Training would be required of new property managers starting their jobs as well as investment in their ongoing professional development. In addition, property managers would have to comply with a code of conduct and can be made accountable through an independent disciplinary and complaints resolution process under the new regime.
It's also been reported that tenants feel reluctant to complain about their property managers for fears of retribution, losing their homes or getting bad references when moving. The new Government proposal is looking to solve this.
The proposed new licensing scheme for rental property managers will not include private landlords who manage properties themselves. This is because most owned only 1 or 2 properties making compliance and training expensive and cost-prohibitive. Furthermore, unlike property managers, private landlords are only responsible for their assets and not for a multi-million property portfolio of other people, mismanagement of which can cause significant reputational and financial damage.
The Government is currently seeking feedback on proposals for the regulation of residential property managers. Follow this link to provide your feedback.
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