As our society becomes more and more reliant on technology to make our lives easier, why not use technology to help manage your HMO or property portfolio.
Finding the ideal property is one thing and how to manage it effectively is another story. There are many aspects involved, initially starting at marketing your HMO, deciding on appropriate rent price, tenant applications to collecting the rent and managing maintenance issues. All these issues are important to keep tenants happy and therefore have a higher occupancy rate and profitability.
Cutting costs for property management companies is essential and technology offers a way to do this. Hours on spreadsheets and manual messages increases the manpower needed to manage properties. The whole automating process decreases this communication time benefiting both tenants and yourself or property manager through a more streamlined process.
Maintenance issues and check in/outs needs to be managed efficiently. When an issue is immediately raised, there needs to be a process in track to monitor the progress and update/inform the appropriate people. For instance, the issue needs to be sent to the relevant property manager, then onto appropriate contractor while making sure you get a quote for the best price.
Specifically, to HMO’s, a software is useful in informing tenants either privately or as a group depending whether the issue revolves everyone or one tenant. There are reasons you would want automated emails or reminders going to all the tenants for example fixing a communal bathroom and then individual automated emails going out each month reminding then tenants that their monthly rent is due.
There are a number of different software on the market currently, ranging from desktop to apps making day-to-day tenancy management easier. Depending whether you manage a couple of rooms to a thousand rooms, there is technology out there for you.
If you are running several HMO’s within a team- it can be more efficient to organise tasks via a software in which you allocate tasks/viewings/ and tenant complaints with each other and use an automated function to see smoother management. On the other hand, if you are running the HMO yourself, it can be easier to organise yourself if actions are automated. Benefits if you manage your HMO by yourself you don’t necessarily need a property manager to manage on your behalf.
The step before managing – even marketing your HMO can be cheaper and more convenient via online technology. Sites such as Rightmove and SpareRoom can allow you to dodge the cost of letting agents and agency fees- putting you in more control and can even allow you a wider access to potential tenants in some cases.
If you are overwhelmed by calls coming in from your tenants you can avoid this problem through the use of an app, as tenants can raise issues directly from the app. The issue raised is then seen by yourself or an assigned property manager who can then forward the message onto the appropriate contractor.
There are several different software on the market to suit your business needs, examples include re-leased. Arthur Online was built with the specific needs of an HMO landlord in mind.