This is a good thing for tenants, landlords and property managers because it helps protect all parties from unethical and illegal practices. As was the case with the ‘KFC test’, and many other stories in the media, we know sketchy property management isn’t something that goes down well.
And it paints a poor picture for property managers who do conduct themselves professionally, and only want the best for the industry.
In this month’s blog, we’re going to look at why these regulations could be a good thing for property managers, what the proposed changes could be, and what Lodge is doing to ensure professional practice in property management is upheld.
Simply put, it’s good for businesses. Creating a set of standards that must be met only adds to the credibility of property managers. And tenants can trust that their property manager isn’t going to do anything unethical – if they did, it would be a huge risk.
Without regulation, there’s no ethical framework for all parties to work from. That said, as property managers we believe it’s important that we have an in-depth understanding of the property and rental landscape in order to provide service of the highest standard.
What are the proposed new regulations?
It’s been proposed that property managers should meet a certain level of educational requirements, and be responsible for their actions if they don’t adhere to set standards.