COVID-19 Update For Property Investors

Calls and emails to our office from property owners and tenants have increased significantly in the last few days. We’re fielding a range of enquiries, we hope the following information assists.

 

Rent Payments

An announcement by Scott Morrison today has suggested tenants facing hardship will receive assistance to avoid eviction. No details have been released, however, news stories suggest tenancy legislation may be updated to protect tenancies.

skynews.com.au

news.com.au

– Rent Reductions

We have already received requests for a rent reduction. If a tenant of Jeff Jones is requesting any change to the tenancy agreement we will ask for the request to be put in writing.

Once received we will discuss the request with the property owner and advise of any obligations under the Residential Tenancies Act and considerations regarding future landlord insurance claims.

– Payment Plans

Tenants facing financial difficulty may request a payment plan to assist with their rent payments. We remind owners that payment plans are not enforceable unless they are an RTA dispute resolution conciliation agreement or a tribunal order (QCAT order). A payment plan arrangement may also affect a landlord insurance claim.

– Breach Notices

Best practice suggests notices to remedy breaches continue to be issued for failure to pay rent. Future insurance claims or enforcement through QCAT may be jeopardised if due process is not followed. Notices can be withdrawn in writing at a later date.

Routine Inspections

We have had occupants request cancellation of routine inspections this week. At this stage, we intend to honour any request not to attend a property.

In the event attending inspections is not possible we are finalising a procedure for tenants to assist with a “virtual” video inspection of the property to document maintenance and wear and tear.

Letting Inspections

If we have difficulty accessing a property for lease we will discuss the issue with the property owner. As always we are mindful of minimising any vacancy period. It is difficult to assess any anticipated fall in demand for rental property and the effect it may have on new rents.

It is important to remember that both owners and tenants are required to comply with all relevant legislation and the terms of the General Tenancy Agreement. 

As property managers, we are here to support owners in the management of their obligations. We will keep abreast of any legislation changes that may impact landlords and advise accordingly.

Les Charleston

07 3087 9774

Marie McMenemy

07 3087 9770

Inner South Brisbane's most experienced opinion

Marie McMenemy & Les Charleston live and breathe Brisbane investment property.

Working closely with property investors for more than 30 years, no one understands our local market better. Period.

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