Setting up a lead generator for HMOs (Houses in Multiple Occupation) for sale in an Article 4 area using Property Filter is an effective way to streamline your property search. Here's a step-by-step guide:
Create a New Lead Generator:
Select 'Leads Generator' on the left side and then click 'Add New Leads Generator'.
Enter a target area postcode, for example, 'SO15' for Southampton.
Expand your search radius (e.g., 2 miles) and include relevant postcodes by selecting them on the map or using the 'Add Postcodes Crossing the Circle in Selection' button.
Select Strategy Template:
After defining your area, choose the 'Existing HMOs in Article 4 Areas' strategy template. This template focuses on properties already functioning as HMOs in areas with Article 4 direction, where new HMO conversions are restricted.
Name your lead generator, for instance, 'Soton_HMOs', and click 'Save'.
Refine Search Criteria:
If too many properties are found, refine your criteria by editing the lead generator.
You can set parameters like maximum price limit (e.g., £300,000), property type (e.g., houses only, excluding flats and bungalows), and excluding leaseholds if you prefer freehold properties.
Use Advanced Filters Cautiously:
Be judicious with advanced filters, as they can overly narrow your search. These can include specific features like the number of reception rooms or EPC ratings.
Consider selecting properties listed with multiple agents, indicating potential seller motivation.
Review Your Leads:
After setting up and refining your lead generator, review the properties it finds. Focus on properties marked as 'Back and Reduced' as these often indicate motivated sellers.
For each property, examine its details, including price history and location relative to Article 4 boundaries.
Analysis of a Specific Property:
Look at the property's history, such as initial listing price, any price reductions, and whether the property was taken off the market and relisted. A significant price reduction or a property being relisted can be a sign of a motivated seller.
Verify that the property is indeed within an Article 4 area using the map feature in Property Filter. This is crucial as it affects your HMO strategy.
By following these steps, you can efficiently set up a lead generator in Property Filter to find HMOs for sale in Article 4 areas. This tool can significantly aid in identifying investment opportunities, but always remember to do thorough due diligence on each property. Understanding the local market conditions and regulations is key to successful HMO investing.