How to Successfully Manage HMOs
Managing a portfolio of properties is by no means an easy task. It requires meticulous attention to detail and planning – lots of planning. Adding a few HMOs to your portfolio can quickly increase the workload.
HMOs require more property maintenance
Older properties are often converted into HMOs. Considering that almost 50% of all homes in the UK were built before 1955 (a third of which were built before 1900) HMO properties can absorb a lot of time to manage. Higher rates of problems such as pipe leaks, roof leaks, damp and failing electrical wiring are not untypical.
HMOs require more paperwork
Managing HMOs add complexity in terms of extra documentation and pre-tenancy prep. An HMO application is required depending on the UK borough the property is located in. Non-compliance with the HMO regulations may result in substantial fines as high as £30,000 for each and every offence. The Local Authority may also choose to prosecute the offender instead of imposing civil financial penalties.
Gas safety certificate, EICR, PAT, EPC, Fire Risk Assessment, Copy of criminal convictions disclosure, as well as confirmation of furniture and fittings being compliant with fire safety regulations, are only some of the documents that must be kept valid and in date compliance for a successful application.
Keeping an eye on all of those documents as well as dealing with the maintenance of the property can be an exhausting and overwhelming task, not to mention keeping track of the expiring dates and renewing all of the relevant certificates before renewing the HMO licence.
Which solutions are available?
Keeping track using spreadsheets and setting up endless email reminders we believe is not the answer.
Instead, Rentancy is an easy to use automated property management app designed to handle the complexities of HMOs.
Developed by a team of property managers, landlords, estate agents and talented software developers we are united by the goal to help our clients never miss a key date and to allow their HMOs to run like clock-work.
Our app development process has included constant feedback from early customers. Our platform is ready to handle the most challenging tenants and landlords.
Book your Demo here.