Worried about occupancy rates in your HMO?

If so, perhaps Google translate should be on the top of your list of tools rather than Spareroom!
WHY?
Here are the latest official UK population figures
    • UK population is growing five times faster than the EU27 average (Official ONS figures)
    • The UK population is now estimated to be 66.4 million, as at mid-2018
    • 10% increase in number of international immigrants over preceding year, jumping by 54,000 to 626,000
    • In the last year it has grown by 395,000 net (after people leaving, births, and deaths)
  • 69% of the population increase was due to immigration
  • England takes a disproportionately high level of this increase, out of all four nations of the Union
HMOs are perfect for new people to the UK because
  • they can’t get a mortgage
  • they want the convenience of all-inclusive rents
HOWEVER we as investors and landlords need to help them (and us) by
  • providing accessible information
  • explaining the legal requirements and their obligations under the AST
  • ensuring rents can be collected (if they don’t have a
  • using Right to Rent when necessary
  • checking all documents thoroughly
What other things might help you attract foreigners to your HMO and keeping them as paying tenants?

How do I maximize my profit in an HMO?

If you’ve got your first HMO up and running, you’ll know that the first 9 – 12 months are what I call the ‘teething period’ . Your bills will be all over the place, you’re still working through all the costs of the refurb, and your tenants are still settling in. There’ll be snags you hadn’t predicted, and your agent will be frustrating!
At this point you might think ‘was it all worth it, or should I do Serviced Accommodation’?!!
HANG ON IN there! Is my advice – it gets much better in year two. You haven’t yet really benefited from all that hard work you put in.
Here are some suggestions to help you maximize your profit after the teething problems have died down:
1. Create key performance indicators that you regularly assess, such as cashflow, profit and loss, occupancy rates, time on the market before rooms are filled, your monthly cost of advertising, your time input, monthly maintenance costs and yield. Some of these KPIs can be analysed annually, others quarterly and some monthly. Keep an eye on your business statistics so that it is controlled, measured and tweaked where necessary.
2. If you are using the skills and time of other people, either as contractors, service providers (such as a VA or PA) or employees, ensure they report to you their key results areas (Read Life Leverage by Rob Moore for more on this) on a weekly basis. With this information you can then identify where time and money is being lost and where their skills are most useful and effective. And remember Sheryl Sandberg’s famous words when it comes to choosing a member of your team – ‘Hire slowly, fire quickly’.
3. Each time you readvertise a room, consider adding a few pounds per week increase to the price. A small amount will not affect your enquiries, but it will increase your bottom line.
4. Collect rents on time and regularly check them with your online accounting system. Each time you create a new tenant entry, you can create a recurring invoice (which doesn’t need to be sent to the tenant). This then allows you to reconcile with actual income in your business bank account. Even a few days of late payments per month will impact your cash flow.
5. Create a late payment policy. Although you cannot charge fees to set up a tenancy, you can charge for chasing rent and late payments. Decide at what point you will go down the route of evicting a tenant, and keep abreast of the legal process by becoming a member of an accreditation scheme such as the Residential Landlords Association or National Landlord’s Association (who are due to merge soon anyway). They have helpful guides and legally compliant forms and letters you can use. Having a policy means you can remove the emotion from the process and outsource this to a member of your team.
6. Assess your regular outgoings such as utility bills, insurance, broadband and mortgage costs. Reducing bills, even by 5–10% per annum will compound your cash flow and profi ts. Does your cleaner need to come weekly or could fortnightly be enough? Are all the bulbs in the house LED?
7. Take regular meter readings to assess usage. If bills are rising fast you need to investigate and identify why. There are a number of devices available that allow you to control the heating and temperature (often the largest jump in bills is due to additional heating. Tumble dryers are a common culprit for rising electricity bills). Are there appliances that could be linked up to a coin-operated meter and cover the cost of use?
8. Keep an eye on new technological developments in the HMO industry. Whether it is a new piece of software that can help notify you of late rent payments or an app that can control your heating remotely – use technology to systemise your business, thus saving you time and money. We have a phrase ‘low-cost and no-cost’ which helps us evaluate the cost v return of any app or product.
What other ideas do you have or have you used to grow your profits year on year in an HMO?

