The upcoming changes to rental legislation in NSW have introduced a new mandate: tenants must be offered specific, free ways to pay their rent, like EFT (Electronic Funds Transfer). While it sounds straightforward on paper, property managers and landlords know that what looks good in theory can quickly turn into a logistical nightmare in practice.
Imagine this: rent payments start flooding into your trust account, but half of them come through with vague or missing references. Soon, it’s a mess—there’s a growing list of tenants who are showing up in arrears, even though they’ve technically paid their rent. This can lead to tense conversations with tenants who understandably don’t appreciate being told they’re late when they’re not, and all of it falls back on the property management team to sort out.
But that’s not where the trouble ends. Landlords who depend on consistent disbursements could find themselves on edge when rent can’t be allocated correctly, creating delays and eroding the trust they have in their property management agency. Suddenly, everyone’s calling, everyone’s unhappy, and it’s all because tracking these incoming payments has become a guessing game.
This payment chaos also disrupts agency operations. When the property manager doesn’t know who the funds are from, there’s no way to collect management fees on time. And let’s not forget about suspense accounts—the “mystery money” holding accounts that grow every time a payment lands without proper identification. As these accounts balloon out of control, reconciling them turns into a full-time job, and keeping them tidy becomes nearly impossible.
It’s a perfect storm for property managers and landlords who now face the reality of this added administrative load. But luckily, there is a solution. OurProperty’s automated system eliminates the hassle of manually managing trust accounts and automatically reconciles every payment method, effectively preventing suspense account issues. By linking each payment accurately to its corresponding tenancy, it frees property managers from time-consuming payment sorting. Trusted by agents across the industry, OurProperty’s AI-powered payment reconciliation and diverse payment options are particularly valuable in light of the recent NSW legislative changes. As property managers face the demands of doing more with fewer resources under stricter regulations, relying on manual processes simply isn’t sustainable.
While the new regulations aim to simplify things for tenants, they’re bound to make life more complicated for property managers and landlords. But with the right approach and the right tools, agencies can stay one step ahead, keeping the rental process smooth, the accounts balanced, and everyone happy—even when legislative changes try to shake things up.