HMO Advice in today's market

PETER LICOURINOS FOUNDER HMO ON STEROIDS / HMO PREMIER – MAXIMISING PROPERTY INVESTMENT

HMO Advice in today's market

First and foremost, the most important thing at the moment is to keep calm and not make rash and emotional decisions; I realise that is easier said than done in the current climate, but it is essential that we all make a concerted effort.

For those of you with occupied houses, communication with your tenants is key. They are feeling as uncertain as the owners are, so do offer guidance but make sure it comes from credible sources. Direct them to websites and don't rewrite any guidance to avoid getting the blame in the future for providing misinformation.

In term of advice with tenants and rent, make sure you follow government guidelines and understand what is on offer and how to claim. Speak direct with mortgage lenders for the payment holidays available and use the internet rather than being on hold for hours and clogging up the phones.

Communicate with your tenants. We manage all our rooms on WhatsApp groups so we can be transparent and work with everyone together to answer questions, give advice, understand their position and help them understand the benefits.

My advice to landlords with empty rooms is to stay patient. We will recover and your houses and rooms will be filled. Things will start up again and before you know it, we will be back to business as usual.

To ensure your welfare and that of your tenants, do everything you can to work remotely. Check-ins, check-outs and viewings are all possible remotely now so there is no need to take any risks by being in the houses too much. All properties with vacant rooms have had pre-recorded videos taken and these are being offered as a tour of the house in place of a viewing. So far, every person enquiring has been understanding of the current situation and have welcomed the receipt of these videos. We are continuing to receive leads and will follow these up in due course, as we would normally do.

We are offering a 10% discount on rooms and providing key workers and NHS staff with a 50% discount in rent for needed accommodation, especially close to hospitals.

More information and regular updates regarding the impact of COVID-19 on the UK property market can be found here www.propertynotify.co.uk/ featured/coronavirus/

Further guidance can also be sought via the Gov.uk website: www.gov.uk/ housing-local-and-community/rentedhousing-sector

Peter Licourinos

My advice to landlords with empty rooms is to stay patient. We will recover and your houses and rooms will be filled. Things will start up again and before you know it, we will be back to business as usual.