To ensure a consistent flow of rental income in HMOs, attracting tenants and reducing voids are essential.
How can you differentiate your HMO from the competition and retain renters in the face of so much market saturation? Here are some pointers to assist you:
Provide a special offering.
Offering something special that differentiates your HMO from the competition is one of the best methods to draw tenants. This might be anything from elegant furniture and cutting-edge equipment to a community space with TV and gaming consoles as entertainment options.
Your chances of getting tenants and reducing vacancies can be improved by providing something that other properties don’t.
Price your HMO reasonably.
To attract tenants, the appropriate rent must be set. Renters may look elsewhere if it is too expensive, but if it is too low, you risk attracting the wrong kind or people might think there’s a catch why it’s low-priced and might avoid your offer.
Do your homework and find out the rental rates for comparable residences in your neighbourhood. After that, set your rent at a fair rate that takes into account the quality of your property.
Maintain your HMO in good condition.
A well-kept and cared-for property has a higher chance of retaining its tenants. Make sure your HMO is spotless, orderly, and in good shape. This includes taking care of any maintenance issues right away, maintaining the cleanliness of common areas, and making sure that all fixtures and appliances are in good functioning condition.
Also, routine inspections might assist in spotting maintenance issues before they worsen. Minor fixes are definitely less costly than major ones for issues that are left unattended for a long time.
Be a receptive and accommodating landlord.
Landlords who are courteous and responsive are valued by their tenants. Ensure that you answer any queries or worries raised by your tenants as soon as possible, and be proactive in doing so.
Being a good landlord will help you develop a good rapport with your renters, which may result in longer leases and fewer vacancies. Incentives like reduced rent for committing to a longer lease or a welcome package when they move in can be used to entice tenants to stay.
Making your house stand out, setting a competitive rent, maintaining the property, and being a responsive and helpful landlord are all key to recruiting tenants and reducing voids for your HMO. These suggestions can help you find top-notch tenants who will value your property and stay longer, lowering vacancies and raising your rental income.
If you have any questions in regards to pursuing property investment, or how I can help you, do drop me a line at info@ukpropertytastic.co.uk.
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