If you are a landlord or investor in London, managing an HMO property can be a complex and time-consuming process. It requires a high level of attention to detail, as well as knowledge of regulations and best practices, not even mentioning the nerves and patience required dealing with large numbers of tenants.
That’s why many landlords and investors are turning to professional HMO management companies to help them manage their properties. In this blog, we will explore the benefits of hiring a professional HMO management company in London.
- Compliance: HMOs are subject to a wide range of regulations and requirements. The latest HMO compliance requirements were updated in January this year. A professional HMO management company can help ensure that your property is compliant with all relevant regulations, including fire safety, licensing, and health and safety requirements. This can help you avoid costly fines and legal issues.
2. Tenant Management: Managing tenants in an HMO can be challenging, particularly if you have multiple tenants in the same property. A professional HMO management company can help you manage tenant relationships, ensure that rent is collected on time, and resolve any issues that arise. In our last 10 year experience in managing tenants, we have even dealt with late night calls about spiders on floor and slug seen in the property.
3. Property Maintenance: Maintaining an HMO property can be time-consuming and costly. A professional HMO management company can help you manage maintenance and repairs, ensuring that your property is in good condition and that any issues are resolved quickly. Most companies will provide you with a few quotes. We have our handyman and maintenance team that helps to bring costs down.
4. Marketing and Occupancy: A professional HMO management company can help you market your property and attract new tenants. They can also help you manage occupancy, ensuring that your property is fully occupied and that tenants are paying rent on time.
5. Financial Management: Managing the finances of an HMO property can be complex, particularly if you have multiple tenants. A professional HMO management company can help you manage rent collection, pay bills, and provide you with regular financial reports. At Prime Property Care, we provide monthly financial reports with all receipts that landlords can use for tax returns and to follow expenditure. We also manage the gas and electric usage to make sure bills are not overspent.
6. Peace of Mind: Perhaps the most significant benefit of hiring a professional HMO management company is the peace of mind it provides. You can rest assured that your property is being managed by professionals who have the knowledge and expertise to ensure that everything runs smoothly.
In conclusion, if you are a landlord or investor in London, hiring a professional HMO management company can be a wise investment. It can help you ensure compliance with regulations, manage tenants, maintain your property, market and manage occupancy, manage finances, and provide peace of mind. If you are considering hiring an HMO management company, be sure to do your research and choose a reputable company with a track record of success like Prime Property Care.