How To Fill HMO Rooms Fast?

We're currently at 100% occupancy across our portfolio right now!

In today's episode, I'm going to share exactly how we have done it, plus I'm going to share two secret sales techniques that will help you find more tenants and fill more rooms.

The podcast has been running for over a year now, and we have over 50 episodes available full of amazing Rent-to-Rent information and creative cashflow strategies. So make sure you go check that out, and if you're not already, make sure you subscribe, we release new podcast episodes every Monday. 

During COVID, occupancy rates were reasonable, but they did slip at times. The larger your portfolio gets, the more complicated and more challenging it feels to fill the rooms. I want to share what I've done to get the numbers back up to 100% occupancy and a critical factor that has made a significant impact. 

In today's episode, I'm going to run through my top five tips. 

If you don't have time to listen to the full episode now, scroll down to read my top three tips. 

Available on iTunes, Google, Spotify and others or click “play” on the player below!

My top three tips to fill HMO properties fast

Number one 

This has a massive, massive impact on your property success. You've got to be proactive. Too many people stick their properties on Spare Room and expect them to be snapped up straight away. It's not as simple as that. You've got to change your ads. You need to delete them and renew them, so the algorithm sees them as new ads. 

You need to have outbound activity. You've got to direct message people in Spare Room also. You have to put yourself out there instead of just waiting for tenants to come to you. 

For Open Rent, you need to get on the phone straight away as soon as you get an enquiry. We also keep a list of hot leads and check in with them periodically. So you need to make sure you are following up after viewings. 

Number Two

Photos! I debated putting photos at number one, the HMO market has become increasingly competitive, so I'm constantly pushing for my images to look better and better. Make sure you dress the properties, get the style right. You need to find a way to stand out, and that's what I'm constantly working on. 

Number Three

Pre-qualify all leads. A lot of the enquiries that come through will be either time-wasters. They may, for example, just browsing or have not read your ad details correctly. So by calling the applicant and finding out precisely what they want, you need to protect your time by pre-qualifying and not to attend viewings that are a waste of time. 

Podcast Transcript↓

Wow. We're a hundred percent occupancy across our hate right now. And on today's episode, I'm going to share exactly how we've done it. Plus I'm not sure I should do this, but I'm going to share two secret sales techniques, which we'll make sure you. More tenants and fill more rooms, stay tuned.

[00:00:26] I'm Simon. And a few years ago, I decided I wanted to make a change. I wanted to create a passive reoccurring income to support me and my family. And a legacy for the future, a future fast forward two years, and I've managed to generate over 10,000 pounds worth of monthly passive income. I've set up the business, scaled the business, and now have systemized the business to free up my time.

[00:00:55] So join me to find out how I've done it. How well does it do it every day and how you can do it too.

[00:01:18] How to feel hate Shammo room's fast on today's podcast episode. I'm going to be sharing what I've done to get back up to a hundred percent occupancy across over a hundred units in my portfolio. And how you can do it too. If you're brand new to the podcast, every single Monday, we release new material.

[00:01:41] We're over a year now we've got over 50 episodes of amazing free renter and information and creative cash flow properties. Content. So go check that out and if you're not already, please do subscribe to the podcast and please, please, please give us a review on whichever platform you're using. It really helps spread the word and that's all I ask.

[00:02:06] So today's episode was sort of inspired by the fat. During COVID occupancy rates were good, but they did slip at times. And the larger portfolio you get, it seems to get harder and harder to fill these rooms. And I want to share with you what I've done to get back up to 100% occupancy and a key factor to that actually has.

[00:02:33] Implementing students to my professional portfolio. So we actually had over 50 student tendencies. Um, I think we're set to have over 60, once we fill the last couple of new properties that we're undergoing refurbishes we have a little ha ha refurbishments. It's always a tongue twister. On at the moment.

