Top 4 for HMO Landlords in 2020

Being an HMO landlord usually is time-consuming and complicated. The HMO software will bring 4 opportunities in 2020 to improve efficiency and reduce compliance risk.  

Let’s take a look at the list of things that can help you improve your business.

Get Rid of Expiring Tenancies

In such a property as an HMO, tenancy management is complex. A small portfolio of 4 bed HMOs quickly becomes an administrative problem. 10 HMOs will have 40 tenancies, 20 HMOs – 80 tenancies!

What you can do.

For example, the Tenancy dashboard will be monitoring and determine new and expiring tenancies, as well as vacant units. This can really help manage terrible annual periods, and will not let you miss anything and get through tenant onboarding without less stress. It can seem a little difficult to understand, so see the attached screenshot from one of the property management systems, Arthur Online.

Tenancy Dashboard

Protect Tenant Deposits in a Timely Manner

HMO landlords must protect the tenant’s deposit in one of the approved schemes within 30 days after receiving it. At the end of the tenancy, the landlord supposed to refund the deposit within 10 days of both landlord and tenant agreeing how much will be refunded. 
You need to know that the consequences can be quite serious.  

What you can do.

Such a tool as an unregistered deposit reminder email can help ensure that the landlord or property manager will be getting daily reminds until this important task is successfully completed. The name of the tool is – Astute property management.

HMO Tenant Referencing

HMO Tenant Referencing

Low risk letting is every landlord’s aim. However, if you don’t undertake thorough tenant screening, it’s difficult to know for certain if your tenant will prove reliable… read more

Energy Performance and Gas Safety Certificates

It is legally required that all properties marketed for sale or to let carry a valid EPC (Energy Performance Certificate). An EPC gives a property an energy efficiency rating starting from A (most efficient) to G (least efficient). EPC certificates expire after 10 years. 

Also, an HMO landlord is legally required to have a Gas Safety check every year. The check must be done on all gas appliances and installations. After the check was done, the engineer will give the landlord with a Gas Safety Record (certificate).

What you can do.

A Document library provides smart, online storage for important documents such as an EPC, tenancy agreements and gas safety record. This will simplify and speed up the marketing process.

Do Not Become an Unlicensed HMO by Accident

If the HMO is occupied by five or more occupants – it needs a mandatory HMO licence. The licence expires after 5 years.
In some cases, a rent refund can be made if the landlord does not have an HMO licence.

What you can do.

If your portfolio has 10 or more licensed HMOs, you can significantly decrease the risk of accidentally becoming an unlicensed HMO using Task reminder. 

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