Implications of the new rental laws start date.
Update on New Rental Laws in Property Management and the Implications of the new rental laws start date. 6th June 2024!
Introduction:
Queensland investors have recently experienced some significant developments in Property Management due to new rental laws that were passed through our Parliament in May. These changes have brought about some challenges and adjustments for property managers and investors.
Implications of the New Laws:
The new rental laws have introduced changes that have impacted property management practices. Some elements of the laws were due to start on assent, while others are set to start at a later date. The timing of these changes has created some unexpected challenges for property managers.
Challenges Faced:
One of the main challenges faced by property managers was the uncertainty surrounding the exact date when the Queensland Governor would sign off on the legislation as she was away on a work trip to China. This uncertainty led to some difficulties in implementing the new laws effectively because we had to follow the previous laws until the moment the Governor signed.
Adjustments and Uncomfortable Conversations:
Following the signing of the legislation by the Queensland Governor on Thursday, June 6th, property managers had to quickly adapt to the new requirements and forms which were published a couple of hours later. This meant having uncomfortable conversations with investors whose lease agreements had become invalid due to the uncertainty of the date on which the Governor would sign.
Adapting to Changes:
Despite the challenges faced, as property managers at McAdam and Turnbull Realty we have shown our experience and adaptability in dealing with the new rental laws. We are experienced problem solvers who are committed to finding practical solutions for our clients.
Seeking Guidance:
If you are concerned about the validity of your general tenancy agreement following the recent changes, then please reach out to us. We are willing to provide advice and assistance in navigating the new rental laws.