Appointing Resider to manage your new investment
Investing in property is undoubtedly seen as one of the best ways to create wealth in Australia. However, with the recent amendments to the Residential Tenancies Act in Victoria, as a rental provider making the right decision related to your rental property can be a bit overwhelming. (Please refer to some of the major changes outlined down the bottom of this page)
Our well-experienced property managers are fully trained and up to date with the current legislation. We can take the stress out of leasing & managing your valuable investment. We will make sure that you are fully protected by law and we will act in your best interest without compromising what it ethical and right. Our friendly & professional property managers are here to simplify the leasing process so that you could focus on building up your investment portfolio.
Switching to Resider
The role of a property manager has become a bit challenging in recent times after the introduction of the new legislation in Victoria. If your property is currently managed by another agency & if you are not happy with the service you are getting, we would love the opportunity to have an obligation-free, confidential chat with you. Most rental providers are unaware of their rights when it comes to changing the agents when the property is still tenanted. It’s a very simple process and we can handle the transition process without your involvement once you are signed up with us. Contact our office today for a friendly chat or email us for more details.
The Residential Tenancies Amendment Act of 2018
The Residential Tenancies Amendment Act of 2018 was passed by the Victorian Government on 7 September 2018 and outlined over 130 changes designed to make renting fairer for all. Some of these reforms were introduced in stages beginning in April 2019 and all other amendments commenced on 29 March 2021. These changes are contained within the Residential Tenancies Act 1997 (Vic) and the Residential Tenancies Regulations 2021 (Vic).
Recent changes within the Residential Tenancies Act 1997 (Version 100) include:
- Better safety standards- Gas and electricity inspections are required every two years by rental providers.
- Allowing renters to make minor modifications to the property
- New laws related to notice to vacate
- New laws related to urgent repairs
- Only fixed-price rentals are now possible. Rental suppliers and brokers are unable to invite higher-rent rental bid
- Inappropriate details, such as the renter’s bond history, cannot be requested in a rental application by a rental provider or their agent.
- Before a renter signs a contract, the rental company must inform them whether the property is for sale, both orally and through Consumer Affairs Victoria.
- Pets cannot be denied without cause, but tenants must also request permission.
- The definition of urgent repairs has been broadened to include serious flaws that jeopardise the property’s safety and usability.
- Just once a year will the rent be raised.
- Simple improvements, such as installing child protection equipment or removing curtains, may be made by renters without obtaining permission.
- Allowing other changes that a rental provider cannot reject without cause, such as allowing the renter to plant a vegetable or herb garden, paint, secure gates, and instal security systems and flyscreens at his or her own expense.
- A phased requirement for leased properties to have energy efficient heaters so that tenants can keep warm without having to think about their electric bills.