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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

 

 

Episode 284 | Kyal & Kara from The Block – How To Renovate, Raise Kids, Run A Business & Not Lose Your Mind in the Process

Kyal & Kara” Demmrich became household names after the humble chippy & physio joined The Block back in early 2014 for their Fan Vs Favs series. And when that popular reality program was over, the courageous renovation-lovers decided to do it ALL again – this time on Reno Rumble in April 2015!

And now, with their own successful Design & Construction business, Diverse Design & Build, and tackling their own Renovation Series, Kyal and Kara are a near-perfect example of what it’s like to renovate, raise kids, run a business and not lose your mind in the process!

In fact folks, we’ve ‘gotta hand it to them – this couple is remarkably positive, healthy and staying ahead of the game!!

And guess what’s even more surprising? We actually interviewed them during “The Week They Never Want to Repeat!!”

So. What’s their secret?

And what Renovation Tips could the rest of us benefit from?! (Maybe BEFORE you “do a Ben” and challenge your sanity be renovating the family home!

 

Free Stuff Mentioned

Free resources: ABCD during Pandemic

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What we cover in today’s episode…

  • Life “Before The Block”– What was Kyal & Kara’s first ever renovation?
  • Applying for The Block – The audition and interview process
  • What was it like to have a camera crew following you around for 3 months straight? (And how did it feel when it was all over?)
  • Kyal & Kara’s Backstories – What was money and the Property Story like growing up?
  • Why did they decide to do it all again so quickly?
  • What was the Bad Side of being in the spotlight?
  • What was The Planning Process like when turning around a room in one week? (Did they get help from the producers of The Block?!)
  • What’s the deal with Kyal nailing his hand to the wall? (ouch!)
  • How did the find their current renovation project?
  • Top 3 Tips to Survive a Reno!
  • Accidents & Mishaps and things NOT to do when renovating?
  • What’s the “rule of thumb” of renovation costs per metre?
  • Is the goal to Renovate & Sell or Renovate & Accumulate?
  • How do they keep their mindset in check?
  • How has COVID-19 impacted their current life? How have they pivoted?
  • Importantly: What’s the secret to renovating, raising kids, running a business and NOT losing one’s mind in the process?

 

p.s. Here’s a quick snippet of the nail accident! 👇

p.p.s. And here’s a behind the scenes view on our recording 👇

 

 

 

Episode 283 | Buy & Hold vs Buy & Sell – which strategy works best in WA? – Chat with Damian Collins, President of REIWA

And so our theme of chatting with the Presidents of the property markets across the country continues! 

Here to tell us what’s happening in Bryce’s hometown (Perth 😉and the best strategy a property investor should adopt in WAis Damian Collins, President of REIWA – the Real Estate Institute of Western Australia! 

The last time we checked in with Damian was waaay back in Episode 73… and there’s been more than a few changes in the WA property market between then and now… plus, even more news since COVID-19 came on the scene! 

A bit about today’s guest… Damian has served on the REIWA Council since 2011 and was elected President of the Institute in 2018. He’s been an active investor for over 25 years and is ALSO the Founder and Managing Director of Momentum Wealth   a Perth-based property investment consultancy. As well as all thishes also the Chairman of commercial property funds management business, Mair Property Funds. 

We tackle the big question… Should a Buy & Hold Property Investor actually invest in Western Australia? 

This one is for our WA folks… and those interested in what’s happening on the grounds in the Perth property market 

  • Pre-COVID-19 
  • During COVID-19 
  • Post-COVID-19 

 

Free Stuff 

Free resources: ABCD during Pandemic

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What we talk about in today’s episode… 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

 

 

 

 

 

Episode 282 | “I Was Fired Every Week”… And Now She’s The President Of The Largest Property Market In Australia – Chat with Leanne Pilkington, President of REINSW

Leanne Pilkington is no stranger to real estate. When she first started in the property industry almost four decades ago, things looked a bit different from what they do now…

For one, she was literally fired from her job every Friday afternoon! And now? Well, today’s guest is the PRESIDENT of Real Estate Institute of New South Wales (REINSW) — the largest and most influential association of real estate professionals in the country’s biggest property market!

Sure, Leanne Pilkinton is one of the most respected and sought-after commentators in real estate and a strong advocate for women in the profession, lobbying for improved education and training across the entire industry… but she’s also the Managing Director of leading NSW boutique real estate group Laing+Simmons.

And she knows the market inside and out!

Obviously, with everything COVID-19 going on, it’s safe to say that Leanne is VERY MUCH in the trenches, lobbying the government and looking at new ways the real estate industry can adapt to this climate while also being really honest about the fact that quickly formed legislation can have a disastrous impact on real estate agents, property managers and landlords.

This is a passionate and knowledge-sponge of an episode, folks!!

 

The Free Stuff

 

What’s Covered in Today’s Episode

  • Okay, what’s the deal with Leanne getting fired EVERY week?
  • What did the pathway to REINSW look like?
  • What’s it really like being in “the boys club”… and how can women in real estate navigate the industry?
  • What makes for a great selling agent?
  • What makes for a great property manager?
  • What’s the best way a buyer can get a fair price on property?
  • How should property investors deal with real estate agents?
  • Should you tell a real estate agent your budget?!
  • Real Estate 101 – The Two Ways A Real Estate Agent Gets Paid
  • What will happen to industry professionals during COVID-19?
  • What’s REINSW currently lobbying the government for?
  • Are there alternatives to paying stamp duty?
  • What’s happened in NSW’s property market since the coronavirus?
  • Is Leanne personally investing in property right now?
  • What should you expect from your tenant during COVID-19?
  • How to recognise “opportunist tenants” from tenants in genuine hardship
  • The Sydney Property Market: Pre-, During, and Post- COVID-19
  • When will Open for Inspections and public auctions kick off again?
  • What’s going to happen to the property market in September?
  • What’s the real concern in VIC and QLD right now?

 

 

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.

 

 

 

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