The latest in a line of very popular and very successful podcasts from the Property Forum saw Nick Wallwork and Vanessa Warwick discussing changes to the market since Covid 19. The details of the live podcast were as follows:-
DATE AIRED: Thursday 14th May, 3.00p.m. (Available on the Property Forum YouTube channel)
HOSTED BY: Nicholas Wallwork, Property Forum’s CEO
WHERE: Broadcast LIVE on Property Forum TV on YouTube
GUEST SPEAKER: Vanessa Warwick, Landlord & Co-founder of www.propertytribes.com
The live discussion took in a range of different subjects including: –
• How landlords are reacting to you Covid 19 and the challenges they are facing
• Which strategies will be most affected by Covid 19
• As property education moves online, what are the best sources of authentic, high quality property education
• With an influx of education trainers going online. How will Guru marketing funnels be affected
As the co-founder of Property Tribes, Vanessa has approaching 20 years of experience as a private landlord. Through her highly successful property website and private landlord operations she has been there, seen it and lived to tell the tale. There is no doubt that Nick and Vanessa complement each other with their experience, different strategies and wide-ranging views of the property market. The feedback we also know that those who tuned into the live broadcast went away with numerous thoughts and ideas for the future.
Thankfully, the whole show is also available on the Property Forum YouTube channel: –
Life for landlords during and after Covid 19
While there are many different subjects covered in the podcast, one of the long-running themes is the need to avoid knee-jerk reactions. Restraint has certainly been the name of the game during this ongoing coronavirus crisis although 48 hours to reflect on changes can seem like a lifetime for struggling landlords and tenants. The introduction of financial assistance has been welcomed but communication from the UK government has not always been as crisp and direct as it could have been. As a consequence both Property Forum and Property Tribes have a very important role to play, simplifying and clarifying the raft of ongoing government announcements.
Unfortunately, the UK government’s initial use of the term “mortgage holiday”, when in fact the assistance for private landlords was a “mortgage deferral”, did not help matters. This prompted many tenant groups to push for tenant rental holidays although thankfully the message now seems to be getting through. This is just one of the many challenges brought about by misinformation and fake news which can be difficult to control once it is “out there”.
It may seem a little strange to think of investment strategies in the midst of the worst pandemic in living history. However, those who have nurtured personal relationships with their tenants will be the ones who benefit most.
Coming to an agreement on rent arrears is not the easiest of conversations especially with the UK economy set to struggle. Therefore, it is important that all parties are open-minded, empathetic of others and take a long-term view as opposed to a short-term knee-jerk reaction. The fact that many empty properties will now be coming onto the market, after the partial lifting of the lockdown, will see rental income fall. As a consequence, we may see some tenants upgrading to properties which were previously out of their price range and others reverting to alternative arrangements. It is very important to have a clear short, medium and long-term investment strategy, allowing you to navigate through these challenging times.
Looking to the future with property education
As you will see in the podcast, while wealth creation and property rental are often discussed in tandem, these are very different subjects. Wealth creation tends to be more about capital appreciation while private landlords prefer to take a more long-term approach incorporating rent (cash flow) and long-term capital appreciation. So, when looking towards property education courses it is advisable to focus on those who’ve been there and done it in the world of property management.
When considering your own strategy, in many ways it is sensible to work from the bottom up. Consider tenants first then properties which is very different to the approach taken by some landlords which focuses more on buying a property then finding a tenant. On occasion this can be akin to trying to put a square peg in a round hole.
We know that you will enjoy the comments of Nick and Vanessa and the interactive questions posed by viewers on the day.