How to manage your HMO property?

How to manage your HMO property

Do you want to manage your HMO property yourself or with the help of a property manager? Whatever your answer is, you should know all about how to manage the property. Managing a property needs proper attention, dedication, time and money. In some cases managing a property may keep your costs down but hiring a property manager take over the tasks for you and take responsibility for all legal matters, maintenance, finding tenants, rent collection, repair issues and much more. Moreover, if you want to expand your property or HMO, you may need a property manager to take over these tasks for you. Through this article, you will know how to look after the property and what are the key points you have to keep in mind while HMO Management.

Things to be kept in mind while managing the property itself?

If more people living at your HMO property, it will obviously require more attention and maintenance. It is most important to check the property regularly and keep its maintenance on the top. To keep the property in good condition it is also important to find and retain quality tenants.

If you’re a live-in landlord, it will be obvious if something needs fixing you will fit it as soon as possible. On the other hand, if you are not living on that property. Below mentioned are some important tips that will help you manage your property properly.

  • Be active and inspect your property regularly. Monthly inspection can also work well for HMO property if you are not living in that property. Moreover, do at least an inspection every three months.
  • Encourage the tenants to get in touch with you as soon as any maintenance issues arise. A small issue can also become a big problem at any time. Therefore make sure that all tenants know how they can contact you or your property manager.
  • You should compile your own team of experts for various services so that you can call them when you need them. For managing property, it is a must to have necessary numbers on speed dial than scrabbling around trying to find one when it becomes an emergency.
  • You should hire a cleaner to give all the common areas such as kitchen, bathrooms, hallways, lounge a weekly cleaning and you can roll this cost into your tenant’s rent. This will keep your property clean and maintained. Moreover, the cleaner can inform you if anything needs fixing.

How to manage your Tenants?

manage your Tenants

Tenants are like your customer and you are a service provider. You should aim to provide excellent service and also cultivating good relationships with your tenants. It’s more important if you are living in your HMO property. These things increase the life of tenant for staying in your property (It means tenants try to stay in your HMO for longer. In addition, your property becomes recommendable when it is vacant.

The most attentive or diligent landlord can also experience odd problems with tenants because it’s common. The most common problem you hear is noise complaints from neighbours or fellow tenants, and tenants not paying the rent on time. However, these cases are rare for professional tenants.

Pro tip:

Take your action quickly when a problem arises with tenants. It is important to take action quickly if complaints arise because they affect other tenants. If you do nothing about their complaints and leave it on themselves. Remember, It can cost you much more.

The best way to tackle problems tenants should speak frankly about the issue. If the problem continues after letting, you should not renew their tenancy and leave them at the end of their tenancy agreement.

If the issue persists continuously, you have to make the decision whether you want that tenant to continue living in your HMO property or not. If not, you have these two options.

  • If you want that tenant to leave at the end of their tenancy agreement you can issue a Section 21 notice to him.
  • You can also issue section 8 notice, In case you want to end the tenancy period early on the basis of the tenant break the terms of the tenancy agreement.

In case tenants challenge the agreement, eviction notice needs to be word perfect if they are to stand up in court. Therefore it’s worth it to take enlisting professional legal help for this. For more information regarding this, you can read a full guide to manage HMO for landlords here and contact us freely.

 

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