5 Steps to Successfully Letting Your Rooms

I have found that the most effective way to fill my properties is by placing classified ads in the local evening newspaper, though I know from other HMO landlords that in cities, the web works very well and is FREE to advertise on!  Second best are cards in shop windows and a board on the property itself.  Think about the criteria that you want your tenants to meet and take them through a brief questionnaire over the telephone before you meet them.  Let them know what documentation they need to bring with them when they come to view the property so that you can get all the relevant paperwork completed.  Once they have agreed to take the property ensure you have the relevant Tenancy Agreement signed and take copies of ID.  I have a 5 point very successful letting strategy that rarely fails in that the tenants who met 5 points rarely default.  Depart from the strategy at your peril!

The 5 points are:

1. They are in full time employment and have been for 6 months.  You can quickly and easily check this after casino online pl September by asking them for their latest payslip and check the total taxable pay to date.  This is only the case after September as taxable pay is calculated from April, but at least you can see if they have been with the same employer since April.

2. Their net pay is two and half times their rent, eg. If your rent is £80 per week then they need to take home £240 per week.

3. They can pay the rent up front and if you charge it, the deposit and / or administration fee.  If they can’t pay now they rarely can pay later.

4. Fill in your application form completely and satisfactorily.  Get a copy of mine, you need to ask about convictions, dependencies and if they have been evicted.  If they have been evicted or are alcoholics or druggies, don’t take!

5. They feel right – use your intuition.

To find out more about running your own HMO, get your FREE copy of “Beginners Guide To HMO’s And Multi-lets” now at www.hmodaddy.com

Tags: HMO's, houses in multiple occupation, landlords, letting property, letting your rooms, property investing, rental, tenancey agreement