From 23 March, new residential tenancy reforms were implemented and if you own an investment property, these changes will immediately affect you. So ask yourself, has your current managing agent advise you of these changes?
Here’s what you need to know:
1. There’s a new Condition Report that reflects all the new tenancy reforms – including the minimum standards rental properties must achieve and the new smoke alarm regulations.
To learn more about the minimum standards for rental properties, read our previous blog warning landlords of these changes.
The new Condition Report also requires:
- All taps and toilets must be checked at the beginning of each tenancy and any leaks fixed.
- All toilets in rental properties must be dual flush with a minimum 3-star WELS rating.
- Tenants to be given either 2 hard copies of the completed Condition Report or 1 electronic copy within 7 days of taking possession of the property.
2. The 23 March also saw the introduction of new smoke alarm obligations for all landlords. There are several changes you need to be aware of but importantly, landlords are required to ensure the smoke alarms in rented properties are in good working order. Penalties apply to any landlord who fails to comply with this requirement.
3. Tenants must now receive additional information about a property BEFORE signing a lease. This information includes:
- If the property was used to manufacture a prohibited drug or cultivate a prohibited plant within the last 2 years.
- If the landlord intends to sell the property or if a mortgagee (e.g. a bank) is taking legal action to reposes the property.
- If the property is part of a strata scheme (e.g. an apartment or townhouse), tenants must receive a copy of the Strata By-laws. They must also be advised if any rectification works or major repairs to common property have been scheduled during the fixed term of the lease.
4. There is a new Standard Leasing Agreement which must be used from 23 March. The new Agreement reflects the changes to the rights and obligations between landlords and tenants and is designed to provide total transparency.
What has your property manager told you about the new tenancy reforms?
The changes to the NSW Residential Tenancy Reforms are extensive and in this article, we are only able to tell you about a few. As a Landlord, you need to know how these changes will affect your investment property and what you need to do to comply.
That’s why it’s important you know and understand your new obligations.
At Stills Properties, we provide our landlords with personalised information about how the new reforms will affect each of their investment properties. In fact, we believe it’s so important for you to understand your new obligations, we want you to ask yourself, has your current managing agent explained the changes to you?
If you think you deserve better service and more information from your property manager talk to us. Stills Properties have been looking after Sydney landlords for over 30 years. Call Brigitte on 1300 091 638 or email firstname.lastname@example.org