HMO Property Lettings and Management is the key to a successful HMO revenue business. Have this dialled in and you”ll be laughing. If you’re looking for advice or help then this ultimate Guide to HMO property lettings and management will point you in the right direction. With everything from – Are you looking for advice or help on HMO lettings and management fees? Whether you self-manage or outsource, the environment, rules and regulations are constantly changing.
HMO Lettings
Staging
Property staging is when you transform a property, or room in this case, into a home. When it comes to HMOs it means instead of merely selling 4 walls and a place you lay your head, you can choose to present a product that a prospective tenant will be delighted to live in. Property staging means that your property, or room, will appeal to the highest number, and more than likely the highest quality potential tenants. Brilliantly furnished, coordinated, accessorised and photographed properties achieve the highest rents in the shortest possible time.
Standard HMO room without staging
Small HMO room with staging
Photography
Description
Where to Advertise
Where you advertise your room to rent There are a few key places where the greatest number of eyeballs or prospective tenants hang out, in fact as it stands, there are a few places which work best. Rightmove, Zoopla, Spareroom, Facebook Marketplace, Gumtree. There are some other platforms that also have a large number of prospective tenants included in the list below, some of which also post their ads not only on their own platform but also to some of the other portals and marketplaces.
If you’re looking to advertise a room there are a variety of choices out there for you.
Ideal Flat Mate – idealflatmate.co.uk
Own Platform YES – Rightmove No – Zoopla No – FB Marketplace No – Gumtree No – Free Advertising NO
Spareroom – spareroom.co.uk
Roomster – roomster.com
Room Buddies – roombuddies.co.uk
Roomgo – roomgo.co.uk
Badi – badi.com
Roomi – roomiapp.com
Movebubble – movebubble.com
Mudhut – mudhut.com/
Facebook Marketplace
For the full list, check out the HMO Directory
Viewings
Viewings should be booked in advance
Legal & Contracts & EPC
Make sure you have all the necessary paperwork to hand and already issued.
Check-In & Inventory
At check-in
HMO Management
Self Management vs Fully Managed
If you’re looking to self manage your HMO property portfolio or outsource the management functionality, you will need to make sure that all the necessary processes are in place to ensure that the tenants get the quality of product and service that they are paying for. Most high street lettings agents are not set up for multi-tenancy management, which typically is more labour and time-intensive than normal or single tenancy property management.
Things that take more time and require an increased management function includes the use of shared facilities and amenities.
This includes but is not limited to communal areas cleaning, laundry facilities, kitchen cleaning, shared bathrooms and shared outdoor space.
Self Management
If you’re looking to self manage your properties then there are a few things that you will likely need to know in order to do a great job, keep your tenants happy and
Rent Collection
There are lots of options when it comes to HMO rent collection and so we have written an entire resource article on it.
Management Tools & Software
Maintenance
Fixflo
Communication
Fully Managed
Fees
Companies and Platforms
FIND SPECIALIST HMO LETTINGS AGENTS IN THE HMO DIRECTORY
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