What is a HMO Property?
A House in Multiple Occupation (HMO) property is a single residential dwelling shared by a number of unrelated people, providing a cost-effective alternative to conventional housing.
For landlords and tenants, HMOs can be a great option for many reasons. For tenants, the main advantage of an HMO is the cost. By sharing certain facilities, such as a kitchen and bathroom, they can enjoy a more luxurious living space than they can afford alone. And for landlords, HMOs can offer attractive yields.
At Revive Property, we provide expertise in managing HMO properties. We understand the unique requirements of a HMO Property from high-end and budget-friendly rental accommodation to right-to-rent checks, health and safety certifications, and tenancy agreements.
Why Is it Important to Ensure your HMO Property is managed properly?
At Revive Property, our experienced property managers understand the complexity and challenges associated with managing a HMO investment. We provide innovative, reliable and professional services to ensure landlords and tenants receive the best services available.
Why can the management of HMO properties be so complex? Learn more below.
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Safety: Although safety is legally required in all rental properties, HMOs require higher standards to ensure the safety of tenants. Landlords are responsible for safety checks throughout the tenancy, such as carrying out gas, electrical and fire safety tests, PAT testing appliances, fire exit plans, fire safe furniture, and ensuring that communal areas are clear of any hazards.
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Planning/Licensing application: When buying, renovating, or converting a property into a HMO, planning permission may be needed from the local council. It is important to ensure that property is of a high standard and meets the appropriate regulations needed to house a number of occupants.
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Property administration: Do not underestimate the administration required to manage a HMO property. Landlords should be prepared to take on the responsibilities which come with renting out a HMO such as arranging bills and council tax, logging cleans and safety checks, making sure that all agreements and documents are up-to-date and managing tenant relations.
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Tenant selection: It is essential that all tenants are thoroughly checked and screened to ensure they are suitable. Landlords should create strict selection criteria, background checks, and reference checks from their employer and previous landlords to ensure that only suitable tenants are accepted.
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Maintenance: With a HMO property comes the challenge of maintaining the upkeep of the building in order to avoid any damage or breakdown of facilities. Reliable maintenance services and a sound mid-term inspection policy are key to maintaining the condition of a HMO property over the long-term.
Why Revive?
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Over 10 years of experience in the London rental market
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A superb track record of lettings and managing properties - case studies can be found here, or we can put you in touch with some of our landlords for references.
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Our thorough referencing process is like no other, making sure each tenant is suitable and reliable.
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Our membership with ARLA - ARLA registered agents hold all the correct insurance and protection to give you peace of mind
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We provide detailed inventories that go above and beyond the regular market standard.
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Our in house maintenance team can react to issues quickly and can beat most quotes out there.
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Our flexibility and range of services will always be able to help you as a landlord.
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We have a smaller more select client base compared to our competitors, with both directors still active in the business we can assure you your property will have our full attention rather than being parked aside.
End to End Solution
We offer an end to end solution for landlords looking to get into the HMO market.
Sourcing the right property - we can help you source the perfect property to convert into a HMO or source you a HMO that is up and running. As we have vast experience in the HMO field we know what areas work and how to set up properties that generate great yields for the long term.
HMO conversion project management - converting normal homes into HMOs can be a daunting task as there are many factors to consider. Each council has different rules and regulations and each area has different requirements based on the strategy you want to undertake. We can manage the entire project for you from planning to construction to completion.
HMO management - Once your property is set up, the license has been granted and Revive have put their small decorative touches on the property we can offer you an unrivalled management service and possibly offer you a guaranteed rent to secure your investment for the long term.
Lettings and Management
Management Fees
Let Only Service: 7%
Includes:
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A property visit and consultation with advice on rent achievable
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Advice on regulations and requirements
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Advertising and marketing on major property portals, relocation agents and our tenant database
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Collect thorough references on prospective tenants including exploring a tenant's credit history, previous landlord and employment status.
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Carry out Right to Rent checks on all tenants (and carry out follow up checks if applicable)
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Preparation of tenancy documentation
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Provide the tenant with prescribed information, GSC, EICR, EPC, deposit certificate and How to Rent guide
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Arrange any pre-tenancy work to be carried out to the property
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Organise a professional, independent inventory, check-in and check-out
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Organise a professional clean for the property if required
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Collect first months' rent in advance and deposit
Let and Rent Collection Service: 8%
Includes:
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A property visit and consultation with advice on rent achievable
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Advice on regulations and requirements
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Advertising and marketing on major property portals, relocation agents and our tenant database
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Collect thorough references on prospective tenants including exploring a tenant's credit history, previous landlord and employment status.
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Carry out Right to Rent checks on all tenants (and carry out follow up checks if applicable)
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Preparation of tenancy documentation
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Provide the tenant with prescribed information, GSC, EICR, EPC, deposit certificate and How to Rent guide
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Arrange any pre-tenancy work to be carried out to the property
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Organise a professional, independent inventory, check-in and check-out
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Organise a professional clean for the property if required
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Collect rent from tenant and make a formal demand for, and take all other reasonable steps necessary (without issuing court proceedings) to recover any arrears of rent
Let and Full Management Service: 12-15%
Includes:
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A property visit and consultation with advice on rent achievable
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Advice on regulations and requirements
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Advertising and marketing on major property portals, relocation agents and our tenant database
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Collect thorough references on prospective tenants including exploring a tenant's credit history, previous landlord and employment status.
