Let's talk about subletting

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Let's talk about subletting

31 October 2022

As the cost of living rises and rental markets tighten, more tenants may consider taking on a roommate to relieve some of the financial pressure.

Before entering into a shared tenancy, it is crucial that all parties understand the arrangement they have signed up to. Laws around subletting differ across each state and territory’s residential tenancy legislation. Let’s look at some of the general rules that apply to most Acts and Regulations. Later, we will identify the legislation that regulates subletting across each state and territory.

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NSW Fair Trading inspectors targeting strata manager supervision requirements

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NSW Fair Trading inspectors targeting strata manager supervision requirements

17 October 2022

NSW Fair Trading has today reported — in their Property Matters newsletter — that they are taking compliance actions against strata managing agents that do not meet their obligations.

The inspections are being undertaken as part of the regulator’s Strata Managing Agent compliance program, which involves targeting supervision requirements during inspections of NSW strata companies.

NSW Fair Trading has advised that “of the 44 inspections conducted during a recent one-week operation, 86% (38) were found to be breaching their obligations under property laws”.

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October 2022 Newsletter

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October 2022 Newsletter

7 October 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: Consumer Affairs Victoria to crack down on underquoting, Fake social media accounts used to scam eager renters in WA.

  • Legislative changes: New QLD rental laws commenced on 1 October 2022.

  • Disciplinary action: Disciplinary proceedings commence against a Victorian agent with a history of misconduct, Court outcome for a Victorian agency that threatened to interfere with tenants' legal access to their homes.

  • Learn about workplace stress support services.

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SA Consumer and Business Services to review residential tenancy legislation

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SA Consumer and Business Services to review residential tenancy legislation

29 September 2022

South Australia Consumer and Business Services (CBS) announced in their ‘CBS Connect’ newsletter this week that they intend to review the current residential tenancy legislation, the Residential Tenancies Act 1995 (‘the Act’).

The announcement comes off the back of a recent forum held by CBS, where a discussion about issues in the SA private rental market was had. The intention of the review is to “modernise SA's rental legislation”.

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Residential Tenancies Authority Queensland: Remember, new rental laws commence on 1 October 2022

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Residential Tenancies Authority Queensland: Remember, new rental laws commence on 1 October 2022

27 September 2022

The Queensland Residential Tenancies Authority (RTA) is encouraging tenants, property managers, and property owners to take time to understand the upcoming rental law reforms, including how the changes may impact their rights and obligations, and to make necessary preparations.

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Workplace stress support services

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Workplace stress support services

26 September 2022

Working in real estate can be incredibly rewarding and often challenges you to be your best self. What’s better than helping your clients meet their property goals and negotiating a deal through to a successful outcome, or seeing a tenant settle in and feel at home in their new rental?

It is important for both employees and employers to remember that with real estate being such a fast-paced industry, agents and admin staff alike are prone to stress and burnout.

Let’s check out some state-based and national support networks that are out there for anyone struggling with challenging emotions in the workplace.

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Consumer Affairs Victoria to crack down on underquoting

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Consumer Affairs Victoria to crack down on underquoting

14 September 2022

Consumer Affairs Victoria (CAV) has reported today that they will be targeting unfair business practices used by unethical estate agents, including the practice of underquoting. The property industry regulator has been allocated $3.8 million to allow inspectors, investigators, information analysts, and legal officers to effectively carry out the task.

Underquoting involves advertising a property for sale at “a price below the estimated selling price, the seller's asking price, or a price that has been rejected as too low by the seller”.

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Consumer Affairs Victoria: Court outcome for agency that threatened to interfere with tenants' legal access to their homes

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Consumer Affairs Victoria: Court outcome for agency that threatened to interfere with tenants' legal access to their homes

12 September 2022

Consumer Affairs Victoria (CAV) has published a court outcome notice on their website today, advising that an estate agency has been convicted and fined in the Melbourne Magistrates’ Court. The conviction and disciplinary action are the result of the estate agency’s threats to deny three international students legal access to their rental properties at the beginning of the COVID-19 pandemic.

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WA Consumer Protection: Fake social media accounts used to scam eager renters

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WA Consumer Protection: Fake social media accounts used to scam eager renters

7 September 2022

WA Consumer Protection has reported a rise in fake social media ads that make use of stolen images of legitimate rental properties, to lure in people eager to secure a rental property. Victims of these scams have fallen into the trap of making hasty decisions and transferring money to secure a rental property without carrying out proper checks. Consumer Protection has advised that landlords and agents must also be cautious when posting ads for rental properties, as scammers may respond.

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Consumer Affairs Victoria: Disciplinary proceedings commence against agent with history of misconduct

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Consumer Affairs Victoria: Disciplinary proceedings commence against agent with history of misconduct

7 September 2022

Consumer Affairs Victoria (CAV) published a news alert on their website last week, outlining action being taken against an estate agent with a history of unprofessional conduct. The alleged misconduct includes the mishandling of clients’ money. The agent is now facing the prospect of being banned from holding an estate agent licence.

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September 2022 Newsletter

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September 2022 Newsletter

2 September 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: Commencement of action against the director of a Victorian property management company, Sunshine Coast real estate director fined for improper use of trust money.

  • Legislative changes: New NSW Property and Stock Agents Regulation 2022.

  • Reminders: Trust account audits due 30 September (NSW, ACT, TAS, and VIC agencies), ACT CPD is due for registration holders on 31 October 2022.

  • Exciting job opportunities: DF Johnson Real Estate, KSBG Commercial Real Estate, Manor Real Estate, Sinova Property.

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

31 August 2022

Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.

Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.

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