How Oxford HMO Company Can Maximise Your Rental Income
Its fair to say that in 2024 its not easy to be a HMO landlord. keeping up to date with lettings legislation, and HMO licensing regulations requires time and expertise. Above that, the rise in mortgage interest payments, tax relief changes (section 24), and cost of living crisis has massively impacted the net income Landlords are making from their HMO investment.
Using a HMO property management company can prove to be highly beneficial when it comes to maximising the amount of rental income you receive from your property.
After all, simply making the investment in a HMO won’t guarantee that your getting most out of your buy-to-let property. If you want to really make as much profit as possible from your venture, you’ll need to have a good understanding of the HMO property market in Oxford.
In reality, most HMO landlords in England simply don’t have sufficient time or, indeed, in many cases, expertise, to maximise their property’s full potential. That’s where a specialised HMO property management company just like Oxford HMO Company come in. As specialists in HMO rental property management, we have the necessary skills, knowledge, systems, and experience to maximise rental income and boost your profits. So, how to increase rental property income with a property management company? Here, we’ll look at some of the ways in which a property management company like ours can assist:
Assisting With Appropriate Pricing Strategies:
As a HMO landlord, you may think that the most effective strategy for improving HMO profits involve charging the highest amount possible per room or per property. Yet this can be a counterproductive approach in in many cases we have witnessed loosing the student cycle. As with any other type of rental, rooms in a HMO must be realistically priced based on location, room sizes, and condition of the property. Charge too much each month and you could price yourself out of the market. On the other hand, if you charge too little, you put yourself at risk of attracting wrong tenants. One of the great benefits of partnering with a property management company for HMOs is that they have a good understanding and knowledge of the local rental market and what students or young professionals are looking for. They will be able to suggest the most appropriate rental price for your property that will ensure they appeal to high-quality tenants, while also generating a good return on investment for you.
Helping You To Find And Vet Quality Tenants:
One of the most beneficial services that a HMO property management company can offer is its ability to find and vet tenants on your behalf, not only saving you time, but money too. While you may be able to advertise and source tenants on your own, it’s unlikely that you’ll have the time or resources necessary to carry out comprehensive vetting and checking to ensure that they can make their monthly rental payments.
Minimising Void Periods:
If you try to find suitable tenants for your property independently, it’s likely to take you some time, putting you at risk of costly void periods. Minimising your void periods couldn’t be more important when it comes to maximising your rental income. A trusted HMO management company will be able to find you high-quality tenants rapidly and keep voids to a minimum to ensure your rental income is consistent. They will be able to market the property effectively, showcasing its features in the best possible light, and reaching a greater number of prospective tenants to reduce the amount of downtime you experience in between tenancies.
Staying Compliant:
Perhaps most importantly, a HMO lettings agent can help a property is compliant with regulations. Investing in a HMOs can be a lucrative option for landlords. However, there are numerous regulations that must be complied with. This is to protect HMO tenants' rights and to prevent them from living in unsafe conditions.
To find out more about how a reputable local HMO property management company can help you make maximum profit from your investment, get in touch today. Call us on 01865575512 or email us at office@oxfordhmo.co.uk