How to grow your HMO profits year on year

So you think you have no money to invest with?

One of the biggest problems that I hear from people when they start investing in HMOs is that they don’t have any money. They think that they can’t invest or do rent to rent or do anything. They feel completely stuck. 

The biggest problem that they have is NOT that they don’t have any money but that they don’t know how to find money. In fact many people who say they want to start investing DO have money! They’re nervous and fearful about using it to invest with. It’s their pension, or savings, or back-stop. So they start by thinking that the only way they can invest is by using other people’s money. 

I love using other people’s money. In fact it was only by using other people’s money that I grew my business from two to over twenty HMOs. But I realised that in order to put my money where my mouth is I had to start by using my own money; my own resources; my own confidence.

If you have resources that you’re not willing to use, because you’re fearful and don’t really believe that what you’re doing is going to work, do you think an investor will be willing to work with you?  What money do you already have that you’re not prepared to use yet? If you’re not prepared to use your own resources, that demonstrates a lack of belief in what you’re doing. If you don’t believe that you can make money should you really be using other people’s money with which to invest? 

Until you funnel ALL your resources into getting your property business off the ground you probably won’t ever become investible. This is a huge mindset shift for most people, but it’s so important. You need to be totally committed if you’re going to make investing work. You have to take risks (which yes, you must identify and mitigate) and you must be prepared to give it 110%. If not 200%! Obviously doing the deal analysis, sourcing the right properties and doing the necessary foot work is also part of what you give. But you MUST use some of your own financial resources too.  

If you do believe that you can make money in property and you’re prepared to take the risk first step is to find and use your own money. Where do you find the money then? 

  1. Old savings or bank accounts that are sitting lying dormant 
  2. ISAs and other investment accounts that are giving a lower rate of return than you could make with an HMO
  3. Using your pension. Not all pensions can be used to invest in property but some can, and this is worth investigating
  4. Saving with your hard-earned cash. If you can’t make cutbacks and budget and save each month, you cannot look after money. If you cannot look after your own money you will never be able to look after someone else’s.
  5. Remortgaging your house
  6. Selling stuff you no longer need on ebay to make some cash. Selling other people’s stuff when yours is all sold
  7. Set up a car wash business, dog walk business or cardboard box collection business (yes I do mean used cardboard boxes. Think of all those deliveries that fill up people’s re-cycling bins so there’s no room for anything else). Charge a reasonable amount, do it regularly and leverage your time using other people’s skills. Save the money, use it to invest in property.

What else could you do to find the money yourself? How do you feel reading this? Do you think I am off my rocker?!

The Rules Of Money to Live By

I have discovered that just like any other energy form, money has its own rules. When you defy them, you don’t have enough if it. When you fulfil them, you have more than enough. Here are my thoughts but I would value yours too!

1. Money likes flow – what does that mean though? It means that you need to think of money flowing through you. It comes in, and it goes out. As you make it, you spend it, invest it and use it. It is not there to be hoarded. It is a gift and an energy which needs to move to increase.

2. It likes to be used and leveraged in a structured and managed way. If you don’t have a handle on your money you will lose it, and won’t be able to make more. Every month you should assess your personal expenditure against your income and make sure you keep at least 10% for saving. This is not a pot for long term saving but for investing. Never spend more than you earn.

3. It needs to be backed by an asset to be properly magnified! That’s why property is such a powerful compounding tool. Always invest against an asset. Whether that is a fixed asset like property, or a paper asset like stocks and shares. Property is better as you can leverage far better.

4. It comes to people who can manage it and show diligence, competence and discipline. Decide today to raise your investment game by managing money better. Save some, invest a lot and spend as little as possible on wasted items and fripperies.

