Understanding CB-006-2023

New Legislation in Prince George County, MD has been passed recently that will be going into effect for all new residents on July 1st, 2023 (existing residents have until October 1st, 2023). There are some key pieces that everyone should know about leading up to July 1st:

  • The legislation mirrors California’s SB-1157.
  • Portfolios with 15+ units must offer residents the option of reporting their rental payments to the credit bureaus.
  • Resident Reporting must not exceed $10 in resident expenses.
  • Residents must be allowed to opt-out via written notice.

How to Prepare for CB-006-2023

Pick a Reporting Solution

Adding in another software or technology can be a challenge, so research and prioritize seamless integrations with the property management and accounting software you already have in place. Never rush into software that has not proven its worth.

Rent Dynamics offers a unique and easy way to implement credit reporting in a tool called RentPlus. Using advanced encryption technology to provide data to credit bureaus securely, RentPlus does all the work for you to report timely rent payments on your resident’s behalf. Your residents simply sign up, pay rent on time, and RentPlus takes care of the rest. No hidden transaction fees, no middle-man, or third-party processors are required. 

Communicate to Your Residents

This is an excellent opportunity to reconnect with your existing residents! Solutions like RentPlus will handle all the communication for you so you don’t have to. In the event, you go with another provider, be sure to let your residents know you now offer credit reporting for on-time rent payments and walk them through the steps on how to sign-up. Providing software that offers your residents more than just credit reporting will set you apart as a truly caring property manager. Giving them tools and protection is a sure way to keep residents leasing from you for longer.

Market Your New Offering

Again, this is where programs like RentPlus will outshine the competition. They will not only handle all the communication for your current residents, they will also work with all new move-ins and residents who have not yet enrolled. Offering rent-reporting services is a great way to stand out from the competition, so make sure this offering is advertised widely! You can add it to your website, include it in your email campaigns to prospective customers, and add it to your message on-hold script. 

We can help you get in compliance within 2 weeks

July 1st is quickly coming up, and if you’d like to see how RentPlus can be rolled out in as little as two weeks.

Big News! Rent Dynamics has been acquired by Entrata!