Reapit in Australia & New Zealand:
Change Region: ANZ
Keeping up with the constantly evolving legislation in Australian property management can be incredibly challenging. This can be a complex task given the various laws and regulations across different states and territories. The absence of certification for property management software in Australia and New Zealand requires that property managers do their homework when selecting platforms to ensure compliance.
Currently, there is no certification available to property management software companies in Australia and New Zealand to confirm compliance with trust accounting and other compliance laws. This places the onus on property managers to ensure their software aligns with the legal requirements of their region.
A crucial aspect is verifying that your property management software’s trust account system complies with local laws. Non-compliance can lead to significant issues down the track. While a product might handle day-to-day property management tasks efficiently, it is essential that the software has been audited by governing bodies and authorised trust account auditors in your state or territory.
To adhere to compliance practices effectively, compile a list of all relevant laws and regulations. Engage with software representative about their compliance measures and risk exposure strategies. Ask your software provider: “Does this software comply with the trust accounting laws of my state or territory?” if they can’t provide a clear answer of proof of audits, proceed with caution. Compliance is a major selling point for property management platforms because it de-risks your business.
Console Cloud continuously updates its features to stay aligned with trust and tenancy laws. For instance, when laws changed in NSW in March 2020 and QLD in 2022, Console’s product managers reviewed these changes and updated the software accordingly. This constant vigilance ensures that Console Cloud remains consistently compliant.
Besides trust accounting, your property management software must be capable of producing audit reports and statements in the required formats. This functionality is vital for spot-audits and maintaining transparent records. Console Cloud’s reporting function is designed to handle such tasks efficiently, providing documents in the right format on demand. It also includes an audit log that details every change, payment, or update with a time-stamped log of actions taken.
While not strictly a compliance issue, having the correct reports in the right format is crucial for presenting your case in tribunals and other legal proceedings, assess your current system’s ability to produce these reports. Console Cloud facilitates this with detailed reporting capabilities, ensuring you have all necessary documents ready for any legal challenges.
Navigating compliance in Australian property legislation requires a proactive approach and the right tools. By ensuring your property management software is thoroughly vetted for compliance, you can mitigate risks. Platforms like Console Cloud, with their continuous updates and robust reporting functions, exemplify how the right software can support compliance. With the right knowledge and tools, property managers can confidently navigate the complexities of compliance, ensuring smooth and efficient operations in line with Australian property laws.
