What if I can’t fill my HMO rooms?
Welcome aboard episode 37 of the Rent to Rent Success Podcast and today we’re talking about…
What to do if you can’t fill your rooms.
This is one of the big fears many people have.
If this is something that’s worried you, this episode is for you.
Before I start today I want to thank you for all your reviews on apple and Spotify.
Marlene left this lovely review about episode 30 with Nicky, my sister and business partner.
Here’s what Marlene said:
“Loved hearing your story Nicky. When you fully own your successes and challenges you become even more of an example of what's possible for others. Keep sharing.”
Thank you Marlene.
If you enjoy the podcast please do subscribe and review, it really does mean the world to us and it helps others find us too.
Let’s dive into today’s topic.
What if I can’t fill the rooms?
And I’m tied in to a rent to rent contract for 3 or 5 years?
It’s a natural concern to have.
And going into rent to rent without proper due diligence can create this problem.
Within the Rent 2 Rent Success System we explain exactly how to choose the right property in the right area and price it correctly for your target housemates.
You can see some of that process in episode 17
About how to choose the right location.
All of that pre-work helps to ensure every deal works well for you long-term.
Use the Rent 2 Rent Success Deal Analyser to forecast costs and allow an amount for voids.
This ensures that even if you have some periods where you are between housemates the property will still be profitable for you.
Using the strategies we teach to rapidly fill rooms will enable you to keep voids (empty rooms) very low.
Another important part is negotiating a rent free period before the guaranteed rent starts.
We know that at the start of the contract it will take some time to tenant the property, therefore we agree a rent free period with the landlord or agent.
These are just some of the things we do, each part of the Rent 2 Rent Success System works together with the others to produce a great result.
But let’s say that you were unaware of the process for choosing the right property, analysing whether a property will work and systems for keeping your rooms full.
In this instance, if you decide you’d like to return the property then you speak with the landlord or agent to return the property by mutual agreement or you invoke the break clause in your contract.
It’s so important to have the right contract in place which allows this.
You can find out more about contracts in episode 16 or the contracts article on our website
Follow a tried and tested system like our Rent 2 Rent Success System. Although rent to rent is a simple concept, the implementation is nuanced and mistakes can be very expensive.
To summarise
Do your due diligence on your deals,
Put the right systems in place for filling your rooms and use the right contracts.
Next week I’ll be talking about whether the HMO market is saturated.
Have you found this useful?
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Until next time, have a great rest of the week.
And remember,
Believe Bigger, Be Bolder and Be a Gamechanger!
See you soon!
Stephanie & Nicky
xx
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