As we scan across the nation, today we’ll focus on Montana. Brokers in Montana are required to hold their records for five (5) years for trust accounts and proprty management transactions according to The Montana Board of Realty Regulation. This is similar to several states in the U.S. The norm seems to be anywhere from 3 to 5 years, with the odd state coming in with regulations at 6 or 7 years.
In the regulations, it states ”all required trust account records may be maintained electronically but must be maintained in a manner to permit auditing”. This is good news if you’re a Filetwin user. Why? Because we present you with your files in a file tree similar to that which you’re already accustomed to if you use Windows Explorer.
Additionally, since Montana requires five (5) years, it’s prudent to keep in mind that Google even has proven that the average life expentancy of a hard drive is five (5) years. The proof can be found if you read this article from Google. We also recommend you watch our YouTube video snippet regarding the use of traditional storage media versus online backup. Basically, using online backup is the most reliable backup alternative if you’re required by regulations or laws to retain your records for such and extended period of time.
Remember this, it’s always easy to do nothing and just continue with current procedures, however, what’s important to keep in mind is that when something goes wrong and data is lost the cost of reproducing those records is way more expensive than if you made a small investment when you still had a chance. Yes, we did say investment because the overwhelming obstacles is normally a financial justification. We prefer to look at safeguarding your digital records as an investment because we’ve seen the horror stories surrounding data loss.
If you’d like to continue this conversation in person, please feel free to contact one of our U.S. based customer service representatives at 1 877 310-2884 and they’ll be glad to speak with you.