Trackback from your site.
The Very Best Ways to Find and Attract HMO Tenants
There is a huge demand for rooms in HMOs but finding tenants can still be a challenge. The key to finding and keeping tenants is to advertise well, in the right place for your target clientele. Once you have attracted tenants you will start to build up a good reputation for your HMO business if you keep prices competitive and treat tenants fairly. Read our top tips on attracting tenants for your HMO below:Advertise OnlineWhilst adverts in the classifieds, on student notice boards and posters around universities can be useful online advertising is certainly the most accessible form of advert for most people searching for a HMO letting. Online adverts can be accessed from anywhere at any time and when people view them they can easily contact you for more details or save info on the property, contact details etc. to return to later. A particular favourite is spareroom.com and it can be well worthwhile paying to upgrade your ad from a free one so that you can contact prospective tenants more easily and produce a better add that’s more visible on the site. If your target clientele is students, then there are dedicated websites that can help attract students such as studentaccomodation.com or university specific sites.Quality Advert Make sure your advert contains a lot of detail and hi resolution quality photographs. Prospective HMO tenants are interested in the room size, the kitchen area and appliances and any outside space. They are also interested in the area where the property is located, the local amenities and the transport links. Include and emphasise this information with as much detail as possible pertaining to your target audience e.g. 10 min bus journey from the University with buses every 10 mins. Reducing the amount of research a tenant has to do is likely to attract them to your property over others as immediately they can see that they will be able to get to class or into the city etc. from your property.IncentivesOne excellent way to attract more tenants is to utilize the tenants you already have. They already mix with your target clientele whether professionals at work or students at university so get them to advertise for you by word of mouth and through social media. You can offer incentives such as a discount off a month’s rent to the referrer and new tenant. Involving the current tenants in the selection process also has the added advantage of hopefully ensuring that all residents get along reasonably well which means you should keep tenants longer.PriceMake that your rooms are competitively priced so that you can attract tenants to your property. Do your research to find out what the going rates in your postcode area are and then price in the mid-range to attract the best tenants.ClienteleMaking sure you attract the right type of client to the right type of property is important when it comes to then finding more tenants to live there. If you have a HMO with two undergraduate students living in it, you are unlikely to then find a professional to live with them. Set out in your mind the type of client you are aiming for when you purchase and refurbish and advertise and in general sticking to this profile will help you find and attract tenants.There are loads of other ways to attract tenants, do let us know what has worked for you.For more help with letting your HMO do contact us at Nick Fox Property Mentoring. We would love to help!