LANDLORDS FAQs
LANDLORDS FAQs
What are the benefits of using an HMO property management company?
There are several benefits for landlords of using an HMO management company (agency):
Legal Compliance: HMO management companies are well-versed in the legal requirements for HMO properties. They would ensure that landlords are compliant with all relevant legislation, including fire safety regulations, licensing requirements, and other obligations.
Improved Property Standards: HMO management agencies can help landlords maintain high property standards. They can arrange for regular inspections and repairs, and ensure that the property is kept in good condition.
Tenant Management: HMO management companies can handle tenant management on behalf of landlords. They can handle all tenant inquiries, collect rent, and manage tenant issues and disputes.
Reduced Vacancy Rates: HMO management companies can help landlords reduce vacancy rates by advertising the property and conducting viewings. They can also provide advice on rental rates and market conditions.
Increased Profitability: By ensuring that the property is well-maintained, legally compliant, and fully occupied, HMO management companies can increase the profitability of the property for landlords.
Overall, using an HMO management company can save landlords time, reduce stress, and help them achieve their financial goals.
Where can I find HMO (House in Multiple Occupation) regulations for my borough?
HMO regulations can be found -
For Richmond upon Thames borough:
https://www.richmond.gov.uk/hmo
For Ealing borough:
https://www.ealing.gov.uk/info/201086/housing_and_council_tax/2201/private_rented_property_licensing/2
For Kensington & Chelsea borough:
https://www.rbkc.gov.uk/housing/information-homeowners-private-rented-tenants-and-landlords/houses-multiple-occupation-hmo
For Kingston upon Thames borough:
https://www.kingston.gov.uk/landlords-1/house-multiple-occupation-hmo-mandatory-additional-licences
For Hammersmith & Fulham borough:
https://www.lbhf.gov.uk/housing/private-housing/property-licensing-landlords-and-letting-agents/hmo-mandatory-additional-and-selective-licensing-faqs
For Wandsworth borough:
https://www.wandsworth.gov.uk/housing/private-housing/private-housing-landlords/houses-in-multiple-occupation-hmos/
In which (Greater) London areas are your services available?
We operate in South West London, in the boroughs of Richmond upon Thames, Ealing, Kensington & Chelsea, Kingston upon Thames, Hammersmith & Fulham, and Wandsworth.
Our HMO management services are available in:
Acton, Acton Town, Barnes, Barons Court, Brentford, Castelnau, Chelsea, Ditton, Ealing, Ealing Common, Earl's Court, Earl’s Court, East Acton, East Sheen, Epsom, Esher, Fulham, Fulham Broadway, Feltham, Fulwell, Ham, Hammersmith, Hampton, Hampton Hill, Hampton Wick, Hanwell, Hanworth, Holland Park, Hounslow, Isleworth, Kensington, Kensington High Street, Kew, Kingston upon Thames, Ladbroke Grove, Molesey, Mortlake, New Malden, North Acton, North Kensington, North Sheen, Northfields, Notting Hill, Parsons Green, Parsons Green, Petersham, Richmond, Shepherd's Bush, South Acton, South Ealing, South Kensington, St Margarets, Strawberry Hill, Surbiton, Teddington, Twickenham, Wandsworth, West Brompton, West Ealing, West Kensington, White City, Whitton.
If I call Ricmond HMO Ltd what sort of questions and points would we discuss about?
We will discuss about your property (existing or future HMO), any concerns or issues you may have.
We may also discuss about:
Who is currently managing your property?
What rent are you receiving monthly and yearly?
Are there already tenants living in your property?
How much are the bills (energy, water, council tax), and who is paying for them?
Could you tell us a bit more about your property..? - No of bedrooms (Singles and doubles), No of bathrooms, any Parking space, etc.?
What is the average maintenance for your property?
HMO License (if required) - Validity period & No of people your property is licensed for?
How long have you owned your property?
What guaranteed rent you have in mind?
Are you considering selling in the future?
We could then arrange a viewing of your property if you would like to follow through.
If I show you my property what will happen next?
