Five years ago I have chosen HMO management to be my main area of expertise.
I believe this area of property management gives me the ability to manage and monitor my properties to a high standard.
In my opinion, all landlords have the same grave concerns about their properties:
What if my property will be used as a cannabis factory?
What if it becomes a residence for 15 people?
What if it’s used for sexual services?
With this many alarming “what if’s” it is even more important to focus on strategies that can prevent these issues.
HMO management can be compared to a specific strategy, which will assist the landlords in avoiding the above mentioned concerns. Using HMO as your main strategy, gives you the ultimate control of the property, mainly because you can enter communal areas of the property anytime and without a notice.
We have developed a system that allows us to visit the property three times a month, therefore allowing us to be vigilant for any potential problems.
The question I hear the most often is: “But what about family let properties?”
The strict regulations in regards to family lets mean that, you cannot access your own property without an appropriate notice and the tenant’s permission. Many of our properties are indeed family let and here are few solutions that we have introduced.
Provide a housekeeper- we include a clause in the tenancy agreement where the tenant has to agree to give access to the housekeeper on the 2nd date of each month. This will cost you about £30 – £50 per month, but in return you will have a reliable source of information that will alert you about any problems.
Note your tenants’ birthdays – Birthdays are great occasions to pass by the property with a box of chocolates as it provides you with an excellent opportunity to visit your property and build relationships with your tenants.
Inspect the property yourself- Organise a quarterly property inspection and add it in the tenancy agreement. It is easy to forget about it, especially if you get your rent on time and there’s no problems. However, the inspection only takes 30min and in the future this could save you money on repairs.
Neighbourhood Watch- Build good relationships with your neighbours and ask them to let you know if they notice anything suspicious.
These are just a few things that we have implemented in our business, and I must admit that the monthly housekeeper option works the best for us. However, everyone has their own preferences and I hope that I have provided you with some ideas.
If you have any property management related questions, please feel free to contact us and I will be more than happy to help.
“We create homely environment for tenants giving peace of mind to our landlords, guaranteed!”