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Residential & Commercial Property Management Update

Market Updates

Frequently Asked Questions

Rentals

Property Management

Commercial

Winter


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Miles are continually striving to navigate real estate business through the changeable landscape of the COVID – 19 period. The last weeks have seen further updates to both Residential and Commercial legislation and our experienced team are now clearer on the current implications and key ramifications for trading in these times, specifically for property Owners and Tenants. While there are still some unanswered questions, we have a lot more clarity to operate with.

In the property management and rental domains it has been complex and challenging times for most owners and tenants and our Portfolio Managers continue to work hard to provide the best possible support. Our key objective is to ensure that tenancies can continue beyond this COVID -19 period.

We note the volume of rental adjustment requests for owners has reduced, but it is evident that requests are likely to continue for a period of time.  Our systems for managing this process require tenants to complete an application form and provide supporting documents with evidence of their situation.  We have found owners are being fair and reasonable in consideration and agreement to rental reductions or rental deferrals for their tenants. 

For our Residential Sales and Rentals team, the number of attendees permitted at opens is now twenty. This has resulted in an increased number of prospective buyers and tenants being able to book inspections for the week ahead. There has been notable increases in interest and attendance at rental inspections with very good letting results, there has been an official increase in the number let for the same time period last year.

Routine inspections at rental properties have been ceased for some time, but we are pleased to advise that we are preparing to recommence inspections in the coming weeks, with the exception of tenants with COVID-19 concerns, in which case we will not proceed with an inspection. 

In the Commercial domain, we can now advise on implications of the Covid-19 Omnibus Regulations 2020 for property Owners and Tenants. In summary, there are numerous variations within the Regulations around rent relief, outgoings, rent increases, land tax and mediation. We can offer our expert support and understanding.

The Victorian Small Business Commission has also published some excellent fact sheets on the regulations. 

Click here to be directed to the Commission’s resources.

We appreciate the challenges that this pandemic has created, however the general consensus from our Residential and Commercial Portfolio Managers is that the vast majority of tenants and Property Owners are showing a strong level of empathy and a willingness to share the burden to ensure that the relationships can continue beyond COVID – 19.

Please don’t hesitate to contact your Portfolio Manager if we can assist you with anything at this time.

PAUL EVANS

CEO & Director Commercial/Industrial


CONTACT US:

Miles Rental Team - Click here

Miles Commercial Team - Click here


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