In the following days after the viewing we will send you a detailed offer explaining how much guaranteed monthly rent we could pay you.
Will you pay me a deposit?
No deposit will be paid to you directly; we hold all tenants deposit in a Deposit Protection Scheme.
How can I be sure my property will be looked after?
Communal areas are professionally cleaned fortnightly. Our cleaners are also our eyes and ears and report to us (if not already reported by a tenant) any maintenance issues, which will be addressed early on.
We also conduct regular inspections, and retain deposits from tenants within a government-approved tenancy deposit scheme so any damages will be covered.
If I accept your offer what contract would we sign?
We use a lease agreement contract, written and reviewed by our solicitor.
How long is the contract for?
We take on contracts for a minimum of 3 years and up to 5 years.
What if my property needs some work done before moving forward?
We could discuss what refurbishment or refreshment could be undertaken to add value to your property.
Either you can pay for the work, or if you would rather not invest at this time and like us to pay we would recoup the cost from the first months rent payments or offer a slightly lower guaranteed rent.
We can manage the project on your behalf with our contractors or yours.
Does my property need to be furnished?
Ideally your property would be furnished.
If your property is unfurnished we could furnish it and pay you a lower guaranteed for the first couple of months.
What is the small maintenance Richmond HMO pays for?
It includes door handles needing to be tightened, shower curtains to be replaced, light bulb replacement, etc.
We expect 80% of maintenance requests to be about minor issues, which we will take care of and pay for.
You are responsible for paying for white goods, gas / electrical / fire safety certificates, and bigger maintenance jobs.
For the bigger maintenance jobs we would assess the issue, get quotes and attain your appoval before proceeding. We do not add any surcharge to contractors invoices.
What happens at the end of the 5 years?
We will return your property in the condition that we rented it or better – it’s in our contract to do so. Alternatively you can choose to renew with us.
If you are considering selling your property please let us know first!
How can you make a profit if I have no fees to pay?
It is because:
- We use the latest tools and software to deal with all aspects of HMO properties efficiently and smoothly (tenants management, certificates renewals, maintenance, etc.).
- We go the extra mile to keep your property in best possible condition, maximize its value and attract professional long staying tenants.
By doing this we are able to take a small profit while paying you the agreed monthly guaranteed rent for the entire length of the contract.
LETTING AGENTS FAQs
What are the benefits for lettings agents of using an HMO management company?
Letting agents can benefit from using an HMO management company in several ways:
Access to Expertise: HMO management companies have specialized knowledge and experience in managing HMO properties. By partnering with an HMO management company, letting agents can tap into this expertise and offer their clients a more comprehensive service.
Reduced Workload: HMO management companies can handle many of the time-consuming tasks involved in managing an HMO property, such as inspections, repairs, and tenant management. This can reduce the workload for letting agents and allow them to focus on other aspects of their business.
Improved Reputation: By partnering with an HMO management company, letting agents can demonstrate their commitment to providing high-quality services to their clients. This can help to enhance their reputation and attract new business.
Increased Revenue: Letting agents can earn commission on the services provided by HMO management companies. This can help to increase their revenue streams and grow their business.
Overall, using an HMO management company can help letting agents to improve their service offering, reduce their workload, and increase their revenue.
Your company has been recently registered, what experience do you have about HMOs?
Although our company has been recently registered with Companies House we have a long experience about house shares management, good practices and maintenance.
More recently we have also attended and completed some professional and extensive training for successfully managing HMO properties.
What guarantees can you provide?
We are member of the Property Redress Scheme (PRS) and Deposit Protection Service (DPS), and also have references and personal guarantors.
What if you don’t pay the rent?
If we were not paying you, you can simply gain repossession straight away as stipulated within the contracted terms.
You are more protected than with an AST tenant, and would not have to go through the standard eviction process,
TENANTS FAQs
Where can I find your rooms for rent?
We advertised our rooms for rent on Spareroom
What is the procedure to rent a room from you?
We will email you a form to know more about you, arrange a Zoom meeting, meeting at the property, go through a referencing process, and finally sign an AST (Assured Shorthold Tenancy) contract.