May 25

How the Market Backfired On These Tenants

Tenants who want to take advantage of this situation must be cautious because the market can backfire.
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Video Transcription:
Hi guys, so you’ve probably heard me a few times if you’ve been watching my videos but we’ve had a number of tenants not actually a lot of small percentage there’s always a small percentage of idiots a small percentage of tenants that have been trying it on they’re not going through any hardship they can’t prove it they’re not serious but they’re basically saying if you don’t drop my rent down to free or 50% or whatever then I’m gonna hand my notice in and you won’t get a new tenant you know and it’s that sort of vindictive you know attitude which is
just like on your bike you know I’m I didn’t say that word.
Anyway um but the point is here is that some people have taken that approach now it’s backfired on them to a large degree because you know so far there’s no one that I’ve seen we may have a few that have agreed you know I think but nobody none of our landlords have agreed to stupid stuff and generally what we’ve been agreeing to is where people are genuinely in that situation you know and got no problems of that it’s the people who’ve been trying.
I had one of my tenants try that on you know and it was like if you don’t do this if you don’t do that you know and basically I just went stick that move on get out of here and so the guy handed his note he handed he’s noticing but of course now he’s trying to backtrack on his notice but I’ve already decided that I’m going to turn that into I’m going to take that property and use that because obviously it’s great property where it is it’s in city center and I figured well that can be a bit of a staycation place for the team and you know who because basically we cannot gonna be able to place in Spain that we go to and the team can use whenever they want and so effectively we’re not really gonna be flying to Spain so much this year again I’ll get this tenant out I’ll put the furniture in there make it all beautiful you know it’s just sort of a service apartment spec and then I’ll and then when people can go up there and use it so you know that sort of thing so it’s backfired on him.
And that’s what’s happening now and the great thing is the reason that has happened is because the market is open back up and we’re able now to let we’re able to move people in and out we’re able to function like a normal market albeit with the restrictions of you know not being able to you know being able having the social distance and you know PPE and all this other stuff but um you know that’s good news.
You know nobody likes someone who bloody you know price gouges and takes advantage of these opportunities and that’s or something not no problem we’re taking advantage of opportunities but when you’re being an opportunist and price gouging and stuff like that bugger off you know so it’s actually good news that we’ve you know told these people to see that their bum.
It’s good okay so it’s good news and I think you know we’ll continue to get the good news the market develops and gets back to the norm and hopefully I mean there hasn’t been a huge amount of people losing their jobs and really being in a position where they’re desolate you know.
It really has been there’s been a level of support there that is unable to keep them paying rent and that’s fantastic for the industry fantastic for tenants because we really don’t want tenants that owe huge amounts of money and we’re going to chase them for it and all that sort of stuff because it’s not their fault you know but likewise we don’t want the landlord’s to be in the same situation where they have mortgages and bills and all the sort of stuff and we don’t want them in a position so it’s great the government has stepped up to the plate on that thank goodness we’re in the UK and not in Trump you know Trump in the US because yeah unless you’re a billionaire you are pretty much screwed I think out there.
Anyway, guys, have a great day live with passion and speak to you soon and see you later bye


UK Property Market

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