In today's fast-paced world, the early bird truly does catch the worm - especially when it comes to securing the best tenants for HMO rooms. Harvard Business Review states that customers engaged within an hour of their initial inquiry are 60 times more likely to make a purchase than those followed up with even 24 hours later. For letting agents and self-managing landlords, this presents a significant challenge.
HERE IS THE PROBLEM:
Most room inquiries come from young people who prefer to communicate via text and WhatsApp, and often arrive outside of regular working hours, such as on weekends and after 5 pm. As a result, many self-managing landlords and agents struggle to respond to these inquiries promptly, leaving potential tenants waiting for a response.
When tenants send multiple inquiries to different adverts in quick succession, they may quickly forget about a particular advert by the time a landlord or agent returns their message. This makes the lead go cold and creates an uphill battle to get a viewing booked in. Additionally, when call backs are made during regular working hours, it can be highly inconvenient for prospective tenants. This often results in a frustrating game of voicemail tag before a viewing can even be scheduled.
IMPACT ON HMOs:
These communication challenges can lead to voids. HMOs tenants tend to make decisions muchfaster than with traditional rentals. Increasing the number of qualified viewings can potentially raise the achievable rent and attract more reliable tenants.
THE SOLUTION:
To maximise rental value and minimize voids, HMO landlords and letting agents should prioritize responding quickly to viewing requests. By doing so, they can achieve higher rents, reduce voids, and secure more dependable tenants.
CONCLUSION:
In the competitive rental market, a quick response time can be the difference between securing a tenant and facing a void. By prioritizing prompt communication, HMO operators can set themselves up for success, ensuring higher rents and more reliable tenants.
If HMO operators do not want to pay for expensive call centres or have someone on stand by 24/7 - they can outsource their tenant finding to NEVO. NEVO responds to messages 24/7, pre screens applicants and instantly books in viewings. NEVO even reminds and confirms their attendance!
