If you’re an HMO landlord or developer looking to Sell HMO property then we can help.
We give you access to our HMO buyers database of over 25,000 HMO landlords, investors and buyers, and of course access to the open market via Rightmove, Zoopla and all other major portals for maximum exposure.
As HMO landlords and operators are aware, there are a lot of moving parts with HMO properties and so it’s important to give any potential buyers total clarity on what they are buying to allow for a smooth transaction.
Do i have to remove my tenants?
No, absolutely not. All of your tenants can be kept by the incoming buyer.
What are the fees?
We charge 2% + vat, which is about 0.5% more than local agents. We do this because we offer a specific value proposition of understanding HMOs inside and out. HMOs are harder to sell and require a lot more time, effort and expertise. Local agents typically don’t realise 100% of the potential value because they don’t understand HMOs and thus they have a low transaction success rate.
How long is the contract?
The normal sales contract is 16 weeks. This allows us to extract maximum value out of the market, turn over every rock and find every possible buyer out there.
Who does the viewings?
Normally the managing agent knows the property and the tenants, inside and out, and so is the best person for the job. On occasion, we are also happy to support viewings.
How are HMOs Valued?
HMOs are normally valued based on either income (for larger HMOs) or bricks and mortar value (for smaller HMOs). Typically it’s not the seller or the buyer that dictates the ultimate value, but the valuer instructed by the mortgage lender. Its a complicated process but we’re happy to talk you through it. See this article on HMO Valuations for more info
How do I maximise the value of the HMO?
The best thing to do is to prepare a property for sale like you would any other.
- Get high traffic areas painted.
- Get all the paperwork ready.
- Let the tenants know there will be some inspections, to encourage them to tidy their rooms.
- Think about if you were buying an HMO what you would like to see and feel.
- HMO Floor Plan
- Building Regulation Certificate
- HMO Planning Documentation
- Fire Alarm Certificate
- HMO Licence Certificate (if required)
- Electrical Safety Certificate
- RICS Valuation (if available)
- High-Resolution Marketing Photos
- Rental Schedule
- Management Contract