Many Brisbane tenants are having trouble making ends meet due to the city’s housing affordability crisis. Property managers in Brisbane have a critical role to play in tackling these issues, even as governments and industry bodies attempt to develop solutions.
A property manager in Brisbane, like Suzana Wade of Locate Property, points out that people in the property management industry should stop waiting to be told what to do and start to implement changes and take the initiative to put down solutions that have a lasting impact on the coal face.
Too many property managers are claiming expert status and offering nothing to the solution.. Leadership in this crisis means doing what needs to be done and doing it in a way that has an impact that counts for both tenants and landlords. This involves providing renters with flexible rent payment options, integrating necessary services, and making every effort to ensure their safety and property security.
Property managers in Brisbane that show real concern for their tenants’ welfare typically attract and retain renters who are more loyal, trustworthy, and proud of their rental homes. This has a knock-on effect for those owners lucky enough to have a property manager who sees the value in providing these solutions for the current crop of tenants.
High property prices, increasing credit scores and finance requirements, and inflation that diminishes purchasing power are all obstacles for many Brisbane tenants hoping to one day own their own home. That’s why it’s more important than ever to have access to rental housing, especially affordable rental housing. Working with tenants, governments, and industry groups, property managers can take the lead in finding solutions to the housing affordability challenge.
Individuals and families, the housing market, and policymakers all need to work together to solve the housing affordability challenge. Property managers in Brisbane have a responsibility to meet the needs of their tenants, who should continue to put their necessities ahead of their wishes. Property managers in Brisbane may lead the way towards a more just and sustainable housing market by seizing the reins and making necessary adjustments now.
Whilst the REIQ is fighting the good fight against these crazy new rent reform laws that will only worsen the housing supply and therefore place more pressure on rental price, property managers in Brisbane need to be next in line to effect change. For more Articles on Real Estate trending topics like this follow me HERE
A property management Brisbane firm, Locate Property, founded by Suzana Wade, who is now speaking out against the state government’s new rental reform regulations. Beginning on July 1, 2023, rent hikes are only allowed to occur once per year as a result of new laws established by the government. However, as a result of the transition arrangements, any rent increases that were previously agreed upon in the lease will also be null and void as of this date.
Ms. Wade and Antonia Mercorella, chief executive officer of the Real Estate Institute of Queensland (REIQ), have both expressed displeasure with the retroactive nature of the new legislation. Ms. Mercorella has cast doubt on the legitimacy of the government’s choice to disregard previously negotiated contracts. Ms. Wade counters by saying the government’s action is unwise and may have lasting effects on Queensland’s real estate market.
Property Management Brisbane companies like Ms. Wade’s are worried that the State Government of Queensland’s ongoing stream of legislative changes may discourage property investors from putting money into the state. She warns that watering down property investor rights might have dire ramifications for Queensland’s rental market, as private investors are the primary source of housing for the state’s 1.5 million renters.
Ms. Mercorella has warned the government against being overly prescriptive when revising rental laws. She thinks the measures need to strike a good balance between protecting tenants and enticing investors to remain in Queensland. Ms. Mercorella warns that ignoring the importance of property investors could have disastrous effects on the rental sector in the state.
As a result, it’s safe to say that neither Ms. Wade nor Ms. Mercorella approve of the state government’s new rental reform regulations. They contend that these regulations could have a significant negative impact on the state’s rental market and all property management Brisbane firms as it will undermine property investors’ confidence in Queensland. They advocate for reforming the state’s rental laws in a way that is both thoughtful and balanced, protecting renters’ rights while also acknowledging the role of property investors.
To access Stage 2 of the proposed Rental Reform laws Click HERE
Locate Property’s Suzana Wade predicts that renting in Brisbane is about to get even harder with record rent increases over the next 12 months. Tenants throughout the country have another rough year ahead of them as rental costs continue to rise, as seen by recent statistics from PropTrack. According to the data, rentals across the country have increased by 2 percent in the first quarter, to a median of $500 per week.
In the past year alone, rents have increased by 11%, which is the biggest annual increase seen since before the epidemic. Rents in the nation’s capital increased by 4% from the last quarter of 2022 to the March quarter, bringing the yearly increase to an astounding 13%. Meanwhile, rents in the region have climbed by 2.2% from the fourth quarter of 2017 to the first quarter of 2018 (an annual increase of 4.5%).
