In the last few months there has been more reports in the media about property management that at any other time. I realise that the government is proceeding with reforms and this always gains traction. Unfortunately, the reports are sensationalised and some of the facts get lost in translation.
There are one or two property management companies whose adverts have not portrayed the industry in the best light and when these situations occur it is very easy for the media to suggest that the tenant is being treated unfairly. I would suggest that this is not always the case. At Watson's we always aim to strike a balance of fairness with our tenants while also acting in the interests of our landlords.
One of the main proposals from the government reforms is that rent increases will only be permitted every 12 months and not every 6 months. The suggestion by the media was that landlords increase the rents every 6 months and this is definitely not the case. The provision is there but rarely used. At Watson's we do review the rents for the properties we manage on a regular basis just to ensure that they are in line with the market rents for the area. I would be happy for this reform to be amended.
What the reports does not highlight is that landlords rates, insurance, repairs and renewals plus compliance costs do increase each year and some of those extra costs need to be reflected in rent increases. If the landlords return drops then we may lose some of the rental properties as they will be placed on the market for sale.
We are desperately short of available rental properties now and we have tenants visit our offices on a daily basis craving a home for their family. I cannot understand why the government cannot see that over compliance and tougher laws on landlords may reduce the total amounts of rentals available.
We always look after our good tenants because they look after our landlords homes.
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