If you are considering managing a House in Multiple Occupation (HMO), you are up for a huge task. Regardless of how well you are connected to property management, renting an HMO requires more than the basics to understand what needs to be done. Many legal regulations and requirements for renters must be handled, which can be overwhelming for the person managing. 

Working with an HMO Estate Agent from a reputable company like Cribes Estate ensures you are covered when managing properties for multiple occupants. This can be a stress-relieving task for landlords when they know someone they can rely on. So, if you are also thinking of renting out property but still need more thinking to decide, we are here to make it easy. After some market research, here are the top 5 reasons why you should consider using the services of an HMO Estate Agent that will benefit you. 

Number 1 # They Know All About HMO Regulations 

The main concern in managing HMO property is following all its regulations. In a city like London, HMOs have stricter legal regulations than single properties. Failure to follow these regulations may result in extra fines or a more damaging scenario where your rental licence will be canceled. 

A Cribes Estate HMO agent understands how laws and regulations work in HMOs, including fire safety, room size, and health safety. They are also more updated with all changes happening in the local and national market, which ensures they are on the spot. To give you an example: For an HMO license in many areas, you will have to go through multiple inspections and checks to showcase that the property is ready to be used for multiple tenants. An HMO agent manages all legal processes and ensures you avoid costly mistakes while running your rented property smoothly.  

Number 2 # They Can Screen and Fill Space Faster  

In London, the property market is always busy, and it can sometimes take time for landlords to source an empty place. Hiring an HMO agent is the solution to increasing the turnover rate of renters; why? Because of their extensive connections with other agents and buyers, they can fill rooms faster and stress-free than you. 

When listing your property, you must manage many tasks, such as advertising the place, conducting viewings, and letting potential residents rent it. Students and young office workers often look for such accommodations in London. HMO agents are well aware of the target market and demographics, so they can screen the renter faster and fill the vacant area even faster, thus minimising the time property will remain vacant. 

Number 3 # HMO Agents Can Maximise Rental Income  

Who wouldn't want to increase their rental income? Every landlord wants to earn the most out of their property, but setting the right price to attract the buyer can be tricky. It is your right to charge on the higher side to cover your costs and turn the property into a profit, but if you set it too high, your empty rooms may stay like that forever. 

An HMO agent with experience will understand the right price for your rooms to which buyers will be attracted. Your property will be filled quickly with their advice on targeting the right audience. Moreover, Cribes Estate agents will suggest improvements like communal areas, bathroom additions, and products that take less energy to sell your property at a higher rent. 

Number 4 # Keeping Your Tenants Happy  

Because more people live in the same place, HMO properties see more wear and tear than single-let properties. This means that occasionally, more maintenance and repair are needed to ensure that the property remains in good condition and that the people living there are happy. Moreover, it ensures that the property follows the laws and regulations.   

HMO Estate Agent manage all of these tasks, including paperwork, and work with trusted contractors who know how to handle even minor issues related to plumbing, electricity, and more. This saves you more time and hassle than coordinating with everyone yourself and ensuring safety checks and certifications from various departments.  

Number 5 # They Give Your Peace Of Mind 

Landlords prefer working with an HMO Estate Agent to stay stress-free while managing their multi-let property. Running an HMO is a full-time job where you must always be available for tenants to handle disputes, communicate with legal departments, and manage maintenance issues. 

When you hire an HMO Estate Agent, they will perform their responsibilities professionally and handle any unique challenge that can arise. From sourcing renters into your property to managing the interiors, they will handle it all so you can enjoy peace of mind and relax on your couch. 

In the end… 

It is not easy to run an HMO because it has many challenges that can become a hassle for landlords to manage daily, especially in London. HMO agents ensure your property remains in the best shape and is filled with tenants. Additionally, they take care of all the legal regulations while ensuring your property income is always maximised. 

By choosing to work with Cribes Estate, you will be able to relax, focus on making money from your property, and see your property flourish in the heart of London. Make your wise investment today and save time and money every day.