2020 marketing trends for HMO landlords
With the average yield for HMO properties being upwards of one-fifth higher than typical rental properties, it comes as no real surprise that 20% of all UK landlords have at least one HMO property in their portfolio.
With so many savvy landlords tapping into the profitability of this type of property, getting your HMO’s and student lets noticed and filled can be something of a challenge, so it is essential that anyone with an HMO who wants their properties filled to capacity undertakes some basic marketing to showcase their offerings to both locals and students studying at nearby universities.
However, with much of their time spent maintaining and managing their properties, marketing any availability often falls by the wayside or is outsourced, usually at significant cost to the landlord that eats into their bottom line.
Therefore, it’s important to understand the top marketing trends for HMO properties this year in order to create a simple and easy to follow strategy that can be managed internally to protect your profit margins and ensure good levels of occupancy for your HMO or student let.
Let’s take a look at a few of the most popular marketing trends for HMO properties of 2020.
Social media is, without a doubt, one of the most popular platforms for helping HMO landlords attract potential clients. In 2019 alone, Facebook accounted profiles for a whopping 85% of all internet users worldwide, so it is an excellent channel for attracting new tenants for HMO properties and student lets.
With a global reach and local targeting, HMO landlords can utilise the power of Facebook with relative ease by tracking down the plethora of local groups dedicated to student lets, HMO properties and rooms for rent.
For a more visual platform for those looking to attract new tenants to their properties, Instagram has over 1 billion active monthly users who use the channel to search for anything from a place to live to recipe ideas. Therefore, if you’ve recently refurbished your HMO and have followed our previous article on how to attract your chosen market using features, functionality and interior design trends for HMO properties and student lets, then this is a channel well worth investing some time in.
There’s no doubt that selling sites are big business right now, and many sites go above and beyond trying to sell on a second-hand car or old fridge freezer. Now, you’ll find HMO landlords offering their portfolio on a plethora of selling sites as many local people seeking good quality accommodation use this type of platform to find their next abode.
With so many to choose from, this list of the top ten UK selling sites is well worth a quick look as many of them offer free or low-cost listings to help HMO landlords attract tenants to their properties.
With the ability to add photos, full descriptions and contact details, this is one HMO marketing trend that is set to get bigger in 2020, so it’s essential that all landlords have a presence on such sites and make the most of the free or cost-effective listings.
University Noticeboards and Intranets
For student landlords, University noticeboards are still a valuable marketing tool to help attract new tenants.
With many students visiting their university of choice prior to the beginning of their first semester, it is well worth getting in touch with the powers that be to arrange for an advert for any available accommodation to be placed on any noticeboards around the campus.
Better still, speak directly to the student union representatives and ask for your HMO properties and student lets to be advertised on any university intranets for greater visibility online.
Word of Mouth Marketing
One of the most powerful forms of marketing (and perhaps one of the most cost-effective too) is word of mouth.
With 90% of potential ‘customers’ trusting recommendations from friends, colleagues and fellow students, it would be a mistake to not include some form of word of mouth in your HMO marketing strategy for 2019.
One way to encourage such recommendations is, of course, to continue to provide good quality accommodation for a fair price, but many of your tenants can be encouraged to become ambassadors for your property portfolio by offering a reward for referring other students or acquaintances.
A small voucher for goods or services often does the trick and can help ensure maximum occupancy of your HMO properties for a very small financial investment.