Particularly in renting in Brisbane but also in Sydney, Adelaide, and Perth, rents are rising “at an extremely rapid pace,” as the paper emphasises. In fact, Perth rents increased by 9 percent in the most recent quarter. PropTrack’s analysts are sounding the alarm that rent increases are likely to persist due to the current tight rental market. Particularly true in nation’s capital, where rent hikes have remained steady since they first began to accelerate in early 2022. As the pandemic has progressed, rent rises have slowed in the regions.
Except for the Australian Capital Territory and remote South Australia, rental prices rose across the country in the March quarter. The Reserve Bank of Australia (RBA) has lately paused its long-running cycle of interest rate hikes, opting to maintain a cash rate of 3.6 percent instead of raising it. However, rising rental costs show little signs of slowing down. Therefore, renters everywhere will be hit even harder than usual this year.
For more articles on trending Real Estate articles click HERE.
Locate Property’s principal and licensee, Suzana Wade, explains the property management fees in Qld and how it tends to operate, particularly in Brisbane.
As a landlord in Brisbane, you should know that the cheapest option is not always the best when it comes to hiring a professional management company.
The company offering the lowest prices may appear to be the best choice, but you shouldn’t automatically assume that this is the case.
We’ll explain the various components of property management fees in Qld and why you shouldn’t base your decision solely on the bottom line.
The first order of business is to figure out what kinds of services the property management company offers. A property management company will charge you a management fee for their services. These costs may vary widely depending on factors like the company, the location, and the nature of the services rendered.
The monthly management fee for a rental property in Queensland is typically a combination of a flat rate and a percentage of the rental income collected by the owner. This figure typically falls between 6 and 12 percent, though it can be higher or lower depending on the nature of the business and the services it offers. Some companies, especially those that advertise themselves as “full service” property management firms, may charge extra for services like inspections, reports, maintenance, and access to technology.
Other property management fees in Qld may include but not be limited to the following:-
Rent Collection Fee
Court Appearance or QCAT fees
File Closure Fees
Technology fee (depending on the additional services that may be on offer )
Renovation / Maintenance % over a certain dollar value.
A successful property management firm will reinvest its earnings to attract and retain a more talented workforce and to expand the range of services it offers to its clients (the building’s owners and tenants). The success of any modern business depends on its ability to attract and retain highly skilled employees.
What you, as the owner, want to do is find a happy medium between service costs and service offerings. The key, according to Suzana Wade, when entrusting someone with a valuable asset like an investment property is to find a middle ground where you can get great value and a comprehensive set of services at a fair and realistic price.
If you can’t decide between two or more agencies, Suzana advises you to trust your instincts and work with the one that feels right, regardless of how much it costs.
The following list will offer you some additional points to look into.
Do they view property management as their main line of business or more as an add-on to their sales department?
Does the principal have a background and work history in property management or sales?
Have you had the opportunity to speak with and meet the person who will be in charge of looking after your property?
Are their reviews accurate and do they mention the names of the people you’ve met and you will be working with.
Maintaining excellent lines of communication between all members of the team and the owners and tenants is essential to the success of any business.
Choosing a property management company is a very individual process, your interaction with the company’s day-to-day operations and how you are treated by its employees will determine how satisfied you are with the service you receive.
Just remember that a few dollars saved now may amount to thousands that a poor appointment will cause over the longer term. Loss of rent, unattended maintenance , poor tenant selection one that here at Locate see all the time, little or no rent reviews, leaving thousands of dollars on the table.
Just remember a sign of a good property management firm is that when it is running well, everything works as it should, updates come through, reports are on time and accurate and you will hear less and less from your property management firm. Just ensure that your checks and balances are in place to ensure they are doing the job that you are paying them to do and once you have built up this trust, this is how it should be.
In conclusion, it is essential to weigh the quality of services against the cost when evaluating property management fees in Qld. Choosing the right agency based on the property management fees Qld alone might result in subpar service and damage to your bottom line. If you want your investment property to succeed over the long run, you need hire a management firm with a solid reputation, knowledgeable employees, and extensive offerings where you are getting VALUE which will never be the cheapest.