5. Your gearing (amount you borrow against the asset) should be based on four things

1) how much risk you are prepared to take

2) your long term view about your involvement in the asset (ie: when and what is your exit strategy)

3) how far your cashflow will be reduced and whether that is acceptable to you, and

4) the cost of borrowing.

If you can borrow at a much lower level than you can make (at least 10% difference) then it’s often worth taking the borrowing. Example: Your return on an HMO is 15% yield, and your borrowing is 4%. The difference is 11%. Therefore it’s worth borrowing the money.

Your cashflow after gearing should be double the amount of the cost of borrowing. Eg: Your mortgage amount per month is £476. Your cashflow (profit) should be £952.

6. It grows when you add value. Property is a people game, as such it needs you to be a people person! It’s not about bricks and mortar, it’s about solving as many people’s problems as you can. You do that, and you’ll get rich. You are already wealthy. You just now need to manifest it through the zeros (added to the numbers) in your bank account. But remember – keep it flowin’ and you’ll keep it growin’!

What do you think? What have you learnt about money as you’ve been investing in property?

If you have any questions about investing in property, or want to know about Houses of Multiple Occupation please book in a FREE half hour call this week: https://fwfozt-free.10to8.com

After that, I’m on holiday!

Why you have to take a leap of faith at times!

In life there are many times when you cannot determine the outcome of your actions. You cannot see the final results that will be achieved by what you decide today to do, or not do. You might be able to guess at your results by looking at other people’s outcomes who have taken the same action, but even then there are so many variables, it’s impossible to determine with certainty that you will get the same results as them.
Where does that leave you? One path of action would be to find out more information. To analyse your potential strategy in more depth. To minimise the risks of failure.
Another action would be to look at people similar to you and see how they got the results you want. How did they overcome some of the same hurdles you might have to jump? Another action is to wait a bit longer, and see whether things will improve by themselves. You might win the lottery after all, and then all this planning and action taking could be a real waste of time couldn’t it?
Or what you could do is make a commitment. A decision. Today. To change what is the BIGGEST issue in your life. Today. Whether that is lack of money, being overweight, a dysfunctional relationship, not getting enough sleep, not reading enough or smoking and drinking. The only thing you need to do is make a PROPER decision. Not a half-hearted ‘maybe’. Not a procrastinator’s ‘Will do that when …..’ But a true, decisive YES.
Today I commit to …… getting out of debt in a year; losing half a stone; stopping seeing x person; going to bed at 10pm; reading a book a month; quitting smoking and drinking. Today I commit to being the best person I can be. I commit to finding deals and finding money so that I can invest in property and in (2, 3) years time (you decide) leave my job.
There. That’s it. You’ve done it. Now you have to just do it. Nuff said.

Taking leap of faith

Creating a Pipeline of Deals

There are plenty of places to find deals, and creating a sourcing pipeline needn’t be difficult. You do need to be organised and have a structure in place to ensure that you maximise your chances of success. To find great properties and great deals you need four things

1.       Process

2.       Perception

3.       Paperwork

4.       Persistence


Without a process you won’t be able to create a steady stream of potential property deal. Without perception you could uncover a wealth of amazing properties but not know what to do with them. Without paperwork you can’t finalise the deal. Without persistence you can’t grow wealthy. As you can see, only two of these are practical actions – the other two are personal attributes. Finding deals needs you to be practical and personal.

1.       Process. Ideally you want to design a campaign. This gives your activity definition and purpose and allows you to learn each time from your mistakes and successes. I would recommend that you design a 4 week campaign, in which you agree to target a particular area of no more than 1.5 square miles.

·        Using a map, define the area you are going to target and find the postcodes that are part of this location. This will be the HMO location that you’ve already pinpointed. Now locate all the shops, post offices, takeaways and supermarkets that serve that location.

