THMOE7: Essential Steps For A Rent2Rent HMO Viewing


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Dec 30 2019 25 mins   8

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

Your podcast host Matt Harris chats with Jamie Madill & Steve Mitchell about the 5 essential steps for a Rent2Rent HMO viewing. Get this right and you are more likely to beat your competition and secure properties quickly; get it wrong and you will probably lose lots of profitable opportunities in your area.

Make sure you're spot on with your property viewings by tuning in to this episode of The HMO Experience Property Podcast.

KEY TAKEAWAYS

  1. You need to prepare for your viewing before you turn up at the property, one of the most important things is to make sure your numbers stack up.
  2. It’s essential you need to know if the property is ‘fit for purpose’. If you are viewing an existing licensed HMO you will know that the room sizes are fine and the fire regulations have been complied with. On the other hand, if the property is a single-let then you need to know what’s needed to convert it.
  3. Have a good Power Team will help you understand the costs of any works that might be needed and you can use the cost of these in your rental negotiation with the agent or landlord.
  4. Checking things like flushing the lavatory, running the hot water and turning on the shower, gives you an indication that everything works. This will save you potentially costly maintenance jobs to get the property ready to rent out.
  5. You must document your viewing process so you can leverage the help of others, especially if you work otherwise you will miss Rent2Rent opportunities.

BEST MOMENTS

‘We’ve looked at properties where it was possible to put up a stud wall to create another bedroom but we’ve turned those down as it’s often quicker and cheaper to get the property ready & rented out if you don’t need to do these works’.

‘If you don’t systemise your viewing process then you need to be present all the time. And that’s not always possible’.

‘Rent2Rent is about speed as you are in competition with others. You need to act quickly and put your offers in fast’

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