How a Property Management Software Can Help You Stay Compliant with the Residency Tenancies Act 

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If you are the owner or manager of rental properties, you should be aware of your state’s regulations like the Residency Tenancies Act. And speaking of this tenancy law, there have been changes that will be implemented by 29 March 2021.

In essence, each state has laws that regulate the ownership and use of real property. These laws are enforced by commissions, bureaus, state and local departments. Property owners, managers and tenants are required to comply with the new regulations to make renting fairer and safer for everyone.

Easy Compliance with the Residency Tenancies Act through A Property Management Software

A simple and easy-to-use property management software can help you stay compliant with the tenancy law. It can also take the stress out of managing rental properties all by yourself.

Here’s how…

Bookkeeping Tasks

residency tenancies act complianceRental property managers are required to keep detailed accounting records for every dollar on:

  • owner proceeds
  • vendor payments
  • security deposits
  • rents, etc.

In the rental property business, you must record all important information properly. And have them available when needed.

However, bookkeeping can be stressful. Keeping track of finances can be quite challenging.

That said, a simple and efficient remote maintenance manager can help you:

  • track leases
  • collects rent online
  • report income and expenses, etc.

Recording of Transactions

A maintenance manager software is designed to help you meet current state and local regulations. It also helps you record all the necessary information needed for compliance and not just record transactions.

This software or app can simultaneously maintain accounting views for all parties involved. You don’t have to enter information twice or know anything about accounting.

Also, it can securely store and maintain all transaction data. And, allows you to easily retrieve data when needed.

Data Storage and Retention

The state may require you to keep certain documents related to rental properties for some time. A remote property maintenance software allows you to safely store your documents. You can access them from anywhere as long as you are connected to the internet.

With the software, you can store many important documents such as:

  • All statements sent to property owners
  • Property management agreements
  • Tenant applications
  • Move-in/Move-out inspection checklist
  • Invoices associated with repairs
  • Leases/rental agreements, etc.

Tenant/Renter Safet

The state’s residential tenancies act requires the installation of smoke alarms in all real properties, which includes rental units. 

It is the responsibility of property owners to test and maintain smoke alarms within all the units in, or on their property. For multi-unit buildings, landlords are responsible for testing and maintaining smoke alarms in every unit.

A property management software can help you keep track of this information. And thereby help you comply with the state’s residency tenancies act.

Onelane’s Property Management Software Can Help You Comply with the New Residential Tenancies Act Without the Hassle

Take the stress out of overseeing your rental property business by yourself. With Onelane, you don’t only get to use our simple and efficient property maintenance manager software, you also get support from a team of experts in the industry. Contact us today!

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