Developing an HMO is like dating

In my travels I visit hundreds of HMOs a year, and I keep seeing a tale of two stories.

Nearly every newly renovated HMO is "sexy" enough to fill with tenants: to start the relationship and begin the honeymoon period. Minor failings go unnoticed or get forgiven, nobody's true colours have come out yet, and there's a buzz on both sides.

What happens when the honeymoon is over? If the fundamentals aren't right, it ends. Relationships only last if there's a deeper connection, and it's the same with HMOs.

If all your HMO has going for it is a great Tinder profile (SpareRoom and social media), it'll get enquiries and fill rooms. But if it lacks the fundamentals that make tenants stay, you'll have a problem.

Feature walls, Instagrammable photos and stylish design are enough to fill rooms. On their own, they're not enough to keep them filled, and there's a big difference. The HMOs that have both, great visuals and a more eHarmony approach to tenant happiness, are the ones that thrive.

Pretty soon the tenant paying £750 a month for trendy room 3, with its jazzy colours and velvet cushions, loses the rose-tinted glasses and starts living with everything else:

• Space
• Location and amenities
• Access to transport
• How safe they feel
• The layout of the house
• The living habits of the other tenants
• How the HMO is managed
• Bins
• WiFi strength
• Noise, inside and out

These are the things that keep the relationship alive after the honeymoon, and the reason tenants stay put. A tenant staying put is what matters.

Tinder or eHarmony for your next HMO development?

First posted on my Facebook page. Lightly edited.