The HMO Experience Property Podcast

RESOURCE LINK

1. The HMO Experience Website (http://www.thehmoexperience.co.uk/)
2. Download the 11 Steps to Running your successful HMO Property Business and other FREE RESOURCES (http://www.thehmoexperience.co.uk/resources-page)
3. Sign up for weekly hacks and tips for starting and scaling your HMO Property Business (https://www.thehmoexperience.co.uk/subscribe)

IN THIS EPISODE

Hi guys - this episode SHOULD have gone out on 6th June and we have since managed to find the right edition of the episode to publish! Thanks to all of you who provided feedback about the original episode 30 that was published, which we managed to lose :)

As was originally intended, in this episode podcast host Matt Harris of MiRentCo London talks with Steve Mitchell from The HMO Company about the six important points you need to know about key management for your HMO property.

Whether you're looking for a suitable key system for your rent to rent HMO or converting your own property into a HMO, this episode of The HMO Experience Property Podcast is the one for you so make sure you tune in!

EPISODE HIGHLIGHTS

• Introduction [00:00 – 02:00]
• General Key Management [02:00 – 08:23]
• Key Management Solutions [08:23 – 16:20]
• Master Key Systems [16:20 – 18:35
• Digital & Mechanical Locks [18:35 – 24:27]
• The Final Word [24:27 – 27:52]

KEY TAKEAWAYS

1. When you take on at property for Rent2Rent ensure that you have all the keys for all the rooms, internal and external doors on signing your agreement. Ensure that you sign for all the keys with your landlord or agent so that you are not charged for lost keys.
2. Ensure that when you provide your customer with a set of keys the customer signs for them. Also consider asking the as part of the check in processes to use the keys to unlock and lock their bedroom door, front door and rear door so that they are familiar with how to use the keys.
3. There are different key management solutions from key safes to digital locks and master keys. Each have their own pros and cons just make sure you know what solution is best for you.
4. Lock boxes are great, but you have to ensure that you don’t forget the code. Consider using memorable numbers like your family birthdays or anniversaries and ensure that you rotate the codes periodically or when a customer or trades person has accessed the box.
5. Master keys are great for key management as you only have one key to hold. They are more expensive to install and replace. Having one key to access all your properties makes life super simple.
6. If you are looking at digital or wi-fi enabled locks then ensure that the power supply is checked and consider a back-up plan if there is a power failure or the wi-fi is disabled.

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