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  • HMO & Multi-Lets

    FInd your own tenant or use HMO Managers

    Hi All, fairly new to Property Tribes so hello first off all.

    I'm in the process of buying a house in the North with 5 bedrooms and turning it into a well done out HMO Let. As a landlord I do believe in giving back a but and being ethical as possible,  create good modern living conditions and get good tenants is my mantra.

    Question is the £350 finders fee and 10% for a tenant which is likely to stay for 6-12 months seems a little steep in the Bury Bolton Area.

    With technology now is it better to:-

    - Source your own tenant and just pay the management fee
    - Just pay it for the sake of effort
    - Do everything yourself.

    Would be interested to know your thoughts.

    Many Thanks

    Sheraz

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    Most likely the agent isn't a specialist in finding tenants and managing HMOs on a per room basis so for that kind of money I would advertise on spareroom for a month.

    We specialise in HMOs on a per room basis and charge a flat fee of £150 to find a tenant.
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    Rooms In Cardiff info@highyield.property | Guaranteed RentSingle Let Management £50/month |Cardiff HMO Management | Cardiff Letting Agents & Property Managers | Delivering Double Digit Net Returns

    Rent Smart Wales Agent Licence Number: LR-37010-29907

    The Property Ombudsman: E1405 

    ICO: #ZA276375

    We operate Client Money Protection

    Do u cover Grimsby / Lincoln area interms of finding clients for hmo
    Paul
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    No sorry we operate in Cardiff and surrounding areas. 

    What will be your chosen tenant demographic?
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    Rooms In Cardiff info@highyield.property | Guaranteed RentSingle Let Management £50/month |Cardiff HMO Management | Cardiff Letting Agents & Property Managers | Delivering Double Digit Net Returns

    Rent Smart Wales Agent Licence Number: LR-37010-29907

    The Property Ombudsman: E1405 

    ICO: #ZA276375

    We operate Client Money Protection

    Hi Sheraz,

    It's not clear if you live local to the property, but assuming you don't, then the third option is not viable imho.

    HMOs are far more labour intensive and require a much more "hands on" approach.  There are very few agents who will take them on for this reason.

    If I was buying an HMO remotely, I would find the agent FIRST, and then see if they had any properties under management that the landlord was considering selling.

    In this case, because of the complexity of HMO regulation and compliance, the agent comes before the property imho.

    There is the option of buying a tenanted HMO, that may have a property manager already in place.  The Vesta platform has these kind of deals.

    I also think No White Walls might be of interest to you ....

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    Thanks Vanessa, some really sound advise there really appreciated. In answer I'm not local to the property however it is my home town where i grew up and still have family. Whilst I'm not an expert on property online has been my main occupation for the last 20 years. The Vesta platform looks very interesting. Whilst No White Walls is also a great concept it seems to lack traffic and a community, probably because it's still in Beta. I've got it bookmarked and will definitely keep an eye on it.

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    There are good Agents operating in the north west who can “manage” your HMO at a more effective rate, both finding tenant and managing the property. (*Moderator note: Pied piper comment removed*).
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    Unless you live in the area or within a 30min driving radius, I would say find an agent and get them to manage.

    Like others have said... It's very time consuming and onerous. Agents handle everything but if you're more interested in finding tenants yourself then perhaps you can use that as a tool to negotiate the price/fees the agent charges.
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences. 

    Hi Sheraz,

    As Vanessa says, at Vesta (https://www.vestaproperty.com) you can find all sorts of tenanted investment properties being sold by other landlords, including HMOs. Many of our individual HMOs can be found by clicking here. Because they’re already tenanted then you earn rental income from day 1, save on lettings agent fees and you know the tenant history and how they look after the property too.

    Good luck!

    Kind regards,

    Team Vesta



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