Concern for tenants, landlords and real estate agents has moved the REIA's president Adrian Kelly to contact the big four banks.
Tenants, landlords and real estate agents are all in a precarious position when it comes to keeping rental payment flows going, thanks to the recent Coronavirus pandemic.
Across Australia there are over three million rental properties housing approximately eight million people.
For this reason Adrian Kelly, president of the Real Estate Institute of Australia last week released a statement advising members of what measures he is taking.
"We know that many of our tenants are employed in sectors that are likely to experience significant job losses during these uncertain times," said Mr Kelly.
"On behalf of the real estate industry I would like to communicate to our tenants that we absolutely understand the stress and anxiety that you may be feeling at this time.
"Indeed, my own partner who is a Qantas employee is being stood down from work today.
"We have a responsibility and a duty of care to look after the interests of both our tenants and also that of our property owners.
Mr Kelly admitted the Institute was in unchartered waters with the Coronavirus pandemic.
"If a tenant is unable to pay their rent, due to a loss of income, the situation is further exacerbated by the fact they may need to self-isolate for a period of time," said Mr Kelly.
"A larger problem on the horizon is in the case of a property owner who cannot afford to make mortgage repayments because their tenant can’t pay their rent.
"We already have property owners, particularly in Melbourne and Sydney, whose tenants are overseas student currently locked out of the country.
"We know many of our tenants live from pay cheque to pay cheque and this is particularly the case at the lower end of the market.
Mr Kelly said with this in mind he was in the process of writing to the larger banks and financial institutions to make them aware of these imminent situations.
"The postponement of mortgage repayments by the banks and financial institutions, for impacted property owners, is a possible solution," said Mr Kelly.
"This is what I will be asking the banks to do."
Mr Kelly also contacted federal housing minister Michael Sukkar to discuss the situation with him.
"The REIA, the state Real Estate Institutes and all our estate agent members stand ready to assist in what ever way we can to help facilitate this process," said Mr Kelly.
"A final message to our tenants across Australia.
"During this difficult time, which will pass, we will treat you with respect and understanding whilst maintaining the highest quality of safe work practices possible.
"In return we ask that you also treat our employees in the same manner.
"We need tenants residing in our rental properties as you are an integral part of our industry and indeed, of the Australian economy."
Similar to this:
REIA makes a statement in regards to Coronavirus
What a State of Emergency means for Victorian real estate
Why property stands sturdy as Coronavirus smashes stock markets