You may find HMO’s are a more attractive investment as they have the potential to offer you higher rental yields in comparison to single-let properties. That being said, HMO management is much more intensive so you should bear this in mind from the outset.
Firstly, there are complex regulations that apply to the management of HMO’s that do not apply to single-let properties. Also, you should prepare for a higher turnover of tenants and more wear and tear on your property.
As an HMO landlord, you will need to provide high levels of hands on involvement to successfully manage your HMO property and remain compliant with legislation. It is for that reason many HMO landlords opt for a letting agent to assist with the management of their HMO property.
Our HMO Management service
If you value your free time, Homemaker Properties can assist you in your HMO management responsibilities. You can expect guidance and recommendations on ensuring your property meets with private rental sector legislation; in particular, HMO regulations and the latest local HMO criteria and requirements.
For over 10 years, the Homemaker Properties team have been at the forefront of the Coventry HMO market. As a result, you will receive knowledgeable guidance aimed at achieving the maximum return on your investment. If you are looking to invest in Coventry and need guidance on your investment, you may wish to speak to us about our Property Sourcing service.
You can expect honesty throughout your time working with Homemaker Properties. Starting with an initial valuation of your property, continuing through to ongoing HMO management. You will not receive an inflated rental price. You will receive a realistic price that should see your property let quickly with a minimal void period.
Your property will receive the maximum coverage possible via market-leading property and room portals. Empty rooms do not provide you with an income. As a result, we work hard to get your rooms let to the right tenants.
Evidence of this can be seen on Rightmove Let’s Agreed Statistics. In 2019, Homemaker Properties agreed more lets in Coventry (CV1 – CV6 postcodes) than any other letting agent. In the last 5 years (2015 – 2019), we have been achieved more Let’s Agreed on House Shares than any other agent.
Good tenants are of paramount importance to be successful in HMO Management. All applicants are fully qualified prior to a viewing. Your prospective tenants will be fully credit and referenced checked. This will allow you to make an informed decision on proceeding with an application.
With the ever-increasing amounts of legislation, ensuring that your HMO property continues to be compliant needs to be a top priority. An area of HMO Management that is often overlooked. The team at Homemaker Properties are here to ensure your HMO meets with all regulations.