A lot of care will go into managing HMO or House in Multiple Occupation situations. This is where multiple tenants share properties.
The guidelines state that it is an HMO arrangement when there are more than three tenants from various places residing in one property by rental arrangement.
They will likely be sharing some of the facilities too. In exchange for that, though, they are also sharing the rent and making living more affordable for themselves.
If you would like to learn more about Abode’s HMO service you can find plenty of helpful resources on their website, or alternatively, you can look up local HMO service providers in your area.
For now, though, let us discuss how HMO scenarios are typically managed and set up.
It will be important for those looking to find good tenants that they market in the right places. The most highly prized tenants are considered to be working professionals who will have regular incomes to pay the rent.
Also, they tend to be respectable in terms of the way that they live and behave, and so will more likely keep things tidy and not create the need for damaged fixtures and fittings to be repaired.
Advertising can now be online but still locally targeted. Also, online is useful because there can be those looking to relocate from one part of the country to another who would not see a local advert otherwise. They will look for shared accommodation to keep the costs down.
Students looking to attend a certain university will seek out accommodation that is close by.
They may not need it for their first year, as the university can have this covered, but it will be necessary for subsequent years of study as they must move out of the university complex, out of halls, and are expected to become independent. Shared accommodation is typical for student living arrangements and constitutes an HMO arrangement.
When moving into properties you will want to know who your true property owners are, even when a property company is managing properties.
This can be possible to find out through lists. A tenancy is only as permanent as the landlord wants to make it. The property management company will merely be acting on their instruction.
It will be the property management companies that will be responsible for viewings and showing potential tenants around a property. This will take away the inconvenience of the property owners needing to be available.
It is all part of the service that a property management company will offer. The company can make viewing times flexible to the convenience of the potential tenant, who they are then more likely to attract.
Property management companies know the law regarding HMO and renting properties. A licence, for instance, will be required by the property owner to rent under such a specialist arrangement. It is also a common arrangement, though, with the many students each year looking for accommodation to share to make it affordable in terms of their grant allowance and maintenance money.
Certain legal checks will need to be made and there will be legal paperwork to sign. This makes it good to be guided by a property management company rather than go it alone with renting and have no advice or backup other than expensive independent legal advice. This is if you are new to the property business. Also, where HMO is the type of renting you are considering.
Looking at what is involved, we can see how a property management company can help the property owner to rent out their property more easily and with less hassle. They know how to market for tenants, which tenants will be best for a certain client, can hold viewing at convenient times, and will be a helping hand with sorting the legal aspects out.
Then it becomes more important when there is an HMO renting agreement because there are additional legal requirements. This will be in terms of safety checks and the numbers living at a property Also, a license will need to be obtained to make the arrangement a legal one and that is legitimate with the authorities within the location of the arrangement.
This will be the case in the UK whether it is Manchester or London the property is located.