3 Simple Methods You Should Focus On To Accelerate The Growth Of Your HMO Business

Photo by MW Properties

Do you want to accelerate the results of your HMO business? With so many moving parts, it can be challenging to know what you should be focusing on.

But I’ve thought about the people I’ve talked to in the industry over the years and what they’ve frequently struggled with. This has helped me figure out what are the most important things to do to help you grow your portfolio and business.

Read below or listen to the full episode on The HMO Podcast for three simple methods to focus on if you want to scale your HMO business at pace!

Note: These concepts are all super simple. You’ll be aware of all of these, but with so much going on, sometimes we just need to be reminded of what we should be prioritising.

1. Engineer Yourself More Time

We all have the same 24 hours in a day, but lack of time is a bottleneck in almost all businesses. The truth is the more time you have the more you can do! So, for many, lacking time can really have an impact on their ability to produce results in their HMO business.

You may have another job or family obligations, and it can all be a lot. But you need to find ways to create more time. This will allow you to focus on the things that’ll drive your business forward, including income-generating tasks, developing relationships, formulating your strategies, following up with investors, and viewing properties.

If you’re serious about building a HMO business, you need to accept that for a period of time you may be exceptionally busy, and you’ll probably also have to make some sacrifices. Now you have to be the one to choose what sacrifices you’re going to make. Start thinking about how you could create more time. This could be through:

  • Reducing your work hours
  • Switching to a contracting role
  • Taking a sabbatical
  • Getting support in
  • Outsourcing certain activities

2. Get More Finance in Place

For almost all of us, finance is a massive limitation when it comes to building and scaling our HMO business. A lack of finance limits our ability to buy whatever we want and grow at the pace that we want. Without a continuous strategy to raise finance, you’re going to move very slowly. 

So, start by building a good relationship with a broker, getting yourself into a super lendable position, and developing a strategy to raise private finance. You’ll likely need to do a combination of all of the above, but being able to raise finance full stop is a critical part of building a HMO business. 

Moving forward, never take your focus off the importance of finance! Prioritise this above everything else. In The HMO Roadmap, we have a whole section dedicated to funding to help you create your finance-raising strategy.

3. Continuously Develop Your Knowledge

The property industry is fast-paced, so you need to be constantly developing your knowledge in a whole range of areas in order to succeed. If you don’t, your abilities and capabilities will remain capped.

There may be multiple areas you need to skill up on. It’s important to continuously learn about raising finance, undertaking area evaluations, and understanding legislation, contracts, and refurbishments.

The more you learn the easier you’ll find it, the quicker you’ll be able to scale, and the better results you’ll achieve! So, whatever you do, ensure you continue developing your knowledge. This will help you to tackle any issues you may face, run your business more effectively, and can even improve your profits.

So, those are the three areas of your business that I think you absolutely need to focus on if you want to fast-track your results. If you prioritise these, I can almost guarantee you’ll get better results. And after 13 years of investing in HMOs, these are always at the top of my agenda!

If you want to develop your knowledge and find support and guidance with scaling your HMO business, join The HMO Roadmap today!

About the Author:

Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind and Smart Property, a specialist HMO property investment and management company. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!