs to student lifestyle posts, your audience will relate to your channels, and thus become increasingly likely to engage with your company. Thinking like your user is key on social channels, so adapt your content to the time of year, for example, post revision hacks during May, or in August post moving in tips and tricks. By tailoring your content to the behaviour of your audience, this will in turn drive traffic to your website, making them increasingly likely to engage with your brand.

4. Reaching an international student audience

Overseas students make up ⅕ of all students currently studying in the UK, and as it is physically harder for them to view properties in person, they largely opt to select their student accommodation online, due to its 24/7 availability. Thus, having a strong online presence allows letting agents capitalise on this large segment of the student market, and widen opportunities for rental. This is furthered as international students have higher spending habits than domestic students who often show interest in luxurious accommodation options. Through establishing a ‘spick and span’ display of your top properties across multiple platforms, online marketing allows letting agents establish a relationship with overseas students, and infiltrate this large proportion of the student market.

5. The role of new technology

To further the power of online technology and its incredible 24-hour nature, Virtual Reality opens up a whole new window of opportunity within the student property market. The year 2016 was heralded as the year ‘VR goes from virtual to reality’ by The BBC, and it has thus become increasingly used in 2017. Virtual Reality allows students to view properties in 360 views, without even having to leave their bedroom to go to a house viewing. If there is anything students want, it is any opportunity to make their daily tasks easier, thus VR is certainly a strategy to combat the chore that can be house-hunting, if not approached in the right way. The desire for VR to become an increasingly utilised marketing strategy is demonstrated by the results from the Cribs Insights Survey, which showed that 83% of students said they wanted the opportunity to view properties this way. This shows the potential capacity VR has to revolutionise the student property market on a large-scale.

Online technology provides scope for expanding opportunity within the student property market. However, it is not simply about being online, but by establishing the best ways to utilise available tools and platforms to your advantage. Means such as optimising your social media channels with relevant content, providing high-quality online marketing of your properties, and engaging with technological developments such as Virtual Reality, will all contribute to allow your company to expand and thrive in this competitive Digital Age.