Click here for more helpful information from the REIQ
According to new data, real estate rent in Brisbane was particularly hit hard by the housing crisis in 2022, with rent increases of over 10% for both houses and apartments, as experts warn that little relief is in the cards.
According to Suzana Wade of Locate Property, a local real estate firm that specialises in Brisbane Property Management, Brisbane rents increased to their highest level ever in the calendar year 2022, while even larger state capitals Sydney and Melbourne only saw single-digit percentage increases.
Brisbane’s median weekly rent for houses increased by 10% to $440, while apartment rents increased by 11.6% annually to $530.
The “strongest calendar year growth on record for Brisbane,” according to real estate commentators, with little hope for relief in 2023.
Simply put, demand has outpaced supply. There is no indication that this will change significantly in 2023. Landlords have had room to raise rents quite significantly.
She says that rents will go up in 2023 because there aren’t enough listings on the market, there is a constant high demand for rentals, and properties rent out quickly. According to data from PropTrack, rents in Brisbane went up the most from one year to the next in the last quarter, by 15.3%.
According to reports, January this year was the rental market’s busiest month because more homes than usual became available.
But she added that a reduction in Brisbane real estate rent increases was “not imminent.”
“We anticipate that rents will continue to rise in 2023, though perhaps not by the same amount as they did in 2018. There are few indications that the demand is slowing down, and there are also few signs that the rental stock supply is growing. As a result, rental-price growth will be fairly robust in 2023.
Numerous families are only now beginning to recover from the Brisbane floods, and there has been a significant increase in migration as a result of the pandemic, according to the Locate Principal, who was named as Brisbane’s Best Property Manager (BDM). The competition for available rental homes is “not at the same feverish pitch as last year,” she predicted, so there will be fewer applicants.
But she claimed that the circumstances still weren’t ideal for rent to decrease.
“I fail to understand why rents would decrease. If you look at the city, many people are relocating there, and the majority will rent before they buy. Before entering the sales market, people who want to see some rate predictability may choose to continue renting for a little while. Some people prefer to have capped rent for the duration of the lease.
Real Estate Rent is Brisbane increased by 11.4% in 2022, compared to a 7.3% increase in 2021.
As more people move back into the inner city following the pandemic, unit rents have increased significantly in 2022, whereas house rents dominated growth in 2021. The increase is significant given that Brisbane house rents increased by 10.5% and units rents by 3.9% respectively, in the year 2021.
Suzana Wade has a been a strong voice against the Rent Freezes proposed by the State Premier, to follow other key Real estate topics written by Suzana click HERE
The principal and licensee of Locate Property, Suzana Wade, vehemently objects to the recent proposal by Queensland Premier Annastacia Palaszczuk to establish a Queensland Rent Freeze and rental quotas for the entire state. Property owners and real estate experts like Wade are divided over the premier’s plan, which would cap the rent that landlords may charge.
According to a 9News story, the goal of Premier Palaszczuk’s proposal to cap rental costs is to lower the cost of housing for Queensland residents. According to the survey, rents have been going up all over the state, but especially in big cities like Brisbane and the Gold Coast. This makes it hard for many people to afford good housing.
Wade says that rental caps could have unintended effects that hurt landlords and tenants, but this may seem like a good way to solve the problem. She makes the point that these restrictions would deter homeowners from making investments in rental homes, which would eventually result in a dearth of housing options and increased pricing.
Wade also thinks that rent caps may hurt the standard of rental homes because they may deter landlords from investing in critical maintenance and upgrades if they cannot charge market rent. The overall quality of the state’s rental housing may suffer as a result.
Wade adds that rental caps can harm inexperienced landlords who depend on rental income to make ends meet. She contends that if they are unable to charge market rent prices, such people may be especially susceptible to suffering from financial stress.
In conclusion, even though the concept of rental caps may appear enticing at first glance, it is crucial to consider any potential disadvantages of such a policy. Suzana Wade is pleading with the Premier to reconsider this idea since she, along with many other real estate experts, thinks that rental caps could do more harm than good.
For more articles on Real Estate Trending Topics Follow Suzana Wade HERE