HMO management can be a great way for landlords to maximise the return on their property, from increased profits, to fewer void periods and higher demand. However, the additional regulations, licensing and extra admin are enough to put some people off. This is where we come in, managing your HMO effectively, helping you stay compliant, and attracting the right tenants.
We can help you:
HMO management is different to managing traditional single-let properties – we should know, we’ve been doing it for more than 30 years. It requires more time and experience, and most crucially, a deeper understanding of the regulations of houses of multiple occupancy.
For example, HMOs (or multi lets as they are sometimes known as), may require additional fire safety or planning regulations, which we can advise you on. We can also help you establish whether your HMO will require a licence or not.
Not only are we specialists in HMO management, we’re familiar with the local area. Licensing requirements and planning regulations vary from borough to borough, and we’ve been working in East London and Essex for decades and are acquainted with the local authorities and their rules.
Our background in estate agency means we’re also in the best position to attract tenants fast. We go further than your average agent to promote your property, whether that’s on our website, on Rightmove and Zoopla, or through social media. We’ll even manage the tenant relationships for you, taking the hassle out of HMO management. After all, fewer disputes between tenants means they are more likely to stay longer.
Perhaps you already own an HMO and are tired of the day-to-day management, or maybe you’re fed up with your existing agent? Or you might be looking to invest in a house of multiple occupancy and need some help or advice. Here’s why we think we’re worth a chance!
An HMO is simply a property which is home to three or more people across two or more households. They will share some basic facilities such as a kitchen or bathroom. Your property is considered a large HMO is at least five tenants live there, from two or more households, and again, some facilities are shared.
Letting an HMO is often seen to be a lower risk, because if one tenant moves out, the impact isn’t as big as a single-let property. The demand for HMOs is also growing, making it a more attractive prospect for some landlords. You’re also likely to enjoy higher returns. In fact, NLA research shows than HMO landlords receive average yields of 6.9% compared with non-HMO landlords of 5.6%.
Safety and planning regulations are often more complex for houses in multiple occupancy than with single-let properties. You may also have to pay a licence fee. However, this varies from property to property, so be sure to get in touch with an expert such as Hall’s Properties, to find out whether you’re subject to a licence fee or not.
Get in touch to see how we could help you manage your HMO, by calling 01708 875088, or email [email protected].
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We’re one of the most trusted letting agents East London has to offer, and we provide a wealth of services for landlords in the area. Whether you are looking for new tenants or need some assistance managing your portfolio of properties, a member of our team is ready to help.