·        Next, you want to get some leaflets designed that tell people about you and how you can help them. We use www.smartpropertyleaflets.com who provide ready-made templates ideal for leaflet campaigns of this type. One thing to remember: you will want to repeat your campaign up to seven times before you see steady results. Order enough leaflets at the start to ensure you have enough volume to repeat your campaign regularly.

·        Find a reputable leaflet delivery service. There are many ways you can achieve this – one is by working with a local takeaway service who are already delivering leaflets in the area. Another is by hiring independent leaflet distributors. Make sure you have a way of spot-testing the coverage of the drop.

·        Write out a number of simple postcards that you can put up in shop windows locally. A suggested wording would be:

   ‘Struggling to sell your house? Do you need to move fast? I am looking for a house to buy and might be able to help you. Please get in touch to see if I can help you call Wendy on xxxxxxx’. A simple postcard with a call to action is the best way to get your message out there.

·        The third aspect of your campaign is direct-to-landlord letters. You can download a sample letter from the website www.centreround.co.uk. The letter needs to be direct, friendly and polite. It needs to state what benefit you can offer to a landlord and how you can help them. One piece of advice: persistence is the key. I regularly receive letters from well-meaning investors who have found my details online and are offering to help me rent or sell my properties. I always wait until I’ve had a second letter before I respond. The sad thing is, I’ve rarely had that second letter. Remember that landlords who may be ready to sell, want to know you are committed. One letter is not a sign of commitment.

·        Another great tip is to incentivise your recipients in some way to meet with you. I mentored a female partnership who had no money to invest and were looking for a rent-to-rent deal to get started. I suggested that to stand out from the crowd, that in their letter they offered to meet up with the landlord and pay for a coffee. As a surprise incentive, even if the landlord was not willing to meet in person this time, I suggested that they include a voucher for a free coffee. As a result they had a number of calls from investors, one which led to a profitable rent-to-rent deal making them over £800 profit per month. Be different.

·        Your campaign should also include contacting all the people like estate agents that you’ve already started to engage with, and should include networking like crazy.

·        Plan your diary so that you can give yourself deadlines and structure. You don’t need to complete all your actions in week one.

·        After you’ve completed the four weeks, spend some time analysing what went well and what didn’t. It takes time and experience to execute a great campaign. Now you need to wait for your seeds to flourish, plan the next campaign and follow-up any leads you have generated.

2. Perception. Perception gives you insight into the possible motivations of a seller so that you can delve into the real reasons for a fast and efficient sale. This is a vital skill as it means you can cut to the chase and start negotiating on terms that are meaningful to you both. Perceiving what will work is a core skill when negotiating with people, and if you rush into the details of an offer too quickly you may miss important details.

However, educating yourself about the various strategies available to secure property is also a must. Without education I would have overlooked many potential deals that crossed my desk. It’s by understanding what makes a deal work that you will be ahead of the crowd, and you’ll be able to work with vendors, agents, local people and your contacts with confidence and insight. Knowing how to adopt the right strategies in particular situations, coupled with understanding people, will allow you to find and negotiate great deals.

Knowing the different approaches for securing property deals will allow you to have a number of strategies to use in addition to the usual route of traditional buying. This will give you confidence to negotiate deals. It will also bring you a streak of creativity when it comes to funding. Many sellers are not necessarily looking for cash. Although their property is up for sale, and it apparently looks as if a purchase transaction is what’s required, many vendors have reasons they HAVE to dispose of the property even though selling is the least beneficial to them. They don’t know what you know and therefore choose go to an estate agent to sell the house. They simply don’t realise that other strategies are possible. It’s your job to work with them and use your knowledge to help them too.

Other vendors are desperate to sell and need a fast transaction. So in an environment where sellers want SPEED and CERTAINTY, how can you work with that? Unless you understand the process for executing a deal fast, you won’t be able to meet the needs of a seller and you will most likely lose out on a possible deal.

