Cheaper for tenants and more profitable for landlords. Simple enough? Think again…
HMOs (House in Multiple Occupation), may have their advantages but they’re a whole new ballgame in the rental park.
They mean extra requirements for Landlords to comply with legal standards, and in some cases, additional licensing.
Increased demand for flat-shares, which a minority of rogue landlords have taken advantage of, saw provisions in The Housing Act (2004) crack down on overcrowding, the housing of illegal immigrants and poor property management in larger HMOs.
While these problems may still exist as a minority in smaller HMOs, it is crucial to ensure Landlords undertake the most efficient management of flat shares to comply with Government regulations.
On top of this, the different necessities, experiences and lifestyles of unrelated tenants in any one single property can make the Landlord’s management of HMOs much more challenging than single let properties.
Take a flat housing 3 unrelated tenants. Ben, a Student Doctor who works night shifts and is impossible to get hold of; Lara, a tech wizard and music enthusiast; and Alvaro, a Spanish Architect who struggles to pay the bills on time.
Lara reports maintenance problems immediately and expects immediate results. Ben wants Lara to turn her music down. Alvaro wants Lara to turn her music down and requires payment reminders.
The differences in tenant characters don’t need much explanation. Every tenant and renting experience is different. But what if managing these different tenancies could be simpler? What if all tenancy details could be organised in one easy-to-access communication cloud?
Heylandlord’s platform streamlines all rental needs of any one property to make communication between Landlords and tenants transparent and to help Landlords fulfil their responsibilities and legal obligations.
Controversy surrounding HMOs may be intimidating for Landlords, but this is an attitude that Heylandlord’s rental technology is on a mission to reduce.
Watch this space….
Happy Renting 🙂