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Carry out Right to Rent checks on all tenants (and carry out follow up checks if applicable)
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Preparation of tenancy documentation
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Provide the tenant with prescribed information, GSC, EICR, EPC, deposit certificate and How to Rent guide
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Arrange any pre-tenancy work to be carried out to the property
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Organise a professional, independent inventory, check-in and check-out
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Organise a professional clean for the property if required
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Collect rent from tenant and make a formal demand for, and take all other reasonable steps necessary (without issuing court proceedings) to recover any arrears of rent
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Protect the security deposit with an approved scheme within 30 days of receiving the deposit from the tenant
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Hold all client monies securely in a designated and audited client account
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Where required, pay the landlord's demands for ground rent and service charge contributions
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Organise appropriate certification: organise a contractor to carry out the Gas Safety Certificate (GSC) pre-tenancy, upon its expiry during the Tenancy, and provide a copy of the certificate to the tenant within 28 days. Arrange an Energy Performance Certificate (EPC) prior to marketing the property and upon its expiry during the tenancy. Organise an Electrical Installation Certificate Report (EICR) and Portable Appliance test (PAT) if required before the start of the tenancy and upon its expiry during the tenancy
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Install and test smoke and carbon monoxide alarms before the start of the tenancy and regularly throughout the tenancy
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Check that the property, furnishings and fittings meet fire standards and are safe for your tenant
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Check whether a property licence is required
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Monitor changes in legislation during the tenancy and ensure the property remains compliant
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Draw up and serve a Section 13 notice to increase the rent during a periodic tenancy
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Manage utilities for the property and notify the relevant utility suppliers of the change of occupancy
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Organise and arrange repairs, maintenance and refurbishments, as required.
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Regular property inspections to ensure the property is being looked after, there are no maintenance issues the tenant has missed and the smoke alarms are in working order
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Review the check-out report, advising on deductions from the deposit and agreeing any tenants payments
Licensing
Mandatory HMO License - £450
Additional HMO License - £350
Selective HMO License - £250
The above prices include managing the process from start to finish and include;
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Check what type of licence is required
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We require certain documentation and if they are not available we can organise for them to be done. These include; Gas Safety Certificate (GSC), Electrical Installation Condition Report (EICR), Energy Performance Certificate (EPC) , Floor plan and could also include a Fire Safety Certificate, Emergency Lighting Certificate and Fire Risk Assessment
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We inspect and highlight any compliance issues
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Prepare and submit application
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You can continue to contact us through the application process
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The council will send you a draft licence and give you 14 days to comment on the terms and conditions of the licence before the licence is approved
If we are called out for a site visit this will then be deducted off the price of the licence application fee if we proceed with the license application.
Consultations
HMO telephone consultation (1 hour) - £100
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Check if the property requires a licence
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Check if the property requires planning permission. If planning is required, determine if there is a good chance based on original footprint and development saturation on street
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Plan HMO design and amenity standards, room sizes etc
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Fire safety assessment
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Asses rental demand
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Asses rental valuations
HMO site visit (1 Hour) - £150
For conversions:
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Check if the property requires planning permission. If planning is required, determine if there is a good chance based on original footprint and development saturation on street
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Plan HMO design and amenity standards, room sizes etc
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Fire safety assessment
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Asses rental demand
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Asses rental valuations
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Report provided
For already existing HMOs:
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Check the HMO licence and inspect and highlight any compliance issues
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Ensure fire safety is being complied with and advise on any improvements
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Advise on any improvements to HMO design and amenities which could influence the rent
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Advise on measures to reduce utility bills and efficiency of property
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Asses rental valuations
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Report provided
View our real life cases studies here to learn more about how we operate and help landlords or alternatively contact us via email or on 0208 144 9135 to discuss your options on how to optimise your property.
Areas We Cover
Islington
Highbury
Hackney
Archway
Harringay
Holloway
Camden
Highgate
Stoke Newington
Kentish Town
Finsbury Park
Manor House
Tottenham
Wood Green
Enfield
Barnet
Get in Touch with Revive Property
If you are looking for a reliable HMO property management company in North London, look no further than Revive Property.
We work closely with landlords to ensure that all aspects of HMO property management, both big and small, are taken care of in an expert and organised manner. At the same time, tenants are benefited from a trouble-free living experience and a sense of security.
Our team of experienced professionals capitalises on years of HMO property experience. This is why our clients can count on us to simplify the process of maintaining, managing, and renting their HMO Properties successfully.
If you are interested in working with us, feel free to contact us today.
Contact Us
2-8 Games Road, 2nd Floor Woodgate Studios, Barnet, London, EN4 9HN
T: 0208 144 9235