Professionals Real Estate 
In recent years the rules and regulations relating to owning a rental property have become more complex in Western Australia.
This trend has been highlighted by new regulations that require tenants be given vital information about potential hazards for children in the home.
In addition, there have been important changes in regulations relating to the lodgement of security bonds with all landlords in Western Australia being required to lodge their security bonds with the Bond Administrator by 31 December 2014.
Overall, there has been a significant number of changes to the Residential Tenancy Act in Western Australia during the last two years and if landlords fails to comply with these new regulations, they could be in breach of the Residential Tenancy Act.
Private landlords who manage their own properties – DIY landlords – need to urgently familiarize themselves with these changes to the Residential Tenancy Act, as significant financial penalties are in place for non-compliance.
There are numerous changes and while most are administrative, some of the changes relate to important areas of property management including security bonds, option fees, property condition reports, emergency repairs, minimum security standards and tenant databases.
Other recent changes to the Act include option fees, which have changed from one week’s rent to just $50 if the rental is below $500 pw and $100 if the rental is between $500pw and $1,200pw.
Private landlords may still be unaware that property condition reports must include prescribed content and have to be prepared at the start and end of leases to minimize disputes, while emergency repairs must be actioned with 24 hours.
There have also been important changes to security with minimum standards now applying to doors and windows locking devices, along with external lighting requirements. New rules relating to databases holding tenants details have also come into effect.
Investors who manage their own properties may not be very familiar with these changes unlike real estate agencies who have dedicated property management professionals that ensure that their landlords are fully informed of all rules and regulations governing tenancies. Compliance is high on the agenda of professional property managers.
“That’s why property investors should utilise the services of a professional property management company who will be familiar with all of these new regulations in Western Australia rather than trying to navigate their way through legislation when managing their own property.
The reality is that it is now becoming much more challenging for individuals to manage their own properties as the legal responsibilities relating to rental properties become more complex. That is why a growing number of landlords are now choosing to engage the services of a professional property management agency to manage their properties.
