November 27, 2020

Reasons why outsourcing compliance auditing is the smart choice.

The Residential Tenancies Amendment Act of 2018 includes 130+ new reforms for property managers, property owners and renters in Victoria to be aware of.

The COVID outbreak of 2020 and resulting lockdowns means the new laws included in the Act won’t come into effect until March 2021. However, there is still a great deal for any property professional to get their head around.

As a property manager, ensuring the houses and apartments you manage are compliant with the Residential Tenancies Amendment Act of 2018 is a major responsibility and a major headache. From updating the way your clients’ properties are advertised to revising rent agreement terms and making sure you follow a huge list of new safety and maintenance requirements, a lot of work will be required at your end.

Non-compliance is not an option

Unfortunately, failure to comply will result in hefty fines, and owners and their managing agency potentially being named on a Consumer Affairs blacklist which is accessible by the public. Being called out for failing to obey the new legislation can also result in insurances being voided.

If you’re feeling exhausted after the events of 2020, it may make sense to call in some help and outsource minimum standards compliance auditing so you know each property in your portfolio is protected from a penalty notice.

Take a look at how taking this approach can save your business, your sanity and your weekends.

Why outsource to a compliance auditing expert

As mentioned, the list of new reforms for residential tenancy law is extensive, reflecting the gap of over 20 years since the last round of changes.

Being up to date doesn’t only require a thorough understanding of the new legislation. There will be systems and processes to update, contract template changes and a mountain of other paperwork.

When you outsource this process to ensure the properties you manage are compliant, here’s how you will benefit:

  • Save time

It’s impossible to be in all places at once. The extra workload of meeting compliance requirements shouldn’t have to fall to you. By outsourcing, one of the biggest benefits you’ll notice is more time in your day, which you can use to focus on building your portfolio.

  • Return on investment

Outsourcing is worth it when you know it will pay off. In this case, it will do, partly because it will help avoid large fines, void insurance or losing clients forever. Taking a long term view, you will be able to assure the property owners you work with you have everything in place to make sure they are compliant. As a result, your reputation and client base has excellent potential to expand.

  • Improved safety

Part of the reason the new legislations were introduced was to improve safety for renters. When you have the help of a specialist who is focused on addressing every safety issue, you can let property owners know their asset is safe for the people who live in it.

  • Be compliant, sooner

All the paperwork and updates will take a great deal of time if you’re only coming off a basic knowledge base. Work with a professional and access ready-made templates and client communication documents so you are 100% ready to go from March 2021 when the new laws come into effect.

  • Stress less

Imagine being able to say “My compliance person has already dealt with it,” instead of “I’m not sure, I will have to look into it”.

Take the pressure off yourself and ensure everything is taken care of by outsourcing to an expert in compliance auditing.

  • Be certified

When you work with a provider like PCV, you’ll receive a certification of compliance. You can use this to assure your clients your agency is setting the standard, not struggling to keep up with it.

  • Protect your business

The last thing you want is a non-compliance fine. Request a compliance audit so you are proactively prepared and not vulnerable to the repercussions of your agency or clients failing to comply with regulations.

Wading through complex legislation and understanding what the real impact for your agency will be takes time, which is why we’ve done the work for you and have created a seamless process to minimise non-compliance risk. Contact us to find out more.

Disclaimer: This article is for marketing purposes only and was correct at the time of publication. We endeavour to ensure all information is as current as possible. We strongly recommend you do your own research in regard to any details of the new legislation.