Top Aspects Tenants Look for in Professional HMOs
As we refurbish, tenant , keep some and sell some Professional HMOs and Social HMOs we have learned some interesting things that tenants look for in Professional HMOs. We have completed on approx 45 Professional HMO and Social HMOs.
- Feel Safe – Suggest you check crime statistics and only purchase properties in safe neighbourhoods. Regarding our Social HMOs which are on long term leases with a major blue chip, all properties are checked by the local councils and police.
- Clean & Move in Ready -The condition of the room must be spotless—and more specifically the ability to move right in—is very important to excellent tenants. You can not rent out a room that’s not quite move-in ready. We had a management company who did not rent a room for 2 weeks. We could not understand it. We went to check it and found the room dirty. We fired the management company
- Proximity to Transport- This is easy…look for buses, trams or trains. Many Professional HMO tenants do not have cars.
- Have an upgraded Professional HMO- Most inexperienced investors stupidly think that their investment properties just need to be “good enough for a rental.” Therefore, they purchase starter homes with cheap finishes and rent them to non desire able tenants. This increases management and headaches. Don’t do that; instead, purchase your Professional HMO that has upgrades that will you to get excellent tenants. Currently we are buying a block of flats. Only one of them is rented at the moment. The rest are in dire shape. We will spend extra monies to make them better than what is expected. This way we will get a better tenant and probably get more money for the flats.
- Provide value for the rental price of the Professional HMO room- We slightly under price our rooms in order to get them filled quicker and keep them full. The tenants enjoy a nice standard and pay a fair price.
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