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 previously, the list of new reforms to the residential tenancy act are extensive and are designed to bridge the gap created over 20 years since the last round of changes.
Being up to date doesn’t only require a thorough understanding of the new legislation it requires that your business processes are also updated to ensure compliance and operational efficiency as your strive for minimum standards compliance across your rent roll. There will be systems and processes to update, contract template changes and a mountain of other paperwork that are all absorbed by engaging Property Compliance Victoria as your minimum standards compliance partner..
By outsourcing this process it ensure's 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 the minimum standards audit process, one of the biggest benefits you’ll notice the amount of time a property manager can save. This time saving allows busy property managers to focus on servicing your existing clients and building your portfolio.
- Return on investment
Outsourcing is worth it when you know it will pay off. In this case, it will, 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 your residential property providers that you have everything in place to make sure they are compliant and remain protected from penalties. As a result, your service reputation is enhanced which will support your new client acquisition strategies.
- Improved safety
Part of the reason the new legislations was introduced was to improve safety for renters. When you engage the assistance of a specialist who is focused on addressing safety related issues, your property owners know their asset is compliant to the minimum standards and hence safe for the people who become tenants.
- Be compliant, sooner
Our proven processes and systems dratically reduces the time it would take you to develop those processes internally. By engaging Property Compliance Victoria you have access to ready-made templates and client communication documents. We offer a turnkey solution to the plannining, communication, reporting and documentation required to service your residential rental providers and to protect your agency from the liability associated with non-compliance.
- Less stress
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 your team by ensuring everything is taken care of by outsourcing your minimum standards responsibilities to an expert in compliance auditing. Our staff are available to answer questions from your residential rental providers, tenants and staff. We have at hand the resources and the expertise to answer any questions and deal with any issues on the spot and our commitment is to respond to questions on the same business day.
- Be certified
When you work with a provider like Property Compliance Victoria, each audited property receives a detailed report and a certification of compliance. You can use this certificate to assure your clients that your agency is well set-up and works proactively to ensure minimum standards compliance.
- Protect your business
The Property Compliance Victoria model is designed specifically to remove the legal liability associated with non-compliance to the minimum standards for your agency and residential rental providers. Fines in excess of $11,000 can be applied per property for non-compliance to the minimum standards as set out in the legislation. Engaging Property Compliance Victoria ensures that you are prepared and are not exposed to the potential repercussions associated with your agency or clients failing to comply with the minimum standards.
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.