Full property inspections make up a big part of day to day work for HMO managers. Landlords who manage their own properties often wonder why the quarterly property inspections are even needed as they rely on bi weekly communal property checks by their housekeepers or even tenants themselves.
Unfortunately for them, quarterly inspections of the whole property are essential as they are part of mandatory requirements for all licensed HMO properties as per HMO licensing conditions
Based on my 8 years of experience, I would say that the biggest reason why this is a mandatory requirement is safety.
In this blog I would like to share my thoughts about time.
Oddly, only this week, we had a larger than normal amount of people who were late for viewings, check – ins or appointments, so I decided to share my perspective on the value of time in business and life in general.
I think all of you will agree with me when I say that our time is the most valuable asset, simply because it’s so limited for everyone.
We all have 24 hours a day and there is no guarantee for anyone that you are promised another day, so looking from this perspective, all we have is 24 hours.
Sadly, I have noticed that the value of time is mostly appreciated only when people reach their 30s and often even later in life.
So what is the cause for people being late to meetings and appointments?
And by late I am not talking about 5 or 10 minutes, I am actually talking about at least an hour late!
That’s 4.1 % of the day!
I wonder, what is the mindset of people that allows them to disrespect and waste more than 4% of someone’s day, especially when you have made a commitment to the exact time of the appointment?
Is it their value system, ignorance or blatant disrespect?
Or is it because we ourselves don’t value our own time and therefore create this reality where being late is seen as nothing special?
To minimize this from happening to us we have started to place a high importance on our own time and set an example.
When booking a viewing (each viewing has 15 min time slots) we ask people to arrive exactly at their booked time in order for us to show them the property in the best possible way.
But what do you do when you have a viewing to which you have travelled to for half an hour, arrive at the property and the person is not there? When you call them they say they are running late, they are on their way and will be there soon, only to find out that they are still not there 20 minutes later?
You are eager to rent out the room and have already spent lots of time organizing the viewing, so would you stay and wait, or go and rearrange for another day?
Well, I personally would wait for up to 40 minutes and invest these 40 minutes in doing any other business tasks from the phone or doing a quick property condition report for the communal areas whilst waiting. Once the person would arrive I would show them around and in a kind manner let them know that I have made a one off exception and explain them how valuable my time is and if the person would match our ideal tenant criteria, I would talk to them and insist situations like this don’t arise in the future.
And what about tenant check -in?
We have actually experienced it quite a few times ourselves.
People underestimate their time in packing and arrive with a great delay.
Once we even had a situation when a tenant was more than 3 hours late for their check in.
3 hours, that’s like 12.3 % of the day!
In this occasion we didn’t wait and rearranged the check in. He had to reorganize his move in process and I believe he learnt a valuable lesson.
Respecting your time is really important but respecting the time of others is essential.
Now we ensure to have an in depth conversation with every single person who is late.
We also send out a crafted email explaining them the value of our time and a kind reminder to respect our team and our effort invested in helping our tenants to have a safe, good quality, clean and homely home, so we would appreciate the punctuality from their side for all future appointments. You may also add a charge for a missed or late appointment, however it’s something we have not done as of yet.
So let’s be respectful to ourselves and others by always striving to be on time and ensure not a minute is wasted!
Almost everything in life begins with a secure base and a stable foundation, whether it’s a new idea, adventure or a business proposition. Errors in any foundation can have devastation effects in the future.
Recently I have talked to some landlords who did not have a full and in depth knowledge of renting out their properties in accordance to all of the HMO regulations.
Would you like to receive your monthly rent every single month on the right date, to have peace of mind that all repairs are dealt with on time, all gas, electric, fire safety, pat certificates are renewed on time, all fire alarms are tested and logged, fire safety assessments are done and HMO license renewed when needed.
Would you like having real time pictures from your property reassuring that everything is looked after and all latest regulations are met?
When I talk to HMO landlords one of the biggest worries that I hear most often are the worries of compliance, fire safety and latest regulations.
One of the everyday tasks in HMO management is sourcing new tenants for your properties, but do you really know who you are looking for?
Without a clear vision on your perception of an ideal tenant you fill find that there are many types of people. They are often described with a few key words such as, working professional, experienced, full time employed, or maybe a student or a party person, but these are just a few details, isn’t it?
When building your HMO portfolio, HMO management company or even your R2R portfolio, all property gurus always say that location is the most important criteria, and I can’t emphasise enough how true it really is.
You can pretty much change anything within the property (as long as you do it in line with planning permissions), however you can never change the location of your property. Well, unless you buy an HMO on wheels 🙂
As 2020 is approaching the end, it’s quite natural that we reflect back on it.
I have seen many people posting publicly about all of the things that they feel most grateful for in 2020, and I think it’s wonderful as I believe that gratitude is very powerful, especially when practiced on daily basis.