Ensuring every property in their portfolio remains compliant is one of the most important duties that property managers carry out. It keeps tenants safe, mitigates risk for owners, and shields agencies from litigation, fines, and reputational damage.
But keeping track of compliance items can be a major time sink for property managers. Each property has its own list of items and requires a different set of inspections and certificates, from swimming pool fences and insurance to smoke alarms and safety switches. To make things even more complex, each state and territory in Australia has slightly different regulatory requirements that are constantly being updated.
For example, in Queensland as of 2022, all dwellings leased and sold will be required to have interconnected photoelectric smoke alarms in all bedrooms and hallways that connect bedrooms with the rest of the dwelling. While this is unlikely to be an issue or significant expense for individual homeowners, it may well be for a Property Management agency with a portfolio of hundreds of properties. And such updates to compliance requirements are becoming ever-more frequent throughout Australia.
In the real estate industry, property compliance has been traditionally dealt with through spreadsheets and notepads. While time-tested, these systems can easily result in missed expiries and increased liability for agencies. And, unlike with advanced software, they offer little opportunity to improve the speed at which compliance items are tracked and managed.
Console Cloud makes it foolproof and efficient to keep rental properties fully compliant, no matter where they are in Australia. It does this through a first-of-its-kind compliance workflow that makes it simple to track and manage items across your portfolio.
This not only makes managing compliance much less time-intensive, it also eliminates the risk of compliance items being missed due to human error. The workflow is simple to set up, allowing you to get your whole portfolio tracked in no time and is also heavily customisable. Automation can be turned on or off at any time, and property managers are able to make their own manual reminders and notes. If there’s an item or property that needs a little extra attention, it’s also easy to send tailored communications about specific items.