Having multiple tenants in one property is great for bringing in income but managing the financial side of HMO’s isn’t so simple. Using letting software for Sage can not only reduce those complexities but it can also help to improve the profitability of each property.The number of people in Britain is fast outgrowing the amount of land available, it has been an issue for some time. This will continue as the population lives longer and the country remains an attractive prospect for foreigners, whether arriving legally or via a hole in the fence in Calais.
So what’s the solution?
Fit more people under one roof!
The concept of the HMO (House in Multiple Occupation (up to 6 non-related tenants in one property) has been around for decades and when laws changed in 2004 they lost their reputation as squatters hangouts and cheap student accommodation. Landlords were forced to improve conditions and now they have become the ideal homes for young professionals.
The property industry, like many things has to adapt to trends. Last month saw property prices in every region of the UK rise. This is damaging to millennials, likely to be on low income and finding themselves pushed out of the cities. Splitting costs with other tenants gives them an option to live in a desirable location with a more flexible set-up.
Decorus for Sage has the ability to make managing HMO’s easier. It simplifies the invoice process, calculates split costing amongst tenants and provides instant profit and loss reports against each property. Should a tenant decide to leave the software comes with the tools to fill it ASAP, this includes the property matching facility and ‘one-click’ uploads to your Rightmove, Zoopla or Gumtree accounts.
Book a presentation of our letting software for Sage and see how you can manage your HMO properties more efficiently.