Don't get caught with a Large Fine! Agents and Landlords at Risk
It is not only agents but private landlords who are again being warned to keep their tenancy bonds and documents in order and abide by the law or face large penalty fines from ongoing government crackdowns across the nation.
It has been widely publicised that there have been many penalty fines imposed on agents and landlords that have been in excess of $20,000 for not following legislation requirements. Industry representatives and the media on many occasions have stated that “A simple mistake or oversite of managing a property can be costly. Especially when there are so many requirements that are different from State to State”.
Fines can be a set dollar amount per breach or several penalty points that have a dollar value. As a property management business, we are passionate about protecting our landlord’s rights and property; increasing their wealth creation and property asset value, while working towards minimising the exposure to potential risk and fines.
Examples of actions or inactions that can result in individual fines:
- Failing to use a prescribed form, notice or agreement
- Failing to give prescribed or the required information to a tenant
- Imposing special terms in an agreement that contravene the Act
- Failing to prepare a property condition report correctly
- Asking for the payment of rent greater than allowed
- Failing to give a receipt or written record for rent or bond paid
- Requiring or receiving more than one security bond
- Failing to pay the security/rental bond to a bond administrator
- Entry to a property without the correct notice or consent
- Failing to dispose of goods left at the property correctly
- Failing to retain receipts and records for a defined time
- Breaching a term of the tenancy agreement
- Giving false or misleading information
- Altering, removing or adding locks without consent
- Ending a tenancy in an unauthorised way, and the list goes on.