Managing HMOs: 5 Tips For More Success & Less Stress 

HMOs or houses of multiple occupation are tenancies where at least three  tenants from different households live within a property. They share the main  facilities like bathrooms, kitchens, and living areas, but have private bedrooms.  For landlords, managing HMOs can be challenging! 

HMO lets are a popular choice among landlords in Liverpool these days. One  reason for this is that a tenancy of this type can bring in higher yields. HMO  landlords in Liverpool can charge rent for each room or command higher  monthly rents from groups of sharers, increasing their earnings.  

However, along with this benefit comes a higher level of responsibility. Even  more so when you are dealing with HMO property management for several  buildings.  

Here are five tips to help you successfully manage your HMO responsibilities.

1 –  Fire Regulation Compliance When Managing HMOs 

One of your top HMO property management considerations is fire regulation  compliance. All HMOs must meet specific requirements concerning fire safety  to be legally rented out. You must carry out fire risk assessments, ensure fire 

doors are fitted in the property, and have clear escape routes. The property  should be equipped with fire alarms, fire extinguishers, exit signage, fire  blankets, and emergency lighting.

2 – Furnishings in HMOs 

Although you aren’t legally obliged to furnish your HMO property, furnishings  will help you find tenants faster. You’ll need to provide sufficient furniture to  accommodate the number of tenants living there. If there are six occupants,  you must ensure you have sufficient beds and large enough sofas to meet their  needs. Bear in mind that HMO furniture is more likely to require more  frequent replacement due to the higher usage level.

3 – Choose The Right HMO Tenancy Agreements 

As a landlord managing HMOs in Liverpool, you can choose between two types  of Assured Shorthold Tenancies. You can opt for a joint AST for all your  property’s tenants or separate ASTs – one for each tenant individually.  Separate ASTs are often the best choice unless you rent to groups of students or friends who know each other well.

4 – Is Your HMO Well Insured? 

HMOs are a higher risk than other properties; therefore, standard landlord  insurance won’t give you sufficient cover. If you take out specialist HMO  insurance, you’ll have the financial protection you need should your property  have a flood, a fire or experience malicious or accidental damage.

5 – Inspect And Maintain Your HMO Property Regularly 

Landlords managing HMOs must inspect their properties regularly to ensure  that any possible maintenance issues and hazards are spotted early. Also check  tenants are adhering to their tenancy agreements. However, it’s also essential  to ensure that you give adequate notice of these inspections.  

You must also carry out all maintenance work promptly and to a high standard  as you are legally required to ensure your HMO rental properties in Liverpool are comfortable and safe to live in. 

Managing HMOs is usually more time-consuming and challenging than that of  a standard rental. That’s why it’s always sensible to use a specialist HMO  property management company like Portus Lets Ltd.

What Do HMO Property Management Companies In Liverpool Do? 

HMO managers deal with every aspect of renting out HMO properties. From  finding and vetting suitable tenants to handling routine inspections and  maintenance, it’s all covered. A professional HMO management company can  collect rent on the owner’s behalf and deal with any issues.  

To learn more about how we can help you with your HMO property  management needs in Liverpool, call our team today on 0151 329 3538 or email us at hello@portuslets.co.uk.