Sell audit your property management files

We rarely see agency operators regularly sell auditing the property managed files to check if the files are up to date and information in the files complies with the industry regulations and Acts.

A quick check of the following may safeguard you against a government audit or check;

·         Are all your managing agency authorities current and signed?

o   Some agencies update their managing agency authorise annually.

 

·         Are all leases in the files and signed by landlords and tenants?

o   Most agencies operators are backing up on servers, filing services or the cloud.

·         Do you have a current completed routine/condition & inspection report?

o   Do you have adequate back up of photos to support the condition reports?

·         Are all the bonds lodged with the Bond board and do you have reconciled records?

o   Make sure when you transfer management to and from an agent you have informed the RTBA.

·         Ensure that what is in the file matches with the computer records?

o   Often agents negotiate or adjust their rates of commission without updating the agency authority in the file

It’s too late to do update your property management files if you have embarked on the sale of the property management portfolio or worst still after you have sold your rent roll. We often see vendors having to tidy up their property management files after the rent roll sale  due to the requirement of a buyer post due diligence. The landlord will be easier to obtain information if it becomes your normal annual practice to maintain these records.

Restraint of Trade- Social Media Platforms

The use of social media in the workplace is dramatically changing how we go about business, bringing both significant opportunities as well as potential threats.

Without adequate safeguards, the contacts made by employees on social networking platforms, such as LinkedIn, could be retained by the employee and used to the detriment of the previous employer.

 There are a number of actions that your business should definitely consider to help safeguard itself against potential loss and damage, in terms of client relationships, confidential information and intellectual property:

1. ensure your contracts of employment include the most thorough protection possible;
2. introduce  policies and procedures that cover the use of information in a social media context and set rules around how employees can and cannot use social media to network with customers and prospective customers;
3. matters to address with new employees on commencement of the employment relationship, so that the expectations in relation to the use of, and rights associated with, social media contacts both during and after employment are clearly set out; and
4. how other measures (such as paying for "premium accounts" on LinkedIn) can demonstrate professional networks created in the course of employment as distinct from social networks that may fall outside the bounds of employment and remain unprotected.

   

 

 

 

 

Vacant Rates in Victoria

New data shows rental vacancy rates across one state are stable or falling, while some regional markets are offering healthy yields of up to 5.4 per cent.

Real Estate Institute of Victoria said recent vacancy data showed that in Geelong, the regional centre with the highest rate; there was a 0.1 per cent fall to 4.4 per cent in October, based on the six-month average trend to 31 October.  

In East Gippsland and Wellington Shire, there was a fall from 3.4 to 3.1 per cent.

In many regional centres, such as Ballarat, the vacancy rate was already low, with housing agencies often struggling to find sufficient accommodation for tenants.  

So, while a further fall in the vacancy rate is unwelcome news for those looking for a place to live, for investors it means continuity of tenancy and the likelihood of a pool of would-be tenants from which to choose?

In Ballarat and the Central Highlands, the vacancy rate fell from 2.8 to 2.7 per cent, while in Shepparton and Goulburn, Warrnambool and the Western District; it was down to 2.7 per cent from 2.9 per cent. In the Wimmera it was stable at 2.2 per cent.

Median house rents were up in Geelong, Ballarat and Bendigo in October, while across the state the median rent for a house remained stable at $300 a week.

The median apartment rental rate was also stable at $250 a week, but in Ballarat, where the housing market is tight, it rose from $240 to $255 a week.

 

Source; REIV