THE RANT: EMOTIONAL EVICTIONS

We consider ourselves cautious optimists as investors and producers of this mag. So for balance, instead of finishing on a positive note as so many magazines do, we like to get things off our chest. Wes De Leur (BTL Property Group Founder) –you’re up, just let it all out…

Starting out in property can be extremely daunting. That is especially that case with your first property – almost desperately hoping to get it all right first time round when the risk can actually be the highest. The emotions attached to that first property are immense but, for me anyway, that emotional attachment or stress level diminished with every subsequent deal.

That is why when you have to deal with your first problem tenant those fears and anxieties can come rushing back.

The rules and regulations are so stacked in the tenant’s favour it is like trying to play Jenga, blindfolded, on a boat, in the North Sea… on rollerskates!

So, I would always recommend enlisting the services of an eviction specialist. When a tenant digs their heels in, gets counsel on how to play the system, one incorrect procedure or not following the process can lead to a very drawn out and stressful affair. After all, landlords often rely on the income from their property in some way, shape or form and not receiving this can be painful. Add to that some lovely vindictive damages after they finally get out and it’s a stark reality of the tough side of property investing,

The process definitely leaves battle scars. You only have to ask any investor who has had to go through the correct eviction procedures. And it happened to me recently.

We rented to a woman who started out as a model tenant, paying rent on time and never any issues other than the odd maintenance request which we always stay on top of. We always conduct quarterly inspections and the last one did not raise any alarm bells. Five years, no bother. Then, the rent stopped and just like that all communication ceased.

We issued letters requesting payment followed by the correct notices after the required timescales. It was evident that this tenant was being coached on exactly how to play the game. When dealing with this for your first time it is like a bad game of emotional bingo – Anger, check! Frustration, check! Fear, check! Anxiety, check!

That is why I can’t emphasise enough - having the right people to deal with this situation is important. Constant dialog with your eviction specialist is key. Weekly updates are a great way of dealing with the flood of emotions which will follow.

After a few evictions over the years my mindset is to always expect the worst and if you do receive your property back in a half decent condition, then that is the added bonus.

No matter how well you think you know your tenants and no matter how good a landlord you think you are, you will have to deal with a rogue tenant that will damage your property. It’s not a matter of if but when. Maybe one year, three years or 10 years but it will happen at some point. Be ready.

At the same time however, don’t let this side of property investing stand in the way of your dream and greatness! After all most of us are doing a fantastic job of providing excellent, comfortable houses for our tenants and don’t ever compromise on that.

Happy investing all!

Wes De Leur - Founder BTL Property group