What To Do Before, During, & After Viewing Potential HMO Properties To Buy

What do you do and look for when viewing potential HMO properties to buy? What do you do to prepare beforehand? And what is your process after viewings?

Having the right method for undertaking property viewings can really open your mind as to what a viewing should actually be about and can even give yourself an edge over other prospective buyers. And it can also save you a lot of time, money and heartache!

Over the years, I’ve perfected a strategy for viewing properties. So, if you’re looking at expanding your property portfolio or buying your first HMO, read below or listen to the full episode on The HMO Podcast to learn about the process that I go through when viewing HMO properties I’m interested in buying!

The Importance of Getting Property Viewings Right

When viewing properties, you need to maximise the time you spend on each property. Viewings are about more than just getting a look at the condition of the property and what it looks like. There is far more that you can take from it to ensure you can stack a deal properly, and doing this right can even help you secure deals at a better price!

Knowing what to ask and look for during a property viewing can give you a real advantage. It can help you get to the bottom of what things are actually going to cost when it comes to refurbishments. And this can also help you understand what that property is actually worth.

Getting everything you need during the first viewing will save you a lot of time and hassle. There’s also due diligence you need to do to make sure that legally you’re ticking all the right boxes. Overlooking a key area, such as an amenity standard, could render your investment completely unviable.

Additionally, the first impression you give to an agent or vendor, whoever you’re meeting at the property, will go a long way. It could be the difference in either securing the property or it going to another buyer!

What to Do Before the Viewing

Before I actually show up for a property viewing, I do a lot of research on a number of areas, including:

The agent
Local property values
Location
How long the property has been on the market

Beforehand, I also drive by the property and get on the ground in the local area at different times of day, unless I already know the location extremely well. It’s important to pay attention to things like:

The way neighbours behave
What the traffic is like
Where local residents park
Where your target demographic is walking
If the street scene is quiet

These can all start to give you an idea about the popularity of the location, what it looks like, how it feels, and whether there’s antisocial behaviour or crime happening in the area.

So, preparing for a viewing is really all about researching and getting clued up on the property and location as much as you possibly can. At this point, I also make sure to print out a copy of the floor plan to bring to the viewing.

What to Do During the Viewing

From the start of a property viewing, focus on that first impression you give the agent or vendor. I make an active effort to build rapport with them immediately by being polite and friendly, and I really go out of my way to try to break down any professional barrier.

When appropriate, and this may not be at the beginning of a viewing, make it clear that you are someone who knows their stuff. Agents and sellers really like to know they are working with people who are experienced and knowledgeable.

There’s a right and a wrong way of doing this, and it’s not always possible to do with every viewing. It has to come naturally and flow through the conversation. But if you’re able to do this effectively, it can give them the confidence that you could be a good buyer who will follow through.

Once I walk into the property, the first thing I do is get a good smell of it. It’s amazing how much you can find out about a property from the smell! Does it smell of damp or cats, or does it smell fresh and well-maintained? Does it smell like something is being covered up, like have they recently been painting?

Then, get a general feel and impression of the house. With this, I spend a couple of minutes going in and out of every bedroom. I’m not looking at anything in detail. I’m just scoping it out, feeling the flow of the property and looking for anything that immediately stands out.

If I run into any tenants along the way, I use this as an opportunity to find out more about the property. It might be a bit naughty, but I’ve found that tenants often don’t mind talking to me. And they can be really honest about things, so I ask them questions like:

How long have they lived here?
Have they enjoyed living here?
What’s the street like?
How’s the property?
Are there any issues they’re aware of?
How has the landlord been?

It’s amazing how much you can get from this, and you can very quickly figure out whether they have a good landlord or not. But be careful with this, read the situation, and do this out of earshot of the agent if possible.

Then, if I had seen anything that immediately makes the property unviable, such as there being a tiny box room that wasn’t clearly shown on the floor plan, I might walk out at this point. I’d just be really honest about why it won’t work for me.

But if I’m encouraged and can’t see anything that automatically rules the property out, I’ll go back through the house in more detail with the printed-out floor plan. I’ll start to get some key measurements, write them down, and make sure all the bedroom sizes are appropriate and suitable for amenity standards.

I’ll also pay attention to things like the age and state of the things, such as the electrics, fuse board, boiler, plumbing, kitchen, and bathrooms. It’s also important to pay attention to the condition of the walls, flooring and windows. These are all areas where we can end up spending large sums of money!

As you walk around the house, get wide-angle photos from every dimension in each room. That can provide a clear record you can go back to look at after the viewing. Also, spend time visualising what you could do with the space and what might be possible.

Additionally, you need to scope out what’s going on outside the property. So, make sure you’re taking pictures of things like the ground, patios, and fencing as well. Pay attention to the main walls, look for any cracks, and check for issues with the guttering or roof.

And finally, look at neighbouring houses for renovations that you might be interested in doing to the property. Are there converted garages or attics? Have dormers or extensions been added? This can give you an eye into whether or not you may struggle to get any planning permission where it’s required!

What to Do After the Viewing

There are a few things that I do after looking around a property. If there’s anything that concerns me, should be paid particular attention to, or things I want to make sure I don’t forget, I scribble these notes down on paper.

Then, I go out of my way to have a conversation with the vendor or agent before I leave the property. I use this as an opportunity to continue building rapport, but I will ask some pretty direct questions too!

Again, you have to read this and try to get it right. But I’m going to try to find out as much as I can about the vendor, their position, the history of the property, and the tenants. So, I will ask things like:

How long has the property been on the market for?
Have they received any offers?
How many viewings have they had?
Have they received any offers?

Agents won’t necessarily want to answer all of them, but some agents will. And I find if I’m quite direct and polite about it, sometimes they will reveal a lot of valuable information. At this point, make sure you’ve asked all of the questions you have.

When I go back to the office, I then sketch out some adjustments to the floor plans and any renovations I’m planning to do. Once I have a good idea of what might be possible, then I can start to factor this in.

I’ll use all of the information I have to start stacking the HMO deal up. I’ll work through a few scenarios and stress test it, and then it’s going to pull out my price. You’ll also need to leave yourself some scope to negotiate. It’s very rare that the first offer will be accepted as there is usually a counteroffer of some sort.

You have to be really careful and strategic about when you put an offer in as well. If moving quickly appears to be advantageous, get the offer in quickly. But sometimes you’ll want to wait a little bit and feel out whether they’re taking offers from other people.

So, this is how I approach property viewings! You’ll find that you don’t need to do all of this for every single viewing. But overall, this method can help you get the most out of every viewing, build rapport with the agent or vendor, put you in a better place for the negotiation process, and save you loads of time!

If you’d like to learn more about the process of finding and appraising HMO deals, sign up for The HMO Roadmap today. Within the membership, you’ll also have access to the revolutionary HMO Deal Stacker Tool to help you easily appraise, evaluate, and store all of your HMO deals in one place!

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!