The crucial steps you need to take BEFORE you hire your first assistant

The first business I ran (together with my brother in the 90’s) was in an industry that was exploding with popularity at the time. We were at the crest of a pretty powerful and exciting wave, I was working long hours, six or seven days a week, I barely ate (because I didn’t have time), and was mostly functioning on …

How to reduce HMO voids and achieve 100% occupancy in your rooms

VOID. It’s a four letter word alright! And one that puts a shudder through many a landlord’s bones. I know it certainly puts some fire under my pants if I have a room coming empty soon and I haven’t yet found a replacement, let alone the stress I feel if a room or more are empty for any period of …

10 Simple Tips to Maximise the Value of Your HMO Rents Pt 1

Times are changing in HMO land. The marketplace is highly saturated and tenants have a plethora of choice from sharing in a Luxury Mini-Mo (as small as a two bedroom flat with concierge and gym), to a Mega-Mo (complete with cinema room, pizzeria, even a yoga studio). So, to attract the best professional tenants and reduce voids, you need to …

New HMO Licensing Regs – get clear, get ready.

There are so many different laws, regulations and guidelines we need to consider as HMO landlords, so it’s no wonder that a relatively minor change to the HMO Mandatory Licensing regulations has sent a lot of people’s heads into a spin. The current (as at March 2018) arrangements are that any HMO occupied by 5 or more people over 3 …

Licenses vs Leases in HMO’s – which should I use?

Despite being a really simple answer, this seems to be a question that confuses many in the HMO world – with potentially disastrous consequences.  I’m not pointing the finger in judgement here – as I too was one of the landlords who didn’t understand the difference, and made an incorrect choice on one occasion as a result. After discovering my …

Are your HMO profits leaking away? Here’s 6 common pitfalls to avoid.

HMO’s are a great income producing asset class, but the additional yields generated can easily be eaten up by poor decisions. Check this list of 6 common profit-leaking pitfalls to look out for, and make sure you tighten the tap in all of the areas mentioned. 1. Under-estimating bills When I did my training, I was taught to account for …

Qualifying HMO Tenants – How to ensure you always choose the best.

I have a shameful admission to make. During my first years as a self-managing landlord, I definitely took the lazy approach to carrying out a lot of the typical processes. (I reveal some the consequences of this in my first blog article Landlords Beware – Rapport Alone Won’t Protect You https://senecarooms.com/2017/08/07/rapport/). I had been hiring and firing staff since the …