Setting up & running
We are specialists in setting up and managing shared houses and offer prospective landlords’ invaluable advice on registration, planning, licensing, cost implications, and health & safety requirements.
What are the benefits of an HMO investment?
Otherwise known as ‘Houses of Multiple Occupation’, HMOs refer to properties rented by 3 or more unrelated people sharing bathrooms, toilets and kitchens. By their very nature, HMOs can be quite complex, but they can make a better financial investment than a standard let if managed in the right way.
- Rental yields can be as much as three times higher
- Rental voids can be less impactful (if one tenant moves out, you still have income from the remaining tenants)
- There is less exposure to arrears. Having more than one tenant in a property means you are less exposed if one tenant falls behind on their rent (although this can be carefully managed)
Why use Concord Property?
We have been specialising in HMOs since 2007 and have therefore developed a great deal of expertise in setting up and managing HMOs.
It has become a specialist area for us. Over the last decade, there have been many legislative changes. We’ve not simply kept abreast of these changes but have developed expertise in this area and built a reliable network of contractors who support us in managing our landlord’s investments.
We’re extremely good at minimising rental voids.
In our experience, there’s not a single action that minimises voids. It’s a collection of things. It’s making sure that we place the right tenants, the property is well-maintained, any problems are quickly resolved, rent collection is well managed and if a tenant does decide to vacate, we quickly have a replacement.
We’re flexible with our availability.
A typical lettings agency will be available 9 am – 5 pm weekdays, not weekends. However, we prefer to be more flexible than this as HMO applicants often wish to view a property at the weekend or of an evening.
We appreciate what’s involved.
HMOs often require ongoing maintenance as they are fully kitted out with electrical appliances used by multiple tenants. It’s not unusual for locks to get jammed, washing machines to break, ovens need cleaning or for fire alarm panels to show error codes. None of this fazes us. In fact, we’re incredibly quick to respond.
We have a great network of contractors.
We’re so close to our contractors that we’d almost class them as family. Whether the job is simply the case of mending a washing machine or a more urgent matter of fixing a leaking pipe, we quickly get it sorted. Plus, we never add a surcharge to our contractor quotes.
How we can help you
If you are looking to invest in an HMO (licensed or unlicensed) we can advise you on the best way to get the most from your purchase. We offer invaluable advice to prospective landlords on registration, expected cost implications and health & safety requirements.
Once you’ve decided to set up an HMO, we’ll help:
- Market your HMO and find the right tenants (taking care to get to know each tenant first)
- Manage the day-to-day running of your HMO
- Manage the payment of all utility bills
- Collect rents and arrange deposit protection
- Tend to the security of the building
- Liaise directly with tenants to resolve any issues and make sure they’re happy
- Put in place house rules and sensitively manage any breaches
- Manage your investment and minimise rental voids
If you would like to explore the idea of investing in or developing an HMO for rental, we can advise on the best way to get the most from your investment. We do not charge for advice, so please feel free to reach out to us for a chat.