Normal Letting agents are expensive
Let’s face it, letting agents cost a fortune. You could be looking at spending hundreds of pounds (just to find a tenant for your HMO) and thousands for full property management services. Not to mention hidden fees in their Ts and Cs, but I’ll get to that in a minute. The truth is, high street letting agent prices just don’t make sense when marketing your HMO.
Tenancy renewal fees
So now your HMO is filled with tenants and everything is running fairly smoothly. Then, bang! You’re hit with a couple of hundred pounds tenancy renewal fee. Given the fact you’ve already paid your hard earned cash to find your tenants, getting charged with some surprise fee doesn't seem fair, does it?
You won't get a betterquality tenant
There’s a common misconception that letting agents have access to some mystery pool of perfect tenants. They don’t. Trust us. In fact, one of the biggest mistakes landlords make when investing in a HMO, is using the wrong letting agent. Just because a letting agent boasts a list of success stories as long as their arm, doesn’t mean they have experience with the type of tenant you’re looking for. For example, you are looking to market a HMO geared towards high-end professionals. Using a letting agent who specialises in local housing-allowance tenants could completely muck-up your investment. The last thing you want is to lose a tenant after a couple of months and have to go through this mind numbing process all over again.
Letting agents aren’t specialists in HMOs
Believe it or not, letting agents are not specialists in HMOs. Granted, they are a good choice for single lets but, unfortunately, they don’t advertise in the right places for HMOs. Make the most of your investment by choosing marketers that specialise in HMOs. Here at NEVO we always tailor our marketing strategy to suit each landlord's individual property.
The middle-man usuallyslows down the process
You will have way less control over your property if you go down the letting agent root. If your HMO was in need of a repair, first the tenant would have to contact the Letting agent, then the letting agent would contact the landlord and so forth. Time is money, of course, and letting agents waste a lot of it. The longer a repair is needed, the more damage done to your HMO. Here at Simply Tenant, we have a maximum tenant response time of30 minutes. Meaning less damage to your property and less money drained from your pocket.
So, how should you market your HMO?
There are so many more affordable and reliable alternatives to using a letting agent to market your HMO. For example, here at NEVO, we operate on a monthly fee that can be cancelled or upgraded at any time. No hidden expenses. We specialise in finding the perfect tenant for your specific HMO - meaning you’ll have fully occupied rooms for longer. We’re here to help you make the most of your investment. Find out more today.