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Apr 12, 2018 · Historically we’d trialed many alternatives including: Gumtree – pretty poor response rates, and very poor quality applicants. Typically we found the messages received were very financially driven (no deposits, no application fees, and reduced rent requests were common). Rightmove/Zoopla – good quality applicants, when we got any.
3. Set Up Your Business If you want your business to flourish, then naturally you’ll need to start properly setting your business up. This involves a number of activities, including: Implementing structure; Planning how you’ll keep track of compliance and regulations; Deciding how you’ll finance your business and raise capital
- Put the Hard Work in. If you want a business, you’re going to have to put the hard work in at the beginning, so you don’t have to graft and work hard later.
- Value Your Time. Be protective of your time. As time is the most valuable commodity, value your time more than money. It’s the one thing we can’t get any more of, so be incredibly structured in managing your diary and learn to say no.
- Master Choice Management. Look at what you need to do to drive results and prioritise those tasks. There’s no such thing as time management. It’s choice management.
- Recruit Staff. Recruit your first staff member as early as you possibly can. This can free up your time, particularly if you hire someone who can help you in areas that aren’t your strengths.
If you’re wanting to invest in your first HMO and build a successful and sustainable business, here are the nine essential steps to help you put a plan in place! 1. Have a clear strategy, vision & goals. Before you get started building a HMO business, you first need a clear vision of what you’re trying to achieve.
- Planning permission. Firstly you need to speak to the local council to find out what their rules are for HMOs. Each local authority has the power to set its own planning rules and some councils will require you to apply for planning permission if you want to change the use class from a single-family home (C3) to a HMO (C4 or Sui Generis HMO).
- Licensing. The second important thing you need to check is: will you need a licence? The answer to this isn’t straightforward. In England, a property is defined as a HMO if it houses three or more tenants, who form more than one household (i.e.
- Health and safety. There are 168 rules and regulations to let a property safely in England (and a similar number in Wales, Scotland and Northern Ireland), but when it comes to HMOs, there are more rules you need to abide by including
- Council Tax. Check with your local authority or contact the Valuation Office Agency (VOA) directly to find out how council tax will be calculated for your HMO.
What does an HMO licence cost and how do I get one? The average cost of an HMO licence in the UK is around £600. But the cost of licences varies from authority to authority, with some as cheap as £60 and others as costly as £1,000. To get an HMO licence, you should contact your local council. HMO licensing is managed by local authorities and ...
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Apr 3, 2018 · Provide services they expect. Future-proof your business. 5. Systemise Your Business. The most important tip for any professional HMO business is to systemised everything you do otherwise you could be working hard in the business and not on the business, and will probably not be making the high cashflow you expected when you started.