In the negotiation for a deal, then, perception and awareness is key. If you struggle with this, here are some tips to help you:

·        Put the vendor first. Make sure you listen more than you talk, and hear more than you speak.

·        Create rapport by asking pertinent and meaningful questions. Watch the person to see how they react to you, and whether they are nervous, shy or wary. Are they a dominant person, a decisive person or an impatient person? Take some time to find out a bit about them but be aware of their motivation. Don’t prod too far immediately, or spend too long on meaningless chatter. There is a maxim in psychology which is ‘pace, pace, pace, lead’. In other words, let the other person set the pace while you set the structure. Then you can mould the interaction and lead the discussion.

·        Have a list of questions already prepared, but sense when it’s time to stop. There are facts you’ll need to gather to assess whether you can form a deal or not. Some people want to get to the point of the offer immediately and others are assessing you to see if they even want to do a deal. Don’t rush into making an offer or saying something you’ll later regret. If you sense that the other person wants to rush you (which is common if they’re motivated to sell) just explain – ‘So that I can make you the best offer, I just need to go away and crunch the numbers. I’m sure you’d rather I got this right than messed you around?’. Most people will say yes to that.

·        After any interaction with someone spend some time reflecting on what you learnt. What did you observe? What were the give-away clues about the motivation of the vendor? What conclusions could you draw about whether a deal is possible on a personal basis? Did you rush the discussion? How were you feeling throughout?

·        It is impossible to predict the outcome of a discussion at this point. Stay calm and positive, and press on with your next steps.

3. Paperwork.

Having the right structure to do the deal once you’ve found a motivated vendor is vital. Before starting any paperwork, you need to gather some core pieces of information from a vendor (seller). These pieces of information are best gathered face to face. Your leaflets and postcards and letters will generate interest and phonecalls. You need to be prepared to take some basic information on the phone. However, the idea is that by meeting in person you can create far more rapport and trust and have much greater chance of creating a deal for you both. The aim is a win-win situation.

Without the following pieces of information you won’t be able to come up with a succinct, clear and precise plan that benefits you both. The core pieces of information to gather are:

  • Address and details of the property and the vendor
  • How long the vendor has owned the house/ property
  • How quickly the vendor needs to / wants to sell
  • What the reasons for the sale are (divorce, downsizing, moving abroad, pay off debt etc)
  • Why the property isn’t up for sale already with an estate agent
  • Are other people to be involved in the decision (partner, parent, siblings etc)?
  • Is there any debt on the property (mortgage, second charge, bridging finance)?
  • If there’s a mortgage, how much is it, what type is it and what’s the remaining term
  • Has a purchase of another property already been agreed?
  • Would the vendor be prepared to let out the property rather than sell it?
  • Has the vendor got plans for the money from the sale?

Once you have these core pieces of information you can then go away and crunch your numbers and come up with a suitable offer. There might be a number of different possibilities so be sure to present them clearly and slowly. Chances are your vendor has never heard of some of them, and was awaiting a simple purchase price offer. They will be pretty mystified when you start to talk about lease options, rent-to-rent and delayed completion if you’re not careful about avoiding jargon. Your communication skills in presenting a deal will be paramount to whether the offer is accepted or not. Practice your delivery with someone who can give you fair feedback if you are unsure of your ability to be clear.

Once you’ve had a successful meeting, you’ve come up with a plan, and an agreed way to proceed, it is vital that this is captured in a Heads of Terms Agreement. This simply lays out the roles and responsibilities that the partners in the agreement will take. This needs to be signed and each partner should have a copy. The Heads of Terms Agreement then forms the basis for your legal documentation. I always advise people to take legal advice on any deal. However, it’s worth bearing in mind that many general property solicitors are not well-versed in creative deal strategies. You may have to refer your specialists to your vendor in order for the deal to proceed.

