Reminder on rent bidding issued in Victoria
Real estate agencies that represent landlords are being urged to review their rental processes and practices in Victoria.
The Real Estate Institute of Victoria (REIV), the state’s premier real estate professional organisation, has released a statement to its membership “with a reminder on the legislative process” surrounding advertising residential rental prices and delivering rent increases to tenants.
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In a series of emails sent to members, the REIV called on agencies to “review their processes and practices to ensure all conduct is fair, transparent and adheres to both the Residential Tenancies Act and Residential Tenancies Regulations”.
Rent increases
Looking at rent increases, the institute stressed the need to ensure a renter is given documented and clear information with supporting evidence on the notice of increase, pointing out that requirements and timelines for rent increases are legislated within the act.
Advertising rentals
The institute also reminded agencies and property managers that all Victorian residential rental properties must be advertised at a fixed price, stressing it is “unlawful to advertise rental properties with a price range or initiate rental bidding”.
Weighing in on the messages to the profession, REIV president Jacob Caine said it was pleasing to see an overwhelming majority of members adhering to legislative requirements.
Even so, he conceded that there’s still opportunity for businesses across the state to further refine their processes to achieve industry best practice standard.
He commented: “Our members are committed to ensuring fair prices on rental accommodation for both renters and rental providers.”
Highlighting rent increases as “a natural component of the long-term rental market”, he did counter that the real estate profession “carries the responsibility of ensuring that these are delivered transparently, ethically and with fairness to all parties”.
“The REIV is encouraging all real estate professionals to be prudent and take extra care in this highly competitive rental market.”
