HMO Investing Do's & Don'ts - Day 3
Do focus on tenant experience. It's the little things that make a big difference.
A positive tenant experience is directly linked to the profitability of your HMO business. The rent tenants pay is the lifeblood of an HMO business, if your tenants stop paying rent or move out leaving you with voids, your revenue disappears overnight.
We are strong believers that if you provide a quality product combined with exceptional customer service, your tenants will love where they live and won’t want to leave.
Positive tenant experience = higher tenant retention = less voids = higher profitability.
So start treating your tenants like customers, show them that you care and appreciate them, regularly. Now we’re not talking about big grand gestures. It’s the little things that make a big difference.
One part of the Maygreen tenant care strategy is sending each tenant a birthday card. An extremely easy process to automate and outsource to your virtual assistant to manage. It takes hardly any time, costs very little but it’s a memorable gesture that will make your tenant's day and show you care.
Have you ever had a landlord remember your birthday?
In our downloadable guide, we share our automated process for sending out birthday cards that you can implement in your business today and start to wow your tenants.
Don’t employ a builder with no HMO experience. You need someone who understands the HMO regulations.
HMOs require high standards of fire safety. A lot higher than standard buy-to-lets so it's imperative your builder understands current HMO regulations and how they impact the refurbishment works.
Tenants are 17 times more likely to die in a fire in an HMO than they would in a B2L. A grave thought isn’t it. But it's a fact.
Fire safety needs to be taken seriously for the safety of your tenants. This starts with the quality and experience of your builder.
We were stung in the early days hiring a builder with very little HMO experience and we spent a lot of time and money undoing their mistakes and ensuring our HMO was fully compliant and safe for our tenants. Please don’t make the same mistake.
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What to expect on Day 4 HMO Investing Do's & Don'ts
Tomorrow we discuss why it’s important to involve the HMO officer from the council early on in your HMO refurbishment and how you can leverage their knowledge to ensure your HMO is compliant with the local licensing requirements.