023 | Why you SHOULD NOT use Agents to find Housemates for your HMO Property! - a podcast by The HMO Experience

from 2020-04-20T06:59:20

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RESOURCE LINK



  1. The HMO Experience Website (http://www.thehmoexperience.co.uk/)

  2. Download the 11 Steps to Running your successful HMO Property Business and other FREE RESOURCES (http://www.thehmoexperience.co.uk/resources-page)

  3. Sign up for weekly hacks and tips for starting and scaling your HMO Property Business (https://www.thehmoexperience.co.uk/subscribe)


IN THIS EPISODE


Your host Matt Harris of MiRentCo London chats with Jamie Madill from Jamie Madill Property about the pros and cons of using estate and letting agents to market the rooms and find your housemates, customer or tenants for rooms in your HMO property. 


There are plenty of useful nuggets in this episode of The HMO Experience Property Podcast so get your pen and paper ready for notes :)


EPISODE HIGHLIGHTS



  • Introduction [00:00 – 01:12]

  • Benefits Of Using Agents [01:12 – 08:55]

  • Expanding Your HMO services [08:55 – 16:41]


KEY TAKEAWAYS



  1. Using experienced HMO agents will either give you time back to focus on higher value priorities or allow you to invest away from where you live . make sure there is enough cash flow in the deal to pay the agent and ensure they are experienced in managing HMO property.

  2. Find out what checks your agent will do on your behalf. Even if you outsource the management to a responsible agent you are still liable for the compliance of the HMO license for your property.

  3. Once you have experience running successful HMO property, why not consider offering your services to other HMO landlords to increase your business services and revenue streams.


BEST MOMENTS


"You really do need to make sure that you know the margins are there on your HMO property if you are going to outsource this whole process to an agent to make it viable for you.⁠"


"From a cost point of view, I've, I've seen HMO letting agents quote anywhere from 10% plus VAT to 20% plus VAT⁠."


"Falling foul of the regulations or if the council come knocking then both you and the agent could be liable for any breaches."


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CONNECT WITH THE HMO EXPERIENCE



CONNECT WITH THE HOSTS


Matt Harris - https://linktr.ee/iammattharris


Jamie Madill - https://www.facebook.com/jamiemadillproperty/



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