“We explain how the market is performing, giving advice and guidance on how to maximise your sale price.”
Selling a HMO is more complicated than selling a single let property or a residential property. If you want to get the best price for your HMO you need to use a specialist HMO agent like us.
HMOs generally fall into two types.
1) Small HMO which is a HMO with 6 bedrooms or less.
2) A large HMO which is a HMO comprising of 7 or more bedrooms.
This will greatly effect the value of your HMO not only because a large HMO should generally bring in more monthly revenue but it will make a big difference in the way it will be valued. Our expertise means we will be able to advise the best valuation for your property. So book your free, no obligation valuation today by calling us today.
Once we have your instruction, we will start process of preparing your HMO by visiting the property to take professional photographs, create a floorplan, take room measurements and note down key information about your HMO. We will help with staging the your property and preparing an information pack containing all the important information a potential investor will need to know before making an offer to buy your HMO.
Once your HMO is ready to market we will send your property information pack to our database of investors and portfolio landlords looking to purchase more investment properties. We also work with other HMO specialist agents to get your property in front of as many potential buyer as possible as quickly as possible. If agreed, we will also arrange for a “For Sale” board to be erected where appropriate.
As you’d expect, HMO LETS vet all prospective buyers prior to arranging any viewings to make sure they are not time wasters or someone just wanting to check out the competition. We will provide you feedback at every stage of the process so you know exactly what is happening. We always ask for detailed feedback after every viewing so we know if any changes need to be made to improve the HMOs chance of securing a buyer.
With each offer received, we will negotiate the highest price on your behalf and assess the buyers’ financial position in terms of whether they are cash buyers’ or relying on a mortgage or other type of loan. We will ask buyers’ for proof of deposit, mortgage offer in principal, if they are relying on the sale of another property to complete the purchase, what stage that sale is at and the likelihood they can complete the purchase in a timeframe acceptable to you.
When an offer has been successfully negotiated, we will prepare and send a “memorandum of sale” to all parties (including solicitors) which will trigger the start of the conveyancing process. Because HMOs are more complex to value, we will attend the property with the surveyor to answer any questions he or she may have on the spot which greatly speeds things up and ensures the surveyor gets the most accurate information on the day. We monitor and push the sales process forward wherever we feel the need to ensuring the sale of your property is kept at the top of everyone list i.e. solicitor, loan company etc. Throughout the whole process we will remain the key contact until the sale is completed and you receive your funds.
We work with mortgage specialists, bridging companies and other lenders who are able to give the best advice you require, either face to face or over the phone at any time. We will take care of everything from explaining all of your options to helping you select the right product for your particular circumstances . Contact us for more information.
We offer the complete service to sell or buy any HMO. We understand the importance of working with a great team that puts you and your property first. The extensive database of contacts we have built over many years means we can get you the best professionals who meet specified quality standards at the best rates.
As stated above we have a large database of landlords and investors looking to purchase good quality HMOs. We also work closely with other specialist HMO sales agents to make sure your HMO gets in front of prospective buyers fast. In most cases you will receive an offer within 4 weeks of us marketing your HMO.
There are two main ways of valuing HMOs
1) A hybrid valuation which takes into account the bricks and mortar value of the property as well as the income it generates as a HMO.
This type of valuation is normally used for small HMOs (6 rooms or less).
2) Commercial valuation. This is considered to be the best valuation as it is purely based on the income of the property and isn't really effected by the vale of the building
Ultimately the market will determine what your HMO is worth. Our job is to help ensure your property is valued as accurately as possible to begin with. Our many decades of working in this space means we are best placed to do this. Unlike traditional agents we have access to lots of comparable data to back up our recommendations. It’s understandably tempting to instruct the agent who gives the highest valuation, however recent studies have shown that the original asking price for a third of properties (rental and residential) on the market, had to be reduced by over £25,000 on average before selling. This means those properties sat around for much longer than they would have had they been priced correctly in the first place. Every property will sell if it’s presented, marketed and most importantly priced correctly. Our property experts are equipped with the latest valuation tools to do just that.
Most of our landlords come from recommendations from other landlords and investors we have worked with. In this competitive market place its important we maintain a high level of sales in order to continue to be recommended and also because we only get paid when your HMO is sold!
Yes, if perhaps you already have an asking price in mind that you would like to aim for, you can instruct us at any time. We can immediately get to work on preparing your property for an agreed market launch date.
It depends on availability, however it’s typically within three working days of your booking.
You will need to check your notice period with them. If you are outside your fixed term contract period, then you should be able to move easily. You could also opt for a multiple agency agreement with your existing agent, however this will likely result in an increase in their fees. It is counter-productive to list your property with two agents as it could mean duplicate adverts appearing on the same property portals and will also mean you are required to pay two fees instead of one.
We will ensure that your advertisement is approved by you before it goes live on all property portals. We also ensure that the particulars are correct and that images and floorplans are properly displayed.
10 years.
We are proud members of an approved accreditation scheme.
Yes, you will have one main dedicated point of contact who can handle any ongoing matters swiftly throughout the entire process.
None at all.
Absolutely, we obtain key information such as their full name, address, contact information and check their buying status and financial position.
Your local property expert will prepare everything within 2 working days of the appointment and will request approval from you once ready. We usually beat this timeframe and more often than not, have clients ready to launch within 24 hours.
