HMO LETTINGS MANAGEMENT
PROFESSIONAL INDEPENDENT SPECIALISTS HMO LETTING AGENTS
Many companies claim to be specialist HMO agents but are generally single let specialists who have diversified into the lucrative world of HMO’s.
Sherratt Online has specialised in HMO letting since the beginning. We have many single let properties and happy customers but where we really shine is in HMO management.
Our extensive experience in HMO licences and regulations plus our own maintenance company ensures your investment is safe and productive.
A HMO (House of Multiple Occupation) or multi-let is when 3 of more people from at least 2 households live together. The kitchen and bathroom facilities are often shared.
A household is defined as either a single person or members of the same family. This can include couples, relatives or half-relatives.
Properties that come under the term HMO include;
- shared houses and flats
- hostels and bedsits
- student rooms
- bed and breakfasts used for permanent living
HMO property management is different from single let properties as HMO require a licence and are subject to different regulations.
- Rental yield is often being 2-3 times that of a single let
- Growing HMO lettings market
- Landlords are less exposed to void periods
- HMO lettings often require a licence
- HMO lettings require more management
- Landlords are required to put in place additional safety measures to fulfil fire, gas and electricity and sanitation regulations
- Greater risk of damage/conflict
HMO landlords have additional responsibilities than those of single let such as;
- Ensuring fire safety measures are in place, including working smoke alarms
- Annual gas safety checks are carried out
- Electrics are checked every 5 years
- There are enough cooking and bathroom facilities
- Communal areas /shared facilities are in good repair
- There are adequate rubbish bins for the number of people
However, Sherratt Properties takes the stress out being a landlord and can look after all these aspects on your behalf. Get in touch to talk about your investment.