2020 is Nearing The End
2020 is nearly over… no one likes to wish time away, but we are all hanging out for the clock to strike midnight on the 31st of December right? It’s been a year like we will never *fingers crossed* experience again… let’s take a look back!
We hit the ground running at the start of the year. Properties were leasing quickly and rents were on the rise… all signs pointed to a positive two thousand and twenty! Then, that THING happened. We don’t want to harp on about it, we can’t wait to be able to say COVID is sooo last year! So very quickly… we dealt with the anxiety of the unknown, fear for our health and safety, a lock down (possibly a few extra kg’s?) and changes to legislation. Our amazing Property Management team banded together, worked through each and every issue and changes thrown at them and handled the situation like absolute superstars – for this we acknowledge and thank them for all they have done for our clients and our business. Things did slow down for around 6 weeks between March and April while we got used to our “new normal”, however from then onward we have seen pressure on the rental market like never before. The back end of the year we are experiencing, in most cases, huge numbers through home opens, loads of applications and offers above asking. The vacancy rate is down to .95% and there is a real possibility that we are heading towards a serious rental shortage. We don’t know what 2021 will bring, especially with the scheduled end of the Emergency Period 28 March 2021 (if it doesn’t get extended again!!!), but we know whatever it throws at us, we will tackle it with the same gusto we did 2020 – cos we just get it done!
You may have noticed that your landlord insurer has increased the cost of their policies. A number of providers have had to do so under the instruction of their Underwriter and it appears this is majorly attributed to unprecedented amount of successful claims paid out due to the bush fires and floods earlier this year. It is important to remember how prudent it is to insuring your investment and that leaving your property at risk is not worth the money you may have saved on your annual premium.
Rates & Utilities
We received an interesting article recently from DMIRS around utility bills and tenancies the requirements under the Residential Tenancies Act (RTA).
Water, gas and electricity bills
Generally, landlords pay the water rates and the tenants pay for their consumption of these services. The prescribed tenancy agreement requires you to indicate whether the electricity, gas and water services to the rental property are separately metered.
If there is no separate metering for any of these services, the prescribed tenancy agreement requires you to put in a calculation about how the tenant’s costs will be worked out.
Notice to tenant of charges for utilities
Within 30 days of receiving a water, gas or electricity bill you must give the tenant a written notice of the charge, including:
- the total charge for the tenant’s consumption of the utility; and
- if consumption at the premises is metered — the meter readings and the charge per metered unit;
- if consumption at the premises is not metered — the charge calculated by the method previously agreed in writing; and
- the amount of GST payable for the tenant’s portion of the service.
If the lease ends within 30 days of you receiving the utility bill, or the bill was received after the lease terminated, you should provide the tenant with written notice of the utilities charge as soon as practicable.
You can read the full article here
As your managing agent we can assure you that all utility consumption charges received on your behalf are immediately billed to your tenant for reimbursement. If you are forwarding any accounts to us please ensure you send these to us within the 30 days to ensure you are complying with the RTA requirements and remember if you’d like us to take over management of this to make your life that little bit easier, we would love to, just let us know!
Certificate of Title
At our recent Mandatory CPD training, which we must undertake every year to ensure we are compliant with licencing requirements, we were made aware that under Rule 25 of the Code of Conduct we are required to obtain a title on each property we manage. Should we not currently hold a copy of your title on file your property manager will request this from you next time your management authority is due for renewal. We understand that you may not have a copy yourself and can arrange one on your behalf for $28.70.
The Property Exchange has been supporting the community in Subiaco since 1997
It’s no surprise that we are the inaugural sponsors of the Streets of Subi project.
Did you know that Streets of Subi is the leading directory and community hub for what’s on and things to do in Subiaco and dedicated to making Subiaco Perth’s most liveable urban village and a go-to destination for locals and tourists to Perth. Make sure you sign up for their newsletter.
*Office Closure Note: We will still be attending to urgent and emergency maintenance, receipting rents and completing end of month on 31 December.
We can’t wait to see what 2021 has in store us all and look forward to helping you achieve great things with your investment. If you know anyone you think could benefit from our service we urge you to pass on their details so they can experience the The Property Exchange difference just like you!