[00:02:54] So that's going to be over 60 last year. I think we had like 25. I have. So we've, we've doubled it. Um, Georgie of those rent to rent, but we've actually added one new property on our portfolio just for students as well. So I'm going to share five top tips and I'm going to get straight into it today. So tip number one and it is a massive, massive one.

[00:03:18] Okay. You've got to be proactive. And what I mean by that is too many people stick their properties on open brand spare room and just expect them to, you know, let out, and it's not as simple as that you've got to change your ads. You've got to delete them and renew them. So the algorithm sees them as new ads.

[00:03:43] You've got to message people and DM people in spare room and stuff like that. You've got to try and put yourself out there rather than just waiting for the tenants to come to you. So really, really key one. You've got to be pro active, so I'm really, really proactive. I get a team member to message everybody on spare room as often as possible.

[00:04:05] Um, in, in terms of open rent. As soon as we do get an inquiry, we're on the phone. We try and keep a sort of hot lead list and check in with people. So if somebody goes on a view and, and get out and hear from them, we're checking back in and following up, following up from people that we've not spoken to for a few months.

[00:04:24] And that is key. So make sure you, you know, you push and you're proactive. Number two and it's key photos, photos. Photos to be fair. That could have been number one. If your photos don't look good, then what are you even doing? The hate HMO market now has become increasingly competitive. So I'm always pushing to try and make my photos look better and better and better.

[00:04:54] And on Thursday we photograph two properties, a purchase, and a rent to rent, and literally. I actually probably could have done the shoots a couple of weeks ago, but I just wanted to perfect it. I wanted to get more dressings. I wanted to get the style, right. I spent a little bit more money on the interior and then we spent a whole afternoon getting pictures, getting videos, getting 3d tours because photography is everything.

[00:05:23] You need to find a way to stand out and that's what I'm constantly working on. So photography, please don't rush it. Please. Don't think that you can style it. Please make sure that there's no leads and wires in your photography. That you've, I end the, the bed in that you're not using your iPhone or gym that kind of used to do a bit of photography in their spare time.

[00:05:47] Like you need a profession. And this stuff needs to sell your product. Another key thing with photography is the best and only opportunity you're going to get to do these photos is before it's led. So even if you do manage to secure early tenants, please make sure you get photography. Because when you come to , you don't want to have to go into a let property that's been, you know, lived in, should we say politely for a year and do a, for a phone.

[00:06:18] You want to show tenants what it, um, what it looks like in its best when they get it, not when it's lived in number three, pre-qualify all leads. So a lot of the leads you will get will either be time-wasters. Maybe they're just browsing. They won't read your ad. So sometimes it's not an unsweet room and they're assuming it is.

[00:06:44] So, what I always always do is I always call the, the viewer, the applicant and find out exactly what they want at this stage. Because if they say just bro, uh, you know, a new car and off-road parking is a must and your property is a terrorist property, which is poor for parking, then you either need to recommend another one of your properties, or you're probably wasting your time.

[00:07:10] You know, you don't want to waste time. So pre-qualify them, the amount of times I've been to viewings and then it's been a complete waste of time. Cause I've not, pre-qualified them is alarming. So don't do it. Especially when you start building a team and you're paying for people's time. You don't want to be paying for people to waste them.

[00:07:32] So pre-qualify all leads. Give them a call. And before you arrange a view and make sure they're suitable, make sure your property is suitable for them. Number four cross advertise. So that means don't rely on one source of lead. So you're going to need, I'll read out a few, you're going to need spare room.

[00:07:52] You're going to need open rent, which will then give you Rightmove and Zoopla in theory, it gives you Gumtree, but I would recommend doing a, your own Gumtree ad, depending on your area will depend on how effective that is. Facebook mark. I've heard Facebook can be amazing in some areas or though the standard of applicant seems to be lower in my area.

[00:08:17] And I don't think I've ever managed to bag a really good tenant of Facebook, but nonetheless, you know, you could even ask around anybody looking for a room, you know, drop us a line. We've got some on your own social networks asking people. And then you've got things that are a little bit more griller and old school like leaflets.

