One of the many things said about HMOs is that they are a lot more work than single buy to let properties. We would agree. There is no getting away from the fact that HMOs can be a lot of work and they are also one of the most legislated and compliance-heavy property models.

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This is why high quality HMO Management is so important!

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Notwithstanding this, if you look at the income that can be generated from a good, well set up and managed HMO, it can be the equivalent to four or even five single let properties. When HMO management is done well, it can be an excellent property investment model.

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It is not for the faint hearted… HMO Property Management is a complicated subject and we have all heard the stories of what can happen when things go wrong; perhaps because of this, many property investors and letting agents alike, decide to steer away from them all together.

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We are property investors and Landlords ourselves, who have been specialising in the HMO sector since 2015, this has given us a unique understanding from all sides, of what it takes to make HMO management work.

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We have found that with a bit of careful planning and adherence to stringent management and admin processes, it can be a fabulous, high yielding, strategy.

If you are stressed and fed up with your agent or self-managing your properties, Brown & Sharp estates are here to help.

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When choosing an agent to manage your HMO, don’t choose a high street agent that has bolted on an HMO service, make sure that you choose an HMO agency, where they are well versed in managing HMOs and it is their main focus.

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With more and more rent repayment orders being served on HMO Landlords and hefty fines handed out by tribunals, it makes sense to choose an HMO agency that really knows what they are doing and it is more important now than ever to work with a specialist. It’s easy to make the mistake of thinking that “lettings is lettings” but this can be a very costly mistake to make!

Take the time to choose your HMO letting agent carefully, make sure that they have the relevant knowledge and experience and are on the “same page” as you are when it comes to compliance, tenant selection, maximising rent and minimising voids and then sit back and let your HMO agency do the leg work!

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We found, quite early on, that the position of The HMO Manager, needed someone with many talents, who had the ability to ‘wear many hats’.

As already mentioned, HMO Management is specialised, detailed and heavily compliance based… A good HMO Manager needs to be able to have great administration skills, people skills and buckets upon buckets of common sense.

 

They need to be able to understand the complexities of ever changing compliance and legislation, communicate fluently and effectively, have great interpersonal skills and emotional intelligence, be an admin whizz and, at the same time, be realistic and patient.

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Unsurprisingly, it takes a special kind of person to tick all of these boxes but the role of HMO Manager is essential, as this person’s role underpins every piece of HMO Property Management that you will undertake. Here at Brown & Sharp estates we have a dedicated HMO Manager in our team, because we recognise that it is such a specialised area.

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Our Manager is an absolute rock star, who communicates effectively with everyone, is always our go-to person on compliance, can re-pressurise a boiler in her sleep (almost), makes tenant selection into an art form and is one of the main reasons that we don’t have voids – all this and the tenants love her, it really is a skill!

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The power of leveraging the local knowledge of a team concerned solely with local HMO lettings is invaluable and should never be understated.

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Whether you’re a Landlord of Students, Sharers, or co-living tenants, having the inside track on transport links, as well as local hot spots, cafes, music venues and local employers will be just as important to you as the fluctuations and idiosyncrasies of local rental values.

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This is where a good local HMO letting agent can add so much value to you and, by harnessing this knowledge you can maximise the potential of your portfolio.

If you would like to know more about our HMO Management Services in any of our locations click the buttons below.

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Unsure about the rental value of your HMO in this market? Ring us to discuss today

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