Photo by MW Properties

Being a good HMO landlord can be the gift that keeps on giving! But how do you make sure you’re on the ‘nice list’ not only this year but in the coming years as well?

Let’s spread some holiday cheer and talk about the gifts of being a good HMO landlord and how to be one. Don’t get left behind and put on the ‘naughty list’!

Why You Should Prioritise Being on the ‘Nice List’

Being a good landlord can lead to your tenants being happier in your property and staying for longer. And if you can reduce the rate of churn in your HMOs and increase the average length of tenancies, it can allow you to save time and be more profitable. What’s not to like about that?!

Also, by doing the ‘right’ things you can effectively make tenants feel valued, respected, and understood. This often doesn’t take much effort, cost, or time to do. And not only will you be a better landlord, but you’ll also enjoy being a HMO landlord much, much more! This can even help motivate you to get through the more difficult situations you’ll face along the way.

With so many news headlines about negative relationships between landlords and tenants, it’s important to remember that it doesn’t always have to be that way. Of course, you’ll have to deal with difficult tenants at some point along the way. But it’s important to understand how to best manage this when it does crop up and try to avoid things ever getting to that point.

So, impress your tenants from the get-go; give them an experience and service they’re not expecting. This can also make you stand out from other HMO landlords, and it could even make tenants take better care of the property as they enjoy the experience they’re having as a tenant!

How to Be a Good HMO Landlord

To be a good HMO landlord, you need to be proactive, fair, understanding, and communicate well. This includes being proactive and catching things before they happen through effective tenant and property management. If tenants see you dealing with things before they actually become a problem, they’ll often pick up on that and really appreciate it.

In regards to being fair, sometimes you need to listen to your tenants, and sometimes you need to say no. But be understanding, especially as a lot of tenants have had a challenging time over the past couple of years and currently with the cost-of-living crisis, rising inflation, and upcoming tax increases.

Also, try to get maintenance and repairs done as quickly as possible. And if it’s going to take some time, keep tenants updated and manage expectations from the beginning. Tenants place a huge amount of value on the speed and efficiency that you can deal with these sorts of issues, in addition to clear and honest communication.

Make Sure You’re Not on the ‘Naughty List’!

Over the years, there have been investors that give HMOs and rent to rent a bad name. But when done well, you can provide high-quality housing and create much-needed new rental units.

So, to make sure you’re on the ‘nice list’ when it comes to owning HMOs, here are some tips to help you prioritise being a good landlord!

1. Implement and improve management systems and processes. This can help ensure that you don’t drop the ball on anything and that you communicate well with your tenants. It’ll help show that you’re organised and on top of everything, and it’s something you need to continue to reassess to see what changes need to be made.
2. Treat it like a business. Be a professional and show your tenants that you take your job as a HMO landlord very seriously. You should be knowledgeable and establish trust between you and your tenants. Also, get started on the right foot by moving your HMO tenants into your properties in the right way.
3. Strive for high standards. As a HMO landlord, you should be striving to provide a great service to your tenants. Audit your business and find ways you can further improve your property and tenant management. And make sure your HMOs are in good condition, that your refurbishments are carried out to a high standard, and that the interior design fits with what tenants want and need.

Prioritise doing the right things to ensure you’re firmly on the ‘nice list’! Don’t be caught out and left behind because you’re not doing what you should be in order to be considered a good landlord. Take some time during this holiday to check these areas are a key part of your HMO business and find ways to sharpen them.

For more advice and lessons on how to improve as a HMO landlord, become a member of The HMO Roadmap today! And connect with other landlords in the industry by joining the Facebook Group The HMO Community.

About the Author:

Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind and Smart Property, a specialist HMO property investment and management company. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!