The new residential tenancy legislation was introduced in March of 2021, and many property investors (formerly known as landlords) are concerned about keeping up with the changes and ensuring they are compliant.
If you aren’t aware of the changes to rental tenancy legislation in Victoria, learn more here.
The penalties for failure to comply are harsh. They include financial costs as well as the threat of being added to a publicly available non-compliance register. This has existed for renters in the past but never for the people who provide and manage rental properties.
But while there is the threat of penalties, the changes present an opportunity for motivated property owners and the people who manage them to set themselves apart from their local competition in a big way.
Here’s how to ensure your renters are being respected during the transition and why it will pay off for you.
Keeping renters informed of residential tenancy law changes in Victoria
Right now, many properties are going through compliance audits to ensure they meet minimum structural and safety standards.
For renters, this can mean an intrusion on privacy beyond what would normally be expected. All of a sudden, almost everything on their property needs to be inspected and potentially replaced or upgraded, from door and window locks to electrical wiring and smoke detectors/alarms.
Things which may not have been flagged as eligible for urgent repair now are. As a result, proactive rental providers and property managers want to stay ahead of the curve. These people are already creating checklists and engaging tradespeople to ensure everything is up to date and functioning the way it should be. In addition, they are corresponding with their renters more than usual to let them know what is going on and work with their schedule.
If you own and self-manage an investment property, you can keep in touch with your client via email and text message phone calls. Professional property managers should have a system in place for communication, which may include automated updates sent via an app. Both approaches will ensure a smoother, more positive transition. Educating your renters as to why this is happening will also help them understand why additional work is being done.
Why give your renters premium service
As a service provider, SASSAU is helping to ensure properties are compliant with electrical, gas and safety requirements under the new residential tenancy legislations.
When we visit a renter’s home or contact them over the phone, we make a conscious effort to acknowledge the rental provider’s efforts to confirm the home they are providing is safe as well as comfortable.
We do this because we believe rental providers deserve it!
Many of our staff rent properties themselves. With their input, we are constantly reflecting on how we can improve our services to renters so they have a positive experience when maintenance and inspection crews come to visit.
The flow on from this approach is a better experience. And while renters aren’t technically customers in the traditional retail sense, they do always have the choice to go elsewhere or make a complaint. When you provide quality service and thorough communication you are confirming not only your good reputation but your ability to charge a premium for your property.
Positive experiences matter
Your investment property is one of your greatest assets and no doubt forms part of your retirement plan. At SASSAU, we understand this because as well as having many renter team members, we also have staff who own and lease rental properties.
By giving your renters the best in terms of information, compliance with regulations and efficient, friendly tradespeople, you are showing them you care. As a result, they are more likely to treat you and your home with respect.
This is a win/win - your renters have somewhere nice to live and you are able to maintain and improve the value of your investment.
