THMOE4: The 11 Steps To Running Your HMO Business

In this episode your podcast Hosts Jamie Madill & Matt Harris share the eleven steps that are involved in running your profitable HMO property business. They include finding suitable property, working out your profit, tenant viewings, providing excellent customer service, and systemising the running of the property so you enjoy the income without needing to work hard. Understanding these steps will help you build a profitable HMO business where you get paid for years to come.
KEY TAKEAWAYS 
Being up front with agents and landlords about what you do and how you can help them is the best approach to building a steady supply of good property.
Using an email template to present your offers makes you look professional, it gives a detailed explanation of what you’re business will do and how it will look after the property. This helps build trust with agents and landlords.
Have a property ‘on-boarding’ checklist to ensure you don’t miss anything, such as setting up wi-fi or checking the heating works.
Great advertising fills your rooms quickly and you get paid rent faster.
Open communication and great customer service helps you deal with issues faster, and keeps your customers happy meaning they stay longer.
BEST MOMENTS
‘Honesty always wins, just saying look this is who I am and this is what we do, helps you start building rapport with agents’
‘We use the rental profit to cover the furniture lease costs’
‘If you provide great customer service, they will stay longer and you get paid more’
ABOUT THE HOSTS
Matt Harris - Matt started working for a Mayfair based property investment company before practicing as a property lawyer. In 2013 he swapped law for cleaning and set up The Organised Cleaning Company! In 2016 Matt started MiPropCo Leeds, a buy to let investment company and in 2018 he founded MiRentCo London, a multi-let management business providing co-living accommodation for young professionals in London.
Jamie Madill - After an 18 year career in advertising Jamie became a full-time property investor with a property portfolio of single-lets & HMOs and with Steve, they have created a successful Rent2Rent HMO business. Jamie is an international public speaker and co-founder of Progressive Property Network and co-host of PPN St Pancras.
Steve Mitchell - Steve had a successful corporate career in finance and risk management before becoming a full-time property investor. He owns a portfolio of single-lets and HMOs. A black belt in Six Sigma, Steve is the project management and systems expert. Steve is also co-host of PPN St Pancras.
CONTACT METHOD
Website - http://www.thehmoexperience.co.uk/
Facebook Page - https://www.facebook.com/thehmoexperience
YouTube Channel - https://www.youtube.com/channel/UCnFoaXd-do8eTxZniWrcKhA/featured?view_as=subscriber
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