March 16, 2021
Why Having a Professional Manage Your Property is a Good Idea
Having a Property Manager in place to handle the intricacies of landlord duty, from acquiring new renters, to successfully claiming costs from a bond, is highly valuable. However, it is the amendments to the tenancy act that will be in place for all premises and their landlords by 29th March this year, that really shines a light on the absolute necessity of having a Property Manager.
The Rental Tenancies Amendment Act (RTAA) is a positive for renters, with many feeling increasingly optimistic about the future of renting in the state. The suite of 132 rental reforms will bolster renters’ feeling of safety and security in the places they call home.
Whilst this is positive news for the rental market, and subsequently for investors, the reforms require substantial changes to processes, documents, and systems, on the part of the Property Manager, or, if the property is self-managed, by the Landlord.
Since the announcement in February that reforms would be in place in March this year, Jellis Craig Property Managers have been building up a thorough understanding of the reforms through research and training. They are now well-placed to support both existing and new Landlords to navigate this period of change, ahead of the reform date on March 29th, 2021.
Sam Nokes, Head of Department at Jellis Craig Stonnington, says that there is no better time to have a knowledgeable and educated professional manage rented properties.
“The reforms are long-awaited, but now that they will be upon us imminently, a lot of people don’t want to have to deal with the ins-and-outs of the amendments, alongside the tricky market conditions the rental industry is facing.
Especially now, the advantage of having a Property Manager is two-fold, you get their expertise and advice during a period of instability within the market, whilst simultaneously leaning upon their knowledge and thorough understanding of the RTAA reforms, and what they mean for property owners.”
Without a solid understanding of the amendments, you’d be forgiven for thinking that they all lean in favour of the renter. That is not the case.
“A Property Manager who understands the reforms inside-out will know that renters must return the property in the same condition as when they moved in, or, that damages by the renter must be fixed – and paid for – by a qualified tradesperson if requested by the landlord,” Nokes said.
With the Government-mandated freeze on rent increases and evictions ending on March 28th 2021, followed by the reforms in place by March 29th 2021, now is the time to contact us to discuss your rental property needs.