Act now before supply cannot meet the demands
Connie McKee has been contracting to the REIQ for 25 of the 36 years she has been in the real estate industry. Previously owning two rent rolls, Connie has a passion for real estate and property management.
Connie mentions that any person in real estate, specifically property management, will be aware of the new smoke alarm compliance requirements commencing in 2022. The REIQ has provided a lot of education via various media sources, including the PM update and the PM Support Service and it is concerning that only 25% of rental properties in Queensland are compliant and time is running out.
As a property manager, Connie understands that advising owners to spend money is not easy however the reality is the new legislation is a positive thing. It is a risk prevention strategy potentially saving lives.
The REIQ will continue to pass on information to help property owners realise the deadline is fast approaching and if they are sensible investors, will understand this is part of the requirement to ensure their properties are compliant and can continue to be rented.
Connie has owned investment properties for many years and budgets for the required outlay for the necessary upgrades. She is investing money in January 2021 on smoke alarm compliance because come January 2022, her properties will be compliant.
All property managers should follow Connie’s lead, as left too late, getting a technician will be difficult and potentially the cost will increase due to supply and demand. Even worse than paying a high price for compliance, is being stuck with a vacant property because the property is not smoke alarm compliant. Financially, investing now means getting tax benefits sooner rather than later and maximising the best opportunity to get a technician at an affordable rate.
There is a window of opportunity for property managers to act now while working on new tenancy agreements starting November, December, January and right through until January 2022. Conversations with property owners needs to increase to inform them of the pending, essential smoke alarm compliance requirements.
Smoke Alarm Solutions are providing quotations, but rather than just renewing a subscription, look to upgrade and then you have peace of mind as a critical component of your compliance obligation will be met.
Connie concludes that lots of information is being sent to property owners but in this case, a more personalised approach may be necessary to educate and inform property owners. Rather than sending an email containing facts, take the time to make a Skype call or phone call. Personalised service often results in action and action is required now.