First National Neilson Partners: July

JULY 2023

Front Cover: 7 Doonie Way, Pakenham Inside Cover: 152 Warren Road, Nar Nar Goon North

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UNDERSTANDING RENTERS RIGHTS A Guide For Rental Providers In Victoria

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MEET ZAHRA AND TRUDI

24

THE BENEFITS OF LANDLORDS INSURANCE

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LEASED IN JUNE

Leasing Statistics For June 2023

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UNDERSTANDING RENTER’S RIGHTS – A GUIDE FOR RENTAL PROVIDERS IN VICTORIA

FAMILIARISE YOURSELF WITH RESIDENTIAL TENANCY LAWS Victoria follows the Residential Tenancies Act 1997, which outlines the rights and responsibilities of both Rental Providers and Renters. Take the time to thoroughly read and understand this legislation to ensure compliance and avoid legal complications.

NON-DISCRIMINATION AND FAIR PRACTICES Under Australian law, it is illegal to discriminate against potential Renters based on their age, gender, race, religion, disability, or family status.

Treat all applicants equally and make decisions based on their suitability as Renters.

RENT AND BOND A Rental Provider has the right to set a fair rental price, but it must be in line with the market value. Additionally, a bond can be requested (security deposit) of up to one month’s rent. This bond serves as protection against any potential damage or unpaid rent but must be lodged with the Residential Tenancies Bond Authority (RTBA) within 10 days of receiving it.

REPAIRS AND MAINTENANCE As a Rental Provider, you are responsible for ensuring that the property is maintained in a habitable condition. Promptly address any repairs or maintenance issues reported by the Renter. It is advisable to have a written record of such requests and the actions taken to resolve them.

TENANCY AGREEMENTS A Tenancy Agreement is a legally binding contract between a Rental Provider and their Renter. Ensure that the agreement includes key details such as the rent amount, payment due dates, length of the tenancy, and any specific terms or conditions. It’s advisable to use the standard Residential Tenancy Agreement provided by Consumer Affairs Victoria.

PRIVACY AND ENTRY Respect your Renter’s privacy rights by providing reasonable notice before entering the rental property. Except in emergencies, you must give at least 24 hours’ notice and can only enter at reasonable times, typically during daylight hours.

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RENTAL INCREASES Rent increases are allowed, but they must comply with legal requirements. In Victoria, you must give your Renter at least 60 days’ notice before implementing a rental increase. Ensure the proposed increase aligns with market rates and is reasonable.

ENDING A TENANCY Both Rental Providers and Renters have rights when it comes to ending a tenancy. Provide the appropriate notice period as specified by the Tenancy Agreement or legislation.

Be aware of the circumstances in which you can terminate a tenancy early and follow the correct legal procedures.

DISPUTE RESOLUTION In case of disputes, it’s essential to maintain open communication with your Renter. If issues cannot be resolved amicably, both parties can seek assistance from the Victorian Civil and Administrative Tribunal (VCAT) to mediate the dispute and make a legally binding decision.

SEEK PROFESSIONAL ADVICE If you are uncertain about any aspect of Renter rights or feel overwhelmed, consider seeking legal advice or speaking to one of our many property management professionals specialising in residential rentals. They can provide guidance specific to your situation and help you navigate any legal complexities.

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MEET...

Trudi Kluth

Zahra Wahrasi

INVESTMENT PORTFOLIO MANAGER

INVESTMENT PORTFOLIO MANAGERR

Zahra’s introduction to real estate after completing her VCE has solidly set her on a path of learning and growth in the Property Management sector.

Trudi is one of the smiling faces you are likely to meet whilst working with our Property Management team.

As a calm and professional conduit between our property owners and renter clients, Trudi is proud to utilise her strong communication and organisational skills to facilitate positive outcomes between parties and create a rental experience that is enjoyable and stress-free for everyone.

