Many investors are nervous about purchasing an HMO because of the work that may be involved. Finding good tenants, dealing with tenant issues, rent collection, and being in compliance with the regulations are just some of the duties of a landlord. Using a letting agency to manage your property is the best way to go if you find your interests are solely for investment and not for being a landlord. This is perfect for any landlord that wants to buy and run a house as an investment, and we can take care of the rest. We will provide a full management service for all house shares and leave you free of the day to day stress of managing the property or portfolio.
Unless you want to be a full-time landlord or you work in the property industry for a living, chances are you will be busy with your day job, family, hobbies and other things. We at Now Rooms Liverpool work in property day in and day out and stay on top of changing industry laws, tax and other regulations which in turn will better help you stay compliant, which is especially important when it comes to the letting and management of HMO accommodation.
Being a landlord is equal to running a (small) business. You provide a product (the property) as well as a service (the ongoing management of the property). To get the most from a student property investment the landlord should therefore approach it in a business-like manner. This includes but is not limited to reliable and speedy communication with your tenants, fast organisation of maintenance and repairs, timely deposit returns, professional arrears chasing and debt repayment negotiation, receipting rent and administering invoices for year-end tax reports and other business-like processes. These are all processes and procedures that we can provide to landlords in a professional manner.
Disputes can arise between landlords and tenants and it is definitely helpful to have a 3rd party involved to manage the situation. It can be equally beneficial to have a letting agent involved if things are going well between tenant and landlord to ensure the relationship stays professional and neither side slacks off when it comes to their responsibility to pay rent on time or get maintenance organised efficiently. Give us a call and let’s talk about how we can help you run a smooth HMO.