18 Nov Professional Property Management never more important
Having a professional property manager in place has never been more important, given recent Queensland rental reforms. Let’s talk about about why professional property management services are essential for your Noosa property.
Did you know for example, that when the legislation is introduced, an owner will NEVER be able to terminate a periodic lease, unless they can establish limited prescribed grounds (such as the sale of the property).
This will apply to new leases entered from 1 September 2023 and all tenancies from 1 September 2024.
A periodic lease can occur in two ways:
- It is agreed to at the beginning of a tenancy between parties
- A fixed term lease expires, and the parties do not enter a new fixed term lease at the end of the tenancy. i.e. the fixed term lease ends and the lease automatically transfers to a periodic lease.
Imagine what might happen when an owner self-managing a property, or an incompetent agency fails to renew a fixed-term lease?
If this happens, the owner will potentially be locked into that tenancy forever, losing control of who they have living in their property (unless they present satisfactory grounds to end the tenancy).
As Antonia Mercorellla from the REIQ said, “this is a retrograde step and will almost certainly result in the demise of periodic tenancies in Queensland. This reform will detrimentally impact tenants who are seeking maximum flexibility and would prefer not to commit to a fixed term tenancy.”
Queensland Government rental reforms
So why then is the Queensland Government Rental Reforms doing this?
The Housing Legislation Amendment Bill 2021 aims to give tenants:
- More certainty about their tenancy arrangements by encouraging greater transparency and accountability about intentions and decision making.
- Confidence their rental property is safe, secure and functional by prescribing Minimum Housing Standards.
While Aspire Property Management fully supports the intent of these goals, the devil is always in the detail. Examples like the above provision in relation to periodic tenancies can present significant concern to unwary landlords.
Aspire Property Management is a licensed and qualified professional property management agency, specialising in the Noosa region.
One of our key functions to both owners and tenants is to make sure that fixed-term leases are current.
At Aspire, our systems and procedures are water-tight to ensure that a fixed term lease does not expire without proper action, thereby protecting our owners from risk.
This is just one example of why professional property management has never been more important.
It is critical to ensure when selecting a property manager, they professionally do the work they are paid for, such as.
- Ensure leases are current
- Conduct regular tenancy inspections
- Manage rental payments and trust accounts
- Manage any basic property issues e.g. tenant damage.
- Communicate with owners and tenants regarding pertinent issues.
Aspire Property Management is your trusted partner in professional property management services in Noosa