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Preparation is the key to new regulations

Here at Barry Plant Gladstone Park, we’ve noticed that quite a few landlords, along with several investors who are keen to become landlords soon, have been calling to ask about the State Government’s plans for changes to the regulations that govern residential tenancies in Victoria.

It is important to keep in mind that the Government is still addressing submissions from various stakeholders at this stage. Whilst two changes have come into effect, we understand that the rest of the finalised regulations are scheduled to be published in April this year and will come into effect on July 1st 2020.

However, whilst these new regulations have not been finalised, we have made a commitment to ensuring that every one of our Property Management team is fully trained and prepared for the changes, rather than trying to ‘catch up’ on the details after they come into effect.

Indeed, we have already begun training on the potential adjustments that may be required after the end of June. One thing that has become very clear in the lead-up to these changes is that the role of your Property Manager is about to more challenging, more time consuming, and more specialised. The days of the smaller real estate agent’s receptionist doubling as a rental manager are well and truly gone.

We will endeavour to keep you informed as more information comes to hand. However, if you have any specific questions regarding these proposed changes, or any other questions regarding the current rental market, don’t hesitate to give our award-winning Property Management team a call on 9330 1088, or our Property Management Director, Grace Pugliese, on 0413 139 752.