With a drive and determination rare in someone Zahra’s age, she developed quickly as an investment assistant and was soon promoted to Property Manager.

Her already formidable people skills, exceptional client service, calm approach and ability to build rapport with owners and renters cements Zahra’s commitment to achieving the best possible outcome for her clients without compromise.

Trudi entered the real estate industry more than two decades ago and her varied roles throughout her career demonstrate her adaptability and eagerness to continue her personal growth.

Zahra takes her time to make a measured decision; taking into account her owner’s expectations, the benefits of the property, and the nature of the best possible match.

She believes that problem-solving is at the heart of good service, so whether it’s a quick maintenance fix, or a complicated tenancy issue, Zahra’s primary focus is on providing peace of mind for her owners and renters.

Respected for her can-do attitude and positive mindset, Trudi understands that renting can be a confusing, daunting, and overwhelming prospect for renters and investors and that’s why she takes pride in taking the hard work out of real estate so that all of her clients can enjoy a convenient, and seamless property management experience.

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THE BENEFITS OF LANDLORD INSURANCE We have all seen the insurance ad on TV with the curtains burning, the gash in the wall and the red wine spill. We have all had accidents like this in our homes and no doubt it has caused some stress and the need to lodge an insurance claim.

Some insurance companies will use the bond as an excess, some will have an excess on each part of the claim, so you need to do your homework.

Like with all insurance claims, getting good advice is the first port to call, providing a detailed report with dated photos and keeping to the facts at all times.

The unimaginable will at some stage happen to some investment properties with floods, bushfires, electrical fires, unattended candles, lithium batteries exploding, kids playing with lighters, and kitchen fires probably the most common.

If you were to make a claim for renter damage, either negligence or malicious, your ingoing condition report and regular routine inspections with a dated detailed report including dated photographs can be your best friend if an incident occurs. These will form an ongoing record of the condition of the property and its care and maintenance.

The bond will only go so far and good management by a professional Property Manager will save you time, money, and your sanity.

THE BENEFITS OF LANDLORD INSURANCE There is no doubt that landlord Insurance is a safety net if the property is consumed by fire or flood. Australia is infamous for flash floods and bushfires that ravage our country every year. As little as a year ago, we saw unprecedented floods with so many homes left uninhabitable including rental properties. Having the correct Landlord Protections Insurance meant some owners were fortunate enough to have coverage for up to 52 weeks of rent paid to them.

The benefit of having an insurance policy that pays for rent while you maneuverer around the partial or complete destruction of your property, cannot be overstated, particularly while you continue to have expenses such as a mortgage to pay, insurance and rates. Like anything though, it is VITAL to check the inclusions on your policy to make sure you are covered in the worst possible scenario as some policies will offer certain cover and benefits that others do not.

You wouldn’t drive your car without insurance so why is insurance for one of your most valuable assets so frequently overlooked?

RENTER DAMAGE As far as renter damage is concerned, it’s up to each company that issues the policy as to what is covered. Therefore, it is so important to carefully look at your inclusions and exclusions and take out a policy that suits your needs. Be sure to look at the excesses charged and if the policy looks at each incident as a stand-alone item or the claim.

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LEASED IN JUNE

PAKE N HA M

BE RWI CK 21 LL ANO CI RCU IT 3

/ 2

16 PARK ORCHARD DRIVE

$ 470 PW

/ 2

4

5/4 8 STAWE LL STRE E T / 1

/ 2

NAR NAR GOON

CR ANBOURNE

2

/ 3

$6 0 0 PW

13 L AT TA ROAD

$ 370 PW

/ 1

5

/ 2

$1,10 0 PW / 5

1.48%

120,834

659

AV E R A G E VA C A N C Y R AT E

ONLINE VIEWS

A P P L I C AT I O N S RECEIVED

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SELL YOUR HOME WITH NEILSON PARTNERS...

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Neilson Partners

NARRE WARREN

BERWICK

neilsonpartners.com.au

PAKENHAM