FAQ
Questions Related to House in Multiple Occupation (HMO):
You may still have some questions about how REKA Property Management LTD can help you to convert your current property to a House in Multiple Occupation (HMO).
Below are our most commonly asked questions and our answers to them.
Q1. What is a House in Multiple Occupation (HMO)?
Q2. How long does REKA Property Management LTD take to convert my current property into an HMO?
Q3. Do I need a licence to convert to an HMO? If so, how do I get one?
Q4. What is the estimated increase in monthly rental returns after converting an existing single dwelling to an HMO property?
Q5. What’s the next step?
Q1. What is a House in Multiple Occupation (HMO)?
A House of Multiple Occupation (HMO) or 'multi-let' is a rental property that has three or more tenants, not from one household/family, that share amenities.
The term HMO includes rental properties that fall into one of the following criteria:
- A house which is split into bedsits or units
- A house, or flat share, where each of your tenants has their own tenancy agreement
- Students who live in shared accommodation
Q2. How long does REKA Property Management LTD take to convert my current property into an HMO?
We specialise in converting existing single dwelling houses into a fully regulated House in Multiple Occupation (HMO) in just four to six months… faster than the industry average.
The reason we can convert your property this fast is because we use emerging technologies to make the HMO conversion process simple, easy and efficient.
What’s more, we work with a trusted team that includes:
- Architect
- Heating engineer
- Electrician
- Project Manager/Builder
- Painter/Decorator
- Scaffolding team
- Carpenters
- Bricklayers
- Roofing experts
Q3. Do I need a licence to convert to an HMO? If so, how do I get one?
If your property is deemed as a 'large HMO', then you will require a license in accordance with the Housing Act 2004. Essentially, this means if your property has two storeys or more and it is occupied by three or more people from two or more households or families, then you will need a licence – depending on your local authority.
When you work with us, we will ensure your property is HMO compliant. We do this by taking care of everything to make sure that your property complies with the government regulations, so your property receives an HMO licence.
This includes planning, designing and constructing your HMO conversion so that it complies with the building regulations as well as the additional fire safety regulations under the Regulatory Reform (Fire Safety) Order 2005 (FSO).
We use our experience to help make the process more efficient by slicing through red tape.
Q4. What is the estimated increase in monthly rental returns after converting an existing single dwelling to an HMO property?
Our clients have seen an increase in their monthly rental income of 3.5 to 5 times compared to their existing single dwelling.
For some examples of specific rental returns, read our Case Studies here. [link to the Case studies page]
Q5. What’s the next step?
Call us on +44 (0) 203 286 6468 or email us at HMO@RekaProperty.co.uk to find out how you can significantly increase your rental income from your current portfolio with an HMO conversion.
We hope this has answered your questions. If not, please call us on +44 (0) 203 286 6468 or email us at HMO@RekaProperty.co.uk for more information.
Questions Related to Property Management
You may still have some questions about how REKA Property Management LTD can help you manage your property.
Below are our most commonly asked questions and our answers to them.
Q1. What is included in managing my property?
Q2. What is the cost of management?
Q3. How do you screen tenants?
Q4. How can you ensure the best returns from my property?
Q5. What’s the next step?
Q1. What is included in managing my property?
The management of your property includes everything:
- accurate rental appraisal
- advertising your property
- finding tenants
- screening tenants
- tenancy agreement preparation
- rental collection
- system to control arrears
- property inspections
- inspection reports
- organisation of maintenance quotes
- managing routine and emergency maintenance
- managing and paying your outgoings
- solve disputes with tenants
The management of your property includes providing a proactive maintenance service. This means we do ongoing maintenance inspections and notify you of upcoming routine maintenance issues. This helps to keep your maintenance costs down by reducing the number of last-minute emergency repairs your property may have.
Finally, we offer a bespoke personal service. We are not just letting agents. We are locals. We are landlords. We are like you.
Q2. What is the cost of management?
We keep our fees low because we are a web-based agency and pass the savings to landlords and tenants. Plus, we only charge a management fee and letting fee, unlike other agencies who also charge an administration fee.
Our management fee is 5%, our let only fee is 4%, and our management fee for HMO properties is 10%.
Q3. How do you screen tenants?
We adopt a very strict screening process, which aims to obtain the best possible tenant for your property.
It starts with the potential tenant completing our detailed application form, which helps us establish current and previous tenancy and employment history.
We then screen the potential tenant by calling their business, personal and previous landlord references.
We then contact you to discuss the application based on its merits.
The final choice of the tenant is your decision.
Q4. How can you ensure the best returns from my property?
We first start with an accurate, honest and professional rental appraisal. Our valuation process takes into account similar comparable properties and rental Market trends, which may affect your property.
A realistic rental valuation is essential to ensure you get the best financial return on your property.
And finally, we have an extensive database of tenants looking to rent. This not only gives us unique insight into the property market, but it also helps to ensure you get the best return on your property.
Q5. What’s the next step?
Call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk to find out how you can get peace of mind with your investment property.
We hope this has answered your questions. If not, please call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk for more information.
Questions Related to Renting the Properties
You may still have some questions about renting the properties listed on our website.
Below are our most commonly asked questions and our answers to them.
Q1. Why don’t you charge tenant fees?
Q2. How much is the deposit to rent a property?
Q3. What is the screening process?
Q4. What information do you need from me?
Q5. What’s the next step?
Q1. Why don’t you charge tenant fees?
We don’t charge any agency fees or contract renewal fees, because we believe tenants have enough costs to pay when looking for rental accommodation.
We can afford to eliminate the agency fees and contract renewal fees because we are a web-based agency that passes the savings to landlords and tenants.
We want to make renting with us as affordable as possible.
Q2. How much is the deposit to rent a property?
The deposit to start renting a property is one months’ rent (subject to the results of the screening criteria). You will also need to pay one month's rent in advance.
Q3. What is the screening process?
The screening process starts with the potential tenant completing our detailed application form, which helps us establish current and previous tenancy and employment history.
We then screen the potential tenant by calling their business, personal and previous landlord references.
We then contact the landlord to discuss the application based on its merits.
The final choice of the tenant is the landlord’s decision.
Q4. What information do you need from me?
The information you need to provide with your application is:
- Last three months’ payslips or a letter from your employer confirming your job status and wages
- Last three months bank statements
- Proof of UK residency and/or work permit for the UK
- One year self-assessment from Her Majesty's Revenue and Customs (HMRC) if you’re self-employed
- Previous landlord reference(s)
- Photo ID / Passport
Q5. What’s the next step?
Call us on +44 (0) 203 286 6468 or email us at Lettings@RekaProperty.co.uk to view properties you may be interested in renting.
CONTACT US
We hope this has answered your questions. If not, call us on 0203 286 6468, email us at Admin@RekaProperty.co.uk or fill in the form below.