4. Persistence. Sourcing an attractive deal takes patience and determination. It takes time to set up the pipeline, and time to negotiate with the vendor. It may take a few weeks before you see results from your persistence. You may get a few phonecalls that lead nowhere. You may feel like you’re wasting your time and money. However, in property, like investing generally, persistence pays off. Don’t let your early failures or lack of progress set you back.

After a number of months being seen and heard in our local area, telling people what we were doing and what I was looking for, I hadn’t seen much progress. I began to wonder whether it was worth all the effort and time I was putting in. I was sitting at my desk one day when I received a phonecall from a man who didn’t want to pay for an estate agent to sell his house. The house was a great size and in a good location for an HMO. I was first in the queue! By being known in my local area, I had a distinct advantage when it came to buying or negotiating a deal. He and his wife wanted to downsize, having raised their family in this spacious terraced property. However, the house needed some work to make it attractive to a family buyer – cash he didn’t have. I was able to sit down with him and work out exactly what he needed to move on, and how we could benefit too by creating a win-win solution that worked for us both. He was delighted to save the money that otherwise he would have spent with an agent, leaving him more to put towards a smaller house. In this situation, knowing the strategies that can be used in property deals is paramount, as a simple purchase transaction is only one of many that can be employed to buy and secure property.

So remember Edison’s famous words when you’re tired and feel like you’re getting nowhere, and when you’ve had little results from your efforts:

‘Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time’ ―Thomas Edison

Seasons in Life and Property Investing

The recent snowfall we’ve had in the last few days has made me reflect that the seasons we experience in our weather are much like seasons in a property business. Throughout the year we expect to experience different seasons. As the year progresses it would be very strange not to feel the changes in sunlight, temperature and climate. Indeed, other countries across the world have very different seasons to our own. They still have seasons and recognise the need for the rainy season and the hot sunny seasons and the dry season. Yet too often we have expectations that our journey in property can always be in summer mode – sunny, bright and positive! But that’s not reality.

Seasons create the right environment for growth. Without seasons, we wouldn’t get the fruit, vegetables and produce that we rely on to live. Yet in winter it can be hard to enjoy life in the same way we do in summer.

In a property business there are varying seasons – and you might feel right now that it’s like winter. You can’t find the deals, you can’t find the investors, you’re doing lots of viewings and maybe you feel like nothing’s happening and you’re getting nowhere. There’s no shoots, there’s no blossom, there’s no greenery, it feels cold, hard, and icy. At a time like this you need to concentrate on creating YOUR ideal environment for growth. A bit like a compost heap needs time to develop and mature, we also need the right environment to mature into successful property entrepreneurs.

What kind of people do you surround yourself with? Are you in the right group of investors? Are you focusing on expansion or contraction? Are you learning the secrets of successful entrepreneurs while you can, or are you retreating – hibernating, cos it all seems just too hard and impossible for you to achieve?

I’ve worked with many, many people who felt that they were skating on ice. They didn’t have experience, they didn’t have time. And they didn’t have the right knowledge.

Take Keith for example. He was the epitome of a successful businessman, but felt completely stuck in his well-paid job. He wanted to create a reliable extra income stream for himself and his fiancee. He heard about the exceptional returns that HMOs could bring, but had no idea how to do it. He came on my 2-day Multilet Income Multiplier event and learnt exactly how to make his time and money work efficiently by implementing my simple five-step system. In just a few months he had created 3 HMOs and done this with other people’s money! He realised that he was stuck in the winter cycle because he hadn’t taken action towards his goals. When he learnt exactly HOW to create passive income and do it with other people’s money he felt like spring had sprung!

The good news for you is that spring is around the corner. If you take action and do what’s needed you can adjust and change your results.

If you’re interested in learning more, and would like to get started but have no idea how to start, scale and systemise your HMO portfolio, then I’d like to invite you to my next two day event on March 2nd and 3rd. The usual price is £1497 but I am running a unique charity weekend to raise money for the YMCA – a charity that supports young and vulnerable people who are homeless. The special weekend price is just £400! Yes that’s right a discount of over £1000! All money raised will go to the YMCA.

