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Episode 332 | New Laws To Sting Landlords! – Chat with Hayley Mitchell

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

 

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!

And…

  • 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

 

 

Bonusisode with Nerida – How does Australia’s Property Market Compare to the Rest of the World?

Time for our monthly catchup with Nerida Conisbee, Chief Economist at realestate.com.au! It’s a long one today but we promise you it’s jam-packed with absolute gold!

So here are some of the discussions we had today:

👉 What’s been happening in the rental market and AirBnB listings?
👉 How did the Job Seeker and Job Keeper payments impact the real estate industry?
👉 Which Australian markets are showing strong rental demand?
👉 What’s the ideal strategy during these uncertain times?
👉 When is a good time to sell your property?
👉 What conditions have to be met to cause a 40% drop in the Australian Property Market as a whole?
👉 How does the Australian Property Market compare to Japan’s?
👉 What’s likely to happen on the other side of this pandemic?
👉 How are home buyers and investors’ activity looking like at the moment compared to previous months?
👉 What are online auctions and are they efficient enough to replace offline auctions?
👉 Tips on how to research and inspect a property online.

Hope this helps folks and don’t forget to check out last week’s episode on Coronavirus and Property FAQ here.

p.s. Want more of this? Subscribe to our podcast every Thursday at 3pm on iTunes, Spotify or your favorite podcast app!

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

 

 

 

 

UPDATE | QLD Emergency Rental Assistance Payment

Just a quick update folks! There’s been some changes since we released today’s episode. The Queensland government had set up a grant program that offers an emergency rental assistance payment of up to $500 a week, for up to four weeks, for Queenslanders who cannot make rent. We thought it’s critical that we let you know about this considering it’s related to today’s episode on Landlords vs Tenants.

Hope you find it helpful and here are all the links for this update:

Don’t have access to our Platform? No worries! Just fill in the form below and we’ll create a free access for you. AND send you the instruction manual, Make Money Simple Again as well! 🙂

 

 

 

 

 

 

Episode 278 | Coronavirus: Landlords vs Tenants

Landlords vs Tenants.” Has this become the Unspoken Virus as the current pandemic escalates and more folks lostheir jobs, fall into financial distress and struggle to pay rent? 

Well, to answer this question, let’s talk about the myths and misinformation out there. 

Because we want to set the record straight in order to help BOTH landlords and tenants navigate what is a difficult time for all of us. 

Because, YES, there’s a whole lot of folks out there who are doing it really tough right now and we by no means want to understate this. We understand the severity of the situation. And we understand that there is NO “landlord vs. tenant” argument — because, realistically, there are no winners in this. 

Equally, we also know that the majority of investors only have ONE investment property and only the minority out there are super cash-flushed. Most of us are everyday Australians simply trying to self-fund…  

Put another way investors ie. landlords also feeling the hit with job losses and reduced income like everyone else. And we want do whatever we can to assist the community, but the fact is most of us can’t afford to bear the cost of having reduced or no rental income while still needing to cover mortgage repaymentstax commitments and repairs and maintenance. Most of us aren’t in a position to shoulder the responsibility if rent stops coming in because, as we explained in last week’s episode the “6month holiday” on your home loan, while helpful to those under duress, is merely a temporary freeze, which you will then have to make up for further down the track. 

So, in this episode, we want to share some ideas of what we think both the Federal AND State and Territory Governments need to do in order to step up and help all of us who are affected here. 

Again, WERE ALL IN THIS TOGETHER… and it’s wise we take a look at both sides of the equation… for Landlords AND Tenants. 

So, let’s get into the nitty gritty, debunk the myths and offer some useful solutions that could be beneficial for everyone. 

 

Free Resources Mentioned 

 

What we Talk About in Today’s Episode: 

  • Why are Landlords and Tenants are in this together? 
  • Our ideas to help them BOTH 
  • Our Top Advice for Property Investors About Rent Reductions 
  • The Types of Landlords 
  • What’s NEW and What’s NOT New with tenancy hardship agreements? 
  • Misinformation about Landlords 
  • What monetary relief is available for tenants right now? 
  • Job Keeper” vs. “Job Seeker” Payments 
  • What happens to an investor’s Landlord Protection Policy if you drop your rent? 
  • How long will your Landlord Protection Policy cover you for? 
  • What do you need to show to claim tenancy hardship? 
  • Rental relief package for landlords… 
  • What is Centrepay, and who is eligible for it? 
  • Ideas around tax depreciation that could help during the COVID-19 crisis 
  • How are property managers helping tenants during financial hardship? 
  • What are the ramifications for landlords? 
  • What should you do if you don’t have a tax depreciation schedule? 
  • Claiming tax refund early 
  • What would we like to see at a Federal Level? 
  • What would we like to see at a state and territory level? 
  • What is PICA doing to help Landlords during the time of COVID-19? 
  • Is there an option to switching to interest only? 
  • What’s stopping people from switching p and I to IO? 
  • Are we going to see volatility come through the property market? 
  • Realistically, will there be a DROP in median property prices? 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

Bonusisode with Nerida – Coronavirus, Property AND Economy 😷🏡💸

Folks, March hasn’t ended yet but we’ve decided to bring forward our monthly catchup with Nerida Conisbee, Chief Economist at realestate.com.au! We understand that in these uncertain times, all you want is some certainty and information around all the changes that’s been happening.

So today, we had Nerida on Zoom and unpacked these discussions:

👉All the most recent updates to date relating to the real estate industry
👉Which market is being affected the most at the moment?
👉Will there be any tax breaks available for renters?
👉What kind of government incentives might be made available to property investors which in turn, can help them pass on to the renters?
👉What kind of trends are being seen on realestate.com.au?
👉How has this restriction on movement affected the Australian Economy?
👉What’s after this and which industry might take a bit longer to recover than others?
👉What stimulus have been announced so far and what kind of challenges and uncertainties are affecting the government’s decision?
👉With interest rates so low, easy access to money and planned government stimulus, how will the property market perform when this movement restriction ends?
👉Why Western Australia may come out the best?
👉How does wage subsidy works in the UK and will they implement it in Australia?

Hope this helps folks and don’t forget to check out last week’s episode on Coronavirus and Property FAQ here.
p.s. Want more of this? Subscribe to our podcast every Thursday at 3pm on iTunes, Spotify or your favorite podcast app!

And don’t forget last week’s episode folks! We’ve compiled a series of playlists for you during this time. We called it Isolate + Chill! If you’re interested, just leave your details below and we’ll email them to you!

Free resources: Isolate + Chill

Fill in the form below and we'll email you all the playlist links and bonus resources right away! 😉
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And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

 

 

 

 

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