Rental Reform is here. And with this comes quite the ‘sting’ for landlords. So we want to make sure our community – in particular those who already own an investment property and also folks who are considering an investment property now or in future – know what to do to prepare for these new laws.
Here’s the deal…
As of March 29th 2021, there have been 132 rental rule changes here in Victoria. And while these laws have NOT (and perhaps won’t) make their way into other states and territories across the county, we recommend all our listeners to tune in to this episode.
Yes… these are Big Changes. And with them come consequences… BOTH to landlords AND tenants. Both Great and Not-So-Great…
At the end of the day… this is Brand New Policy and with that comes new learning and course-correcting along the way. With our advocacy work through PICA, we will continue to advocate for property investors and make sure our collective voice is heard. So, please know that what we are talking about today might not always be the case… and, for the record… we are fully on board with the safety precautions in place for our investment properties. What we struggle with is policy that is short-sighted and regulated down to the 5% of people who are doing the wrong thing.
Here to help us unpack this New Legislation is Hayley Mitchell, Director of Geelong Property Managers and Director and Trainer of Mitchell PT, which provides training and consulting in the property management industry. She is a fully licensed Real Estate Agent and has worked in property management since 1999… and she knows her stuff when it comes to legislation change & how to best prepare landlords for New Policy!
Yep. We spoke with Hayley WAY back in Episode 249 when these proposed changes were on the horizon… but now that they are HERE, what do us property investors need to know???
And, most critically, Are these Rental Rules as “Fair” as they appear to be?
Listen now to find out – VERY important episode folks!
A Key Message to those who have invested or are looking to invest in Victoria…
Yes – we’re not super happy about all of these new laws, either! But please remember the fundamentals and what attracts people to this State (and hence increases the demand for property!) – we are playing The Long Game here. What might “sting” a bit now needs to be put into context of a 20/30/40-year decision. So, Keep Calm, do your numbers and reach out to your property manager on the best way to navigate these changes.
Free Stuff Mentioned
- Rental Rule Changes In Victoria – The Quick Guide
- Prepare for Rental Changes – Resources For Rental Providers
- Episode 248 | Everything You Need to Know About The 138 Changes Landlords Are Facing – Chat with Hayley Mitchell
- Get LocationScore For Less
- Join Property Investors Council of Australia (PICA) For $5
- Yellow Pages Ad – Not Happy Jan (LOL)
What’s Covered In The Episode….
- 02:05 – Start & Build Winners!
- 03:57 – How to get LocationScore for less!
- 05:12 – April Fools Pranks!
- 06:32 – How to spur people on to success
- 09:05 – Meet Hayley…
- 10:05 – What was life like as a property manager during COVID-19?
- 12:34 – They DONT have a copy of the written legislation yet!?!
- 14:43 – What are the most significant changes?
- 15:26 – Who is going pay for these changes?
- 16:16 – What is going to happen to rents as a result?
- 17:40 – What will happen tenants after lower-priced rents??
- 19:02 – What changes “snuck” through?
- 20:30 – New Rental Minimum Standards
- 21:15 – What are the new ventilation requirements?
- 25:25 – Unintended consequences of the new electrical standards
- 27:09 – You have to PAY for the codes to access the minimum standards!
- 28:26 – Our new name as landlords…
- 29:00 – How will it change you way you buy property?
- 30:29 – Will there be a pivot where the vendor needs to make sure these standards are met (as opposed to the buyer)
- 33:47 – New disclosure requirements
- 35:11 – What happens to properties that are rented after 29th March?
- 36:38 – What’s going to happen to the line at VCAT!?!
- 38:56 – New Urgent Repairs
- 41:15 – Pest “Infestations”
- 42:47 – Ben’s story about the tenant and the “ants”
- 44:15 – Compensation for Sales Inspections
- 48:36 – Painting!
- 49:55 – When the website and the legislation don’t match up…
- 51:51 – The 120 day Rule (Ouch!)
- 56:50 – Hayley’s Two Worst Changes!
- 57:17 – What will these changes mean for the industry?
- 58:35 – The Five Strike Policy!
- 1:01:11 – Message for landlords
- 1:07:29 – “Not Happy Jan!!”
- 1:08:13 – Our Key Message for our Victorian Landlords
- 1:13:15 – Ben’s Lifestyle Design Update!
- 1:13:37 – Auction results from the weekend