10 Essential HMO Property Tips for Landlords in Liverpool

HMO property management in Liverpool can be a complex and challenging job,  especially if you’re a newcomer to the business. There are certainly more  regulations and rules for HMO management than for regular buy-to-let  properties. Not only that but having several individual tenants under a single  roof tends to give landlords more administrative work to do.  

We’ve put together 10 of our top HMO property management tips to help you  understand how to ensure your HMO property in Liverpool is successful. Read  on to discover our best HMO property tips.  

1 – Understand the Legal Requirements for HMO Landlords 

One of the most crucial pieces of landlord advice for HMO properties is to  make sure you have an in-depth knowledge of your legal responsibilities. You  must be aware of what you are expected to do as a HMO landlord, and the  various obligations you owe to your tenants. If you fail to comply with the  regulations, you could end up in legal hot water, and put your tenants’ well being, safety, and health at risk.  

2 – Organise HMO Insurance

While you’re researching HMO property investment strategies, you may have  read about the importance of geting HMO property insurance. HMOs are  deemed to be high-risk properties, so regular landlord insurance won’t give you  sufficient cover. If you take out a specialist insurance product, you’ll have  greater peace of mind. You’ll also be financially protected should a flood or fire  occur, or if you experience malicious or accidental damage to your HMO  property in Liverpool. 

3 – Know What Type of Tenant You Want to Attract 

Maximizing rental income from HMOs in Liverpool is, of course, the main reason  you’re investing in this type of property, but to really ensure you get the biggest  return, you need to know what kind of tenants you wish to atract.  

While all kinds of people live in HMOs, the most common HMO tenants  include: 

• Seasonal workers 
• Young professionals 
• Students 

One of the most important HMO property profitability strategies is to  determine which group you’ll be marketing your HMO to so that you can then  decorate and equip it as appropriate for that target demographic.  

Decide what your target market’s preferences and needs are, and then tailor  your HMO to suit those tastes and requirements. You should never  underestimate the importance of HMO property design for success.  

4 – Create Extra Bedrooms to Increase Your Profit

Many landlords convert additional living spaces in their properties into bedrooms to help increase the rental income. As an example, if the property has a lounge and dining room as well as a large kitchen, converting the dining  room to an extra bedroom will boost your rental income significantly. Make sure, though, that your property still complies with the law regarding overcrowding.  

5 – Consider Smart Renovations  

There are several smart renovations you can do to make your property even  more appealing to prospective tenants. These changes are affordable but can  have a major impact on your property’s perceived value. For example: 

• Tidying up the property’s outdoor spaces to boost kerb appeal will help attract new tenants without costing a fortune. 
• Adding an extra full bathroom, shower room or toilet will help increase  its value.  

6 – Invest in The Right Furniture and Finishes 

One of the most important HMO property maintenance tips involves investing  in the right furniture and finishes to meet your tenants’ needs. Of course, your  property needs to be comfortable and welcoming, but it needs to be functional  and practical too. 

You should bear in mind that HMOs experience greater wear and tear than  single-family dwellings, and therefore, any furniture and fitings you select  must be strong enough to withstand frequent heavy use. You should also  ensure that the items you choose are easy to clean and maintain so that they  can be kept in good condition for longer.  

7 – Inspect Your Property Regularly  

All HMO landlords should inspect their property regularly since wear and tear,  as already mentioned, is far greater in this type of rental. Frequent inspections  will help you ensure your tenants are sticking to the tenancy agreement and  keeping everything in good order. You’ll also ensure you stay on top of any  safety regulations by identifying possible maintenance issues and hazards  before they get out of hand.  

While regular inspections are important, you must remember to give your  tenants adequate notice of the inspection in line with the law. 

8 – Carry Out Regular Maintenance 

Being proactive is very important when you’re the landlord of an HMO. HMO  properties in Liverpool see considerable use and therefore furnishings, fixtures,  and fitings are likely to wear out far more quickly or require repairs more  often. You are legally responsible for ensuring your rental property is  comfortable, safe, and hazard-free, so carrying out regular maintenance is vital.  Spotting problems and rectifying them before they get worse will reduce your  expense overall since it will prevent a small issue from turning into a costly  repair job.  

9 – Communicate Effectively with Tenants 

The best HMO property management involves communicating effectively with  tenants. It’s important for your tenants to know how you can be contacted and,  if they do get in touch, that you will respond promptly. 

10 – Prepare for A Significant Management Burden 

HMO property management in Liverpool can be hard work, so it’s crucial to be  prepared for this from the outset. You’ll be responsible for a lot of maintenance  and issue resolving, as well as considerable administrative work. One of the  best ways to deal with this is to use a trusted property management company  like Portus Lets Ltd.

As experts in HMO property management in Liverpool we’re on hand to help  with all aspects of running your HMO, from finding and vetting tenants to  dealing with ongoing maintenance and repairs.  

Call us on 0151 329 3538 or email us at hello@portuslets.co.uk to learn  how we can help you manage your HMO efficiently.