In less than 14 months – or 280 working days – New Queensland Smoke Alarm laws will come into effect. Will YOUR property be ready???
The Worrying State of Play
New statistics have emerged and authorities are getting worried. Among the over 550,000 investment properties in Queensland, only 25% of all required upgrades have been completed. The experts predict that there will simply not be enough technicians or smoke alarms available to meet this quota by the deadline.
Furthermore, as demand is set to increase in 2021, costs for upgrades are expected to soar.
Why have investors been so slow to act?
We believe it is a combination of the following:
– Lack of education of investors
– Lack of proper processes by the majority of agencies (many have not even begun obtaining quotes to upgrade their clients’ properties)
– Procrastination to delay the costs
– The old Aussie adage ‘She’ll be right – I have plenty of time’.
What happens if a property is NOT compliant by the deadline?
Rental properties that have not been upgraded by 1st January 2022 will not be permitted to enter into new leases. Therefore, if your tenant leaves, your property will be sitting vacant indefinitely until the upgrade has been completed (which may take months depending on availability of smoke alarms).
Even if tenanted, you will not be permitted to renew the lease, allowing it to lapse into a periodic lease and creating uncertainty.
Our Upgrade Program
One year ago, Solutions Property Management embarked on an ambitious plan to have all our managed properties upgraded by the end of this year. Most of our clients have responded well and to date, three-quarters have been upgraded.
Don’t follow the Herd
Some of our clients, however, have chosen to delay the upgrade, believing that they still have time. The problem is that hundreds of thousands of other investors are thinking the same, and when demand starts to rise, so will the costs.
Please note that if you defer or decline the upgrade, we will cancel the job and wait for you to advise when you would like to obtain another quote to move forward with the work.
Do it once – do it right
A report by a leading smoke alarm company advised that of the upgrades already completed in Qld, 37% have been done incorrectly.
Therefore, equally important to getting the right price is getting the job done PROPERLY. Our clients can be assured that our compliance contractors offer a superior professional service while keeping prices competitive.
But prices will inevitably rise, so please don’t delay. Approve the upgrade NOW to protect your tenants, your property, and your rental income.