Last month I focused on the changes occurring with licensing and as we take on another HMO project, I wanted to take this blog to look at what makes you different?
As a limited company, TMG has to comply with all rules and regulations, including those specific to the Medway region where we operate. With the business landscape constantly changing, it is imperative that we stay flexible and focus on what makes us different.
80% of landlords anticipate an increase in lenders mortgage processing times (Autumn 2018 landlords.org.uk) so our team have been using the August period to have conversations with investors to avoid this time lag and stay ahead of the curve. This proactive approach allows us to purchase property quickly, which vendors and agents like, and we also avoid the increased documentation requirements for Buy2Let mortgage applications (Autumn 2018 landlords.org.uk).
One of our USP’s is the power team we have surround our team with, who have the skills set we do not possess in-house. Our power team offer sound advice and are experts in their field, allowing us to be the captain of our ship and not in the engine room below deck. The success of renting our last Medway HMO so quickly was down to homeshare.co.uk who secured 4 tenants for Upper Luton Road in 4 weeks over the summer period.
We also stay ahead of the curve by looking at trends in the market to ensure we are offering the best HMO rooms in Kent. We pay close attention to our peers’ activities on social media and keep abreast of the industry press. One trend I have seen is micro-flatsfor those in first time jobs looking for smaller living space. The conversion of micro-flats has been enhanced by the relocation of governmental policy for office to residential conversions. TMG are working with this trend of co-living homes as we focus on HMO creations, but we are keeping a close eye on micro-flats to see if this is an area we wish to explore further in the future. There has also been trend for councils to alter the council tax band unknown to the landlord, until the bill lands on their door mat. This is due to the Valuations Office Agency seeing development of new or current HMO’s and re-banding the property (I would advise you to speak with the NLA if you are concerned about this). Such activities support our ethos to remain nimble and not over geared so we can be flexible to market and governmental changes.
“It takes nothing to join the crowd. It takes everything to stand alone” Hans F. Hansen
Take Away Points
Know why you are different from the crowd and keep that at your core.
Stay ahead of the curve so you can be the first or if you cannot be the first, be the best.
Stay nimble so fluctuations in the market do not create a storm for you.