You’ll learn the very same 5 step system that Keith learned and implemented, and is now making him thousands of pounds income per month. You’ll also learn how to sow the right seeds at the right time and in the right way, to get the best deals and to grow your portfolio fast. If you know that this year you really must start to learn how to make this a reality in your life, and make winter turn into summer – then I would urge you to book your place now. At this price, I know the seats will fill up fast, and I wouldn’t want you to miss out.

Click Here to Book up NOW

Just like in the natural world that we see around us it won’t be long before you’ll start to see those green shoots that are evidence of your activity paying dividends. You’ll start to see the trees budding, and blossom appearing.

Perhaps right now vendors aren’t willing to negotiate with you. Maybe estate agents haven’t got the stock on their books. There’s lots of other economic factors at work that are making it feel like winter, but it will change. If you are in it, if you know what you’re doing, if you know what you’re looking for, if you’re practicing, then when spring comes, you’ll be ready.

And then up ahead is summer! Just think about the summer you’re going to have – the kind of rewards you’re going to have and the amount you’re going to be able to reap because you have sown seeds at the right time in the right season. That’s why I’m a big believer in educating yourself about property – how to spot when a deal is a deal, and how to see the conditions for an effective transaction.

When autumn comes, that’s the time for looking at your portfolio assessing how well it’s working and whether you’re getting the returns you expected. Perhaps you need to prune it a little bit. Perhaps you need to cut back a bit here, or you need to push forward a bit there, or you need to focus a bit more in another area. Then, of course, there’ll be time for winter again. You’ll be better prepared next time because you’ve gone through it once already and will know exactly how to approach it and how to behave.

Seasons are natural and rhythmic but I believe that if we act despite what the weather and our feelings tell us, then we can still make the most of our situation to produce great fruit when the time comes!

So don’t let this winter dictate your activity – plan for a fantastic spring and summer, and plant the right seeds in your life now –

Click here to find out more!

To your growth

Wendy

Top 20 Questions for your Potential HMO Agent

If you’re considering HMO’s as your next property investment, have you thought about how you will ongoingly manage them?

If you intend to use an agent, how do you know how to benchmark them against each other?

Top 20 Questions to ask your potential HMO agent…

1. What experience do you have in renting out properties like this HMO?
2. What is the type of HMO you specialise in?
3. What is the average room rent you achieve?
4. What is your average void period?
5. What is your average type of tenant?
6. How do you advertise the properties?
7. On average how long does it take you to rent a room?
8. What percentage of rent advertised do you achieve?
9. Do you rent any licensed HMOs?
10. Are you the manager of any licensed HMOs?
11. What does your service actually include?
12. How do you deal with maintenance and repair jobs?
13. How do tenants contact you for emergencies?
14. How do tenants report issues or general queries?
15. How often do you/your team visit the property?
16. How do you deal with rent arrears/missed rent payments?
17. How do you ensure the cleaner is managed well?
18. Which KPIs do you gather and supply to your clients each month?
19. What is your inventory process?
20. What advice would you give to an HMO landlord?

Get Organised with Viewings

If you know that the returns in your area are not what you’re looking for, choose another area. Don’t stress too much about finding your goldmine area just yet. One will appear.

However, you need to trust and follow the process first. Learn HOW to follow a process for sourcing and viewings so that when your ideal area becomes obvious, you are ready to pounce! Creating a system so that you regularly contact agents and vendors, organise viewings and follow-up is key to your actions if you’re going to find deals.

Books for Christmas!

What’s on your gift list?

Do you have a book you’re hoping someone will buy you?

These are the books on my list (hint hint) … anyone??!!

The 80/20 Principle: The Secret of Achieving More with Less by Richard Koch

ReWork: Change the Way You Work Forever by Jason Fried (Author), David Heinemeier Hansson (Author)

Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist Kindle Edition by Kate Raworth (Author)

What’s on your book list?