Managing Compliance and Mitigating Risk in the Real Estate Industry

Managing Compliance and Mitigating Risk in the Real Estate Industry
Posted by
on Jun 01, 2019

Every day, the property management industry is tasked with the protection and compliance of over 2.6 million real estate dwellings in Australia. Yet, regulatory requirements vary across State and Territory jurisdictions, each with their own nuances. These differences, along with constant changes to legislation, add a layer of complexity to navigating the ever-evolving world of property compliance.

The consequences of non-compliance are severe–it can not only result in litigation and hefty penalties, but can also negatively impact your brand reputation and even lead to loss of licence. That’s why it’s more critical than ever before to stay up to date with industry reforms and changes in compliance obligations. Effectively, the modern property manager must also function as a risk manager to ensure compliance and mitigate risk.

To ease the burden of compliance obligations on the property management industry, our new Reminders feature was designed to be a flexible and all-encompassing solution to track and manage a wide variety of compliance tasks associated with properties and tenants.

Managing compliance with Reminders

April Product Update Reminders 1

Reminders is an easy way to track and manage compliance tasks such as smoke alarm checks, pool safety and insurance expiry dates. In a few clicks, you can apply individual or bulk reminder templates to your properties to ensure recurring tasks never get missed.

To reduce the risk of human error and ensure consistency, you can add new reminder templates with optional defaults for contact and frequency and view reports of reminders by status and by property, plus exception reports showing you any properties that don’t have a specific reminder assigned and drill into detailed logs of actions taken against a reminder as needed.

Additionally, colourful alerts on the Reminders screen highlight any overdue or expired reminders, as well as reminders with no due date. You can also generate a report of all reminders for one supplier and link the related bills and certificates directly to Reminders.

For reminders requiring a little more follow up, you can create individual or bulk jobs directly from Reminders and attach bills and documents. When the job is closed, the reminder is automatically closed too.

At PropertyMe, we’re always looking for ways to genuinely solve problems and simplify the business of property management. Reminders is one feature of many that assists the industry in managing compliance and mitigating risk. Learn more about the full suite of PropertyMe features.