[00:08:38] Just do as much as you can to fill these rooms, voids are not an option. And you've got to be willing to hustle yourself out, hustle myself. I'm like, yeah. Do you know, I'll do a view in any time it takes, especially when I started do whatever it takes, because once the properties fall and your cashflow, and you can move on to the next and last but not least number five sale.

[00:09:02] Viewings and filling HMO rooms is sales. So what I've done is I've brushed up on my sales skills to make sure that I'm able to convert. You want to increase your conversions because the better you are at converting the quicker you'll fill your rooms. Simple as that. Right?

[00:09:23] Little sip of coffee is actually half six. Like to do my podcast early certain days. Um, yeah. Where was I? So number five sales, you got to brush up on your sales techniques and I thought I would share how many should I share? I'll share two top tips for sales. Number one, you've got to find out their why, what motivates them?

[00:09:51] Not what motivates you, not what the key benefit of your product or service is to you, but what it is to them and Brian Chase has got this amazing analogy, which I'm going to remix for you right now. Let's say, you know, you arrive at a view, him and the tenant arrives. Um, and as they arrive, they say, wow, this garden drive is amazing.

[00:10:19] Always wonder. A drive like this and you turn around and say, fantastic, let's go and have a look inside. And they go in and you try and get in the front door. And the front door is a bit rickety. You can't really get in. And the guy says that he's looking at and you turn around and say, yeah, it does. But wow.

[00:10:42] That amazing drive that you've got just over there, then they walk in and the place is a bit of a tip. The tenants. Yeah. Left the pot Sal, you know, they've left stuff on the sofa, cluttering up the living room and the guy says, whom, what kind of tenants have you got here? And you say, yeah, but look at the amazing view through the window of that beautiful, dry.

[00:11:06] And then you walk upstairs, you go to the bathroom. Get in the room room looks good, but you know, there's a few marks on the walls and the guys says, Hm, great room. But what's going on with the marks on the walls and you say, yeah, I know, you know, don't worry about that because wow. If you just look down there, you've got prime view of that drive in the beautiful guy.

[00:11:28] And then as you walk to the bathroom, the, you know, the shower needs to read grout in a little bit and he says, a little bit tired and you say, yeah, I admitted it is, but just think about it. You know, you've got that direct access to that beautiful garden and that great drive on the way. Walk out and the guy says, you know, so, um, yeah, I kinda liked the property, but I'm going to go away and think about it.

[00:11:55] I'm not sure. And you say to the guy, Hey, but look, look how good your car looks or not amazing drive. And the moral of the story is this. Sometimes people will find different benefits of your service than you even imagined. And, you know, if that guy has got a brand new car, that could be one of the most important, that could be the most important driver you're trying to sell the en suite, the monthly cleaner, the garden, the standard of the vest, the standard of the, that the rent.

[00:12:32] And they don't care. All they want is an amazing drive. So their new Lexus or whatever can sit Lexus, you know, old school. So their new, whatever. I don't know if you've ever had a tenant and they've always got new cars, but I've never really known what the cars are. I've always super precious about them, but they might just want their new car to sit in that drive.

[00:12:54] So listen, ask them what's important to them and then sell that, make your life easy. And the second sales tip, which is really, really key is whenever you're trying to close. Right. Whenever you're trying to close. The key thing is to ask the question and then shut up. Noise kills the sale talking kills the sale.

[00:13:20] They actually say that, you know, um, you know, the selling takes place in the words, but the buying the decision takes place in silence. So don't be afraid to say, wow, whoa. You know, look at that amazing drive. Do you want to go for it? Shall we give it a try? Do you want to sign up and then shut up?

[00:13:45] So that's it from me. Thank you very much for joining every single Monday. I appreciate it. Any ideas? Any feedback hit me up on Instagram at Simon Smith on line. I remember whatever you do. Don't wait 25 years. Get crazy.

[00:14:12] Thanks for listening for more information, check out Simon Smith, online.com. See you next time.