Reports2Go

What Are the Benefits of Property Management Software for HMOs?

An HMO (House in Multiple Occupation) differs from a normal rental property in that it accommodates three or more individuals who share common facilities, such as a kitchen or bathroom. And while this might seem simple enough, the implications for landlords and property managers can be plenty.

Given the unique dynamics of HMOs, involving multiple tenants and shared spaces, we explore whether digital property management tools can offer specific benefits.

Tenant Management

HMOs and large apartment complexes such as student blocks naturally have higher numbers of tenants, both in the short and long-term. As well as multiple rentals taking place concurrently, turnover rate is generally higher, meaning there could be a rotation of several individuals over a short space of time.

Why? The reasons for this are many, including that many tenants are only looking for a short-term space to live in an expensive city while searching for other living options, or perhaps are using the accommodation only while completing a course of studies.

Nevertheless, with this higher volume of tenants and contracts, the first major benefit that property management tools offer is the ability to create and manage large numbers of individual tenant profiles with ease.

This includes everything from managing basic contact information and lease details to storing detailed condition reports for the property. With property inventory software like our free digital app from Reports2Go, it also becomes easier to track the state of a property and its belongings over multiple tenancies, which can help in avoiding lease conflicts and streamlining the turnover process.

Maintenance and Repairs

Ensuring a property remains in good condition is not only important for the long-term integrity of the property itself, considering the potential loss in value that might occur from issues of property damage, but also in ensuring your tenants are happy and more likely to stay for longer periods.

With an accurate view of your property and the state of each room you are renting out, it is much easier to efficiently track issues that arise, whether it’s small maintenance problems like broken handles or windows, or more serious structural problems.

Documentation and Legal Compliance

Keeping all important documents related to the property, such as leases, inspection reports, and communication records, using a centralised system for report creation and sharing makes sense, especially when you are managing a property with multiple tenants.

As well as keeping your property administration organised, digital tools like our property inventory software can also help you to keep your property compliant with current health and safety regulations.

Streamline HMO Management with Digital Property Tools

Managing an HMO property or block of student flats comes with certain challenges, from ensuring profitability despite high turnover and potential vacancy rates, to staying on top of property admin for high volumes of tenants. However, property management software offers a comprehensive solution to the unique challenges posed by shared living spaces.

Panos, 29 December 2023