3 March, 2020 / Category: Blog
The Residential Tenancies Act is the main source of consumer protection for Victorians living in rental housing; it also outlines the obligations of landlords and property managers. In July, 130 new reforms will be implemented into the Act – they’ve been passed by the Victorian Government and based on submissions from 700 Victorians, both renters and rental providers.
To make sure that our clients understand the changes and how they’ll impact their investments, we’re holding an information evening prior to the commencement of the reforms on July 1. If you’re interested in attending, please pre-register by sending an email to Nicole or Lauren with ‘pre-register’ in the subject line. We’ll then make sure that you receive communication regarding the evening.
One of the main changes to note is that some of the language in the Act is changing: The terminology of ‘landlord’ is being updated to ‘residential rental provider’; the term ‘tenant’ will become ‘renter’. All documentation will also change to reflect the new terminology.
There is the possibility that new minimum requirements will affect our clients. We do, however, expect the impacts to be nominal – the large majority of properties that we manage already include these minimum requirements, things like: a working cooktop, and deadlocks on external doors. We’ll take the initiative to notify our rental providers with any potential improvements before July 1 to ensure that funds are available once the specific standards are released – this includes energy-rating requirements for new heating.
As both pet-lovers and property investors ourselves, we understand pets in property and want to make sure that our rental providers do too. Act reforms will mean that a rental provider will only be able to decline a renter with a pet if the provider can supply evidence that the pet is unsuitable for the property. Infolio is working closely with our rental providers to make sure that they have the correct insurance policies in place in the unlikely event of a pet causing damage to a property.
One of the reforms that we welcome is that rental properties must be advertised at a fixed price – it’s a best-practice standard that Infolio have adhered to for many years. As professional property advisors we are the experts at understanding the current market value of the properties we manage, while maximising the return on investment for our clients.
Infolio have already undertaken external training to fully understand the implications of the new legislation and we continue to invest in in-house training for our team so that we remain up-to-the-minute in our industry knowledge. It’s part of what makes us an industry leader, and a trusted manager of your investment portfolio.