From Hairdresser to HMO Developer – A Look at Laura's First HMO Experience

February 10, 2023
Property
Written by
Team Hive

It's hard to believe that the beautifully designed rooms in these photographs are the product of someone's first ever experience of HMO development – but that's exactly what they are!

Laura Ackers, a former hairdresser turned property developer, recently completed this five bedroom co-living property (Haus Audenshaw) in Manchester. Renovating it from a dingy tangerine terrace, to a calming and earthy-toned HMO.

It's clear that Laura has given an incredible level of attention to detail and quality to this HMO – converting the unused loft space to create extra room, and decorating the entire property with bright colour palettes and boutique-style decor. She has managed to create an end product that even many experienced property developers strive (and fail) to achieve.

It's comes as no surprise to us that all of the rooms at Haus Audenshaw were filled with tenants within just five days of advertisement, and at the beginning of January too!

It goes to show that investing into the branding and design of your development properties really does help you to create market-leading products, and a business that has longevity.

We chatted with Laura about how she made the leap into HMO development, and how she navigated her way through the process, at the same time as becoming a new mum.

Please introduce yourself and your business.

Hi, I'm Laura - an ex hairdresser turned property developer. I’m from Manchester and I invest here too, which gives me the advantage of having local knowledge down to a street-by-street level of my investment area.

I took my first step into property investment in 2021 with a single buy-to-let but have just completed my first HMO and plan to scale up my business predominantly using the HMO strategy going forward.

I do everything myself from sourcing properties and handling conveyancing to managing the refurbs, designing the rooms, and then eventually finding tenants and managing the properties.

Did you have any previous experience of property development, prior to this HMO?

No, not at all! When I did my first project I figured I would move into HMO’s at some point later down the line but thought I would focus on single lets first for a while. When I realised that I would need a LOT of single lets to get to my goal I decided to go for it and get stuck into a HMO development. I’m so glad now that I did!

Were you nervous to make the step into HMOs, and what helped you prepare for it?

Yes, I was nervous because of all the moving parts that developing a HMO entails. When you go through the process of developing your first one it feels a bit overwhelming.

I worked with Jade from BEESPACE during the process as my mentor which undoubtedly helped. I think working with someone who has years of experience in the field you are entering is really powerful.

How was the experience of creating your first HMO?

Challenging! I took on my first HMO as a new mum with a small baby - it was tough. When Archie was 2 months old I worked 1 day a week as well as trying to get bits done during naps on other days which, being honest, felt brutal at times.

That being said I have enjoyed seeing the process through from start to finish. Being on site at least once a week gave me a real insight into the full process and a lot of valuable learnings. Seeing the finished product has been really satisfying and has given me such a buzz that I am excited to do it again!

Any advice or recommendations to someone thinking of developing their first HMO?

Ask a lot of questions. I ask everyone I speak to questions - HMO officers, estate agents, builders, solicitors, surveyors, people working on trade counters, kitchen designers, people at events, other investors.

I have asked hundreds, no thousands, of questions because I want to build a strong foundation of knowledge. Another thing to note is that I’m really risk conscious and I think working with a mentor has helped me to take educated risks and just get on with things rather than putting off making a decision and not making any progress.

You have created such a cohesive product - everything is beautifully designed and flows effortlessly between the spaces. How did you achieve this?

I followed the branding & design programme via The Hive which made me really understand what I wanted to achieve.

I use Pinterest as a kind of compass for what I want the overall finish to look like and refer back to it constantly to make sure that everything flows and works well together, and that I’m not unintentionally deviating from my brief.

I spent a lot of time sourcing the right furniture, paint colours, lighting and flooring to achieve the exact look that I wanted (within my budget!).

Would you say that this project would be your first ‘branded’ property design? Can we expect more of this style in your next properties?

Absolutely, this wasn’t something that I just created for this property - it’s something that feels right. When all of the rooms were completed, staged and photographed I was blown away by the result.

This design is something that I really resonate with and the property is somewhere that I would happily live in myself. To me that is the perfect combination.

What areas were the most important to you when designing?

I wanted the rooms to be well thought through so that they are spaces that tenants want to continue living in for years rather than months if the circumstances are right.

I like minimal style but one that feels cosy rather than cold so the bedrooms were a real focus for me in terms of warmth. I wanted the living space to be cool but relaxed so I splashed out a bit on the wall art for that area so that it looked fun but was still in keeping with the vibe of the house.

You secured all tenants and filled rooms really quickly! What do you think helped you achieve this - level of quality, design, photography, staging?

The design definitely looked different to anything else on the market in my area which I believe was an advantage, but I actually advertised the rooms without some of the final touches such as bedding, artwork etc. and used photos I had taken on my phone as I was keen to advertise the rooms and needed everything to be done before a certain date.

The staging came at a later date so I have the images for next time I need to fill rooms but I didn’t the first time! The number of responses to the listings were huge and a bit overwhelming to tackle with no experience. I have learned a lot from onboarding though and I know how I would make it easier on myself next time as I see the whole process through myself without an agent.

What’s next for your business? More HMOs? A digital brand to go with your branded properties?

2023 is going to be a big year for Haus, as I plan to scale up my portfolio with more HMO’s.

I have a really specific investment area of only 2 postcodes which means that it can be tough to source properties, but I’m keen to keep it that way and work hard to find the right ones that work for me.

I will also 100% be working on my digital brand as I need something that really represents what I am doing. I will be working on this through Q1 this year and I’m excited to see how it turns out!

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If you want to keep up with Laura and her future HMO projects, you can follow her Haus Properties Instagram page here.