Management is the key to property success…In theory ( hope) you would that you could simply give a property manager your HMO or property investment….Unfortunately in too many cases, including our own….has not worked out.
Honestly, we realised the hard way that we won’t be able to find any management company that cares about our properties the way we do and has the knowledge or maybe even the expertise that we quickly picked up on. We wanted to grow quickly in this area, and we knew the goals we wanted to achieve. At that time, we were forced to make a decision of leaving our properties in the hands of people we were struggling to trust or taking the plunge and do it ourselves. We chose the latter.
Something to consider when running your Professional HMOs…In general….
- They take care of finding and placing tenants in your investment property.
- They take the emergency and repair calls from the tenants.
- They coordinate with the handymen to get the repair fixed.
- They carry out regular inspections of the property to ensure that the tenants are taking good care of them.
- They take action against the tenants if they aren’t paying rent or adhering to the terms and conditions of the contract.
- They handle the eviction process if necessary.
- They collect monthly rents and deposit in your account.