Finding tenants for your HMO can feel like a never-ending challenge because, by their very nature, tenants in shared properties often live a more transient lifestyle and move more frequently as their lives and circumstances evolve.
Get the tenant mix wrong, however, and they could be moving on far sooner than you’d like, especially now that they are not constrained by fixed-term tenancy contracts after the introduction of the Renters’ Rights Act in May.
To ensure a harmonious HMO it’s worth considering the following.
Define and set expectations about the house culture
If your HMO is already established, you should have a clear idea of the kind of tenants who live there. If you don’t, then it’s time to get to know them a little better. Is it a sociable household that likes to party together or one of introverts who prefer to keep to themselves?
Do any existing tenants work from home or work shifts that could require quiet at times when other tenants may want to listen to music or watch TV? A clear idea of the house culture will help you define the best-fit tenant.
Use this information in your marketing
Since you are trying to sell the experience of living in the property, not just the property itself, use your house-culture information in your marketing to appeal to the right tenants. Think of it as a dating ad where you are trying to attract the best match.
Don’t just take a prospective tenant’s word
Even with such careful preparation, it’s useful to assess prospective tenants yourself, or have your agent do it for you. This can help you determine whether they will be a good fit with the other households in the property. A few extra questions during a viewing or as part of the application process could help determine whether a prospective tenant really is a home-loving bookworm or a wild, party animal.
Get the view of existing tenants, too
Although you, or your agent, will be manage the tenancies, it’s the existing tenants who will have to live with your choice. As such, it’s sensible to give them a say in the decision too. Once you have a shortlist of prospective new tenants, coordinating viewings with when existing tenants are home will help both sides see how well they might get along and whether they really could be perfect housemates.
Give them a second chance if needed
It may not be conducive to house relations to make an assumption based on first impressions alone. Meeting new people can be intimidating for some, and this could come across as being standoffish. Others may give a delightful first impression but quickly become irritating and lose their halo. A second meeting in a more relaxed environment could help everyone decide whether they could be friends.
Undertake thorough tenant vetting
Of course, it’s not just how well all the tenants will get on in your HMO, but also whether they will be reliable, trustworthy tenants who treat your property with respect, stick to their tenancy agreement and pay on time. While it’s important to find tenants who gel, you also need to ensure a thorough vetting process is in place.
We Can Help
At Progressive Lets, we are experts in the rental market in the Peterborough area and help landlords find and manage properties within a 50-mile radius. We are also an HMO specialist. Get in touch to find out more.
