AROUND 50 real estate agents from the Bathurst region have ensured they are up to date with the changes to tenancy in NSW.
The Residential Tenancy Act recently passed through both houses of government, meaning changes will soon come into effect.
To help property manages stay abreast of the changes, the Real Estate Institute of NSW has embarked on a state-wide education tour to share the new information.
Compliance specialist Nerida Wood said it was important that agents knew about all the changes ahead of the regulations coming into effect, which is expected to happen early next year.
“It’s about giving a bit of heads up to what is going to come,” she said.
“This isn’t going to come into force until we get the regulations, which haven’t been put into place yet, but we’re looking to just get the information out there so we can be ready for when the changes happen.”
While there is a raft of changes due, there are a few key ones Ms Wood said agents had to be aware of.
They included changes to rent increases, which will be limited to once per year in the continuation period of a tenancy agreement, and the break fee if tenants need to break their lease, now set to operate on a sliding scale.
“It becomes more important for the agent to monitor how the tenant’s going in their tenancy,” Ms Wood said.
There are also going to be groundbreaking changes that will help victims of domestic violence.
“It’s an important change and it will affect the way agents practice and the way they work with the tenant and the landlord in those situations,” Ms Wood said.
It’s crucial that agents are educated on the changes, but tenants are also encouraged to look into the changes that will affect them.
Ms Wood said tenants can refer to Tenancy NSW for more information.
Legislation regarding tenancy is reviewed every five years and changes to the Residential Tenancy Act have come in following more than three years of consultation.
“Whilst some of the changes are very beneficial to both landlord and agent, some of the changes still need to be hopefully thought about and have more clarity in the regulations,” Ms Wood said.