Why HMO’s Are BOOMING in 2020
I was in Burnley the other day as the Hmos manager there told me that she’s got 200 rooms while 196 of them are full.
That’s crazy because eight months ago, people were telling me that Hmos are going to be a thing of the past since no one’s going to be able to afford them.
However, six months ago I predicted that Hmos will keep rising and that’s what they’ve been doing for the past couple of months.
Is it a good time to get to Hmos and how do you get into Hmos?
Well, I want to give you a practical step-by-step guide in terms of Hmos and with the ongoing pandemic, people cannot afford necessarily to have individual homes and so they’re moving into Hmos.
The standard of living is going up because people are getting richer as they’re joining our discovery days of course and the thing is, it’s also the speed of how quickly they rent out and if it’s exquisite, it becomes more appealing to the renters.
In terms of rent to Hmos, I would suggest if you want to rent, go on spare room, find people that are managing it themselves, and hopefully, find ones that are a little bit shabby and where some of the rooms are empty and then contact them by asking how many rooms they’ve got available.
I’ve got multiple Hmos and every single month, I get a statement and I’m like, what’s that for?
To be fair, we sometimes do our staff’s jobs for three days but fair enough, what we do is find out how we could make more sales and in most cases, we probably do it better than most of our staff.
I’ll sometimes jump on the customer service course especially if I’m getting in on the feedback forms from people. If the person on the phone is sloppy, I’ll be like, let me.
Later on, Russell and some of the directors come and do the job for three days and then we’ll outperform our staff and then we’ll train them based on our skills because you can’t be delegating jobs if you can’t do it yourself and that’s why I believe that you should manage properties yourself in the beginning and then get a management company involved later on in the process.
Despite what everybody said six months ago, and there are a couple of reasons as to why Hmos are booming.
One, a lot of people are having their cash flow as they’re looking to relocate and they’re looking to find more affordable living Hmos. It’s flexible as they don’t have to be there for five years because they can be there for six months and easily relocate.
Hmos are the best possible product available right now as you can’t say that you are allergic to tenants because your tenants are now your customer and you better love the customer because they’re the one that give you the money to become financially independent.
Get around people that are financially independent because if you don’t, you’re not either and if you’ve got five friends that are financially free, what you’re going to be is the sixth financially independent person in that group.
In discovery days, I work with you to put together a step-by-step plan of how you’re going to become successful in properties and this is literally just like five or ten people max especially because of the pandemic, we sit and chat as we brainstorm about all our further training as well the academy.
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I predict HMO’s will continue to BOOM in 2020 and beyond, leave your property predictions below and we can revisit this video in the future! Share this video: https://youtu.be/X96x0Lviu5c
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