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I've run my 'working professionals only' 5 bed HMO for 6 years. Initially it was extremely successful and a room would re-let within a couple of weeks. Of late though it has become more and more difficult. I've currently one room that has been void for 3 months now. I'm just not getting the quality or quantity of interest any more.
It seems that everyone's got on the HMO bandwagon for the area and we're all after the same poor pickings. If the city's HMO (5-beds or more) register is to be believed, then there has been an additional 181 HMO licences issued since mine 6 years ago! I was number 121. And that's not including the HMOs with less than 5-beds.
My question, any advice on options?
I've obviously: compared the competition; expanded advertising; adjusted rates etc. The place is immaculate and with all the facilities.
My other thoughts have been: add en-suites? convert to 3x self-contained flats? sell up and pull out? All of these I'm reluctant to do lightly for obvious reasons.
Just wondering if anyone has any other ideas that I haven't thought of.
Roates, please don't do an HMO, there are so so many of them, they are coming out of my ears.
Hi David,Roates makes a very good point about unlicensed HMOs and I also believe that the Rent to Rent craze is impacting the supply/demand imbalance, along with newbies being advised by property gurus to go straight into HMOs.We have some recent related topics:Times article on illegal HMOs - Rent to Rent?Guardian article on the loss of living rooms Concern over investors being sold HMO dream To answer your question, have you thought about offering a deposit replacement option? That will assist in making your room the most attractive to tenants.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Any business in this situation needs to make the decision. Sell-up. Differentiate or reposition. I think this comment is worth a thread in its own right ... !
I have always had a worry about HMOs
IMO I think an investor is running a mini hotel and, as we all know, some hotels fall out of favour and close
Now to the problem if you sell ?? Who do you sell it to?!
It can only be to another investor who may see the down-turn in the HMO market and will want a good deal to take it off your hands
I wish you the best of luck ...
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
I think Phil Stewardson called it back in 2016:HMOs - My little goldmine