In property management, compliance with local, state, and federal regulations is not just a responsibility—it’s a necessity.
The rules and regulations governing condominiums can be complex, covering everything from resident safety and insurance requirements to environmental impact and noise ordinances. Despite how intricate the web of regulations may be, property managers need to stay current with all of them to avoid legal complications, fines, and other penalties.
If you’re interested in understanding condo rules and regulations and how to stay compliant with condominium acts, you’ve come to the right place. Keep reading to learn more about why it’s important to know condo rules and regulations inside and out, the challenges associated with maintaining compliance, and strategies property owners can use to navigate the difficult regulatory landscape.
Why You Need to Know Condo Rules and Regulations
Staying on top of condo regulations is critically important for several reasons.
For starters, compliance ensures the safety and well-being of residents, addressing concerns like fire safety, building codes, and accessibility standards. Nobody is eager to live somewhere dangerous, meaning that compliance can help you attract and retain tenants.
On top of this, compliance is key to avoiding the legal repercussions and financial penalties that can arise from violations. At the same time, adhering to condo environmental regulations can help minimize the ecological footprint of condo complexes. Since two-thirds of renters say they consider “green practices” when choosing a place to live, complying with environmental regulations can also help you attract new tenants.
What are the challenges associated with staying up to date on condo regulations?
Property managers are pulled in a million different directions every day, facing many challenges along the way.
Without the right tools in place, property managers struggle to store and track regulations across properties and condo communities, particularly because such regulations change regularly. In the same vein, they struggle to store, track, and maintain audit histories, compliance issue documentation, resolutions, and other files.
Beyond this, property managers lacking modern tools also have a hard time communicating updates and related items with residents effectively; it’s difficult, time-consuming, and expensive to distribute documents by hand. What’s more, property managers can also have a hard time monitoring potential issues, assigning ownership, tracking completion, and resolving issues around the condo complex. When lacking a purpose-built property management software solution, tracking work orders and handling vendor management end-to-end is a tall order.
How Property Owners Can Be Proactively Protected and Comply with Condo Regulations
While complying with a wealth of rules and regulations is a difficult task, the good news is that you don’t have to go about it entirely on your own. Staying ahead of condo regulations requires a proactive approach, ongoing education, and the right property management platform.
1. Train your team.
Investing in ongoing education for property management staff is crucial. Let your team know about relevant regulations, why the regulations matter, and what they need to do to comply. Be sure to revisit training periodically to update your team as regulations change and new ones are enacted.
2. Join networking events and industry associations.
Rather than trying to navigate the world of condo rules and regulations on your own, engage with industry associations and attend local networking events. These forums often serve as platforms for sharing information on regulatory changes, best practices, and common challenges. The sooner you participate, the faster you become part of a community of informed professionals.
3. Seek legal consultation.
While you’re at it, seek legal advice from professionals who are well-versed in real estate and condominium laws. Such resources can provide guidance on how to interpret complex regulations. They can also offer insights into how regulations apply to specific properties.
4. Property Management Software.
One of the easiest ways to ensure compliance is by investing in property management software solutions, such as Netintegrity, which can be instrumental in simplifying and streamlining the compliance process.
Netintegrity makes your compliance journey easier thanks to:
- A centralized compliance dashboard: Netintegrity offers a centralized compliance dashboard that consolidates relevant information in one accessible location. With all important information in one place, it’s that much easier for property managers to find the information they need. Instead of wasting time searching for documents or files, property managers can work more effectively and spend more energy focusing on the most important priorities.
- Audit history automation: By capturing audit history automatically, Netintegrity makes it easy to demonstrate compliance in the event of an inspection or audit. Rather than scrambling to prove compliance, property managers can surface the relevant information they need in just a few clicks.
- Streamlined communication and engagement: As a digital property management platform, Netintegrity helps condos reduce their reliance on paper while improving communication across both internal teams and the tenant community. As a result, it’s easier to coordinate workers and ensure tenants have the updates they need in a timely manner.
- Automated work orders: Netintegrity’s automated work order system streamlines the maintenance process, ensuring that all maintenance activities are scheduled and executed promptly. When property managers rely on outdated manual methods, it’s easy for repair tasks to slip through the cracks, leading to more expensive jobs and less satisfied tenants.
Get started with Netintegrity today!
Complying with a fluid, ever-growing list of local, state, and federal condo regulations is a challenge for every property manager.
As a property management platform built for the modern era, Netintegrity has features designed specifically to help your journey to compliance be as simple as possible. By investing in Netintegrity, you get the peace of mind that comes with knowing you’re complying with relevant condo regulations—to the delight of your tenants and your bottom line.
To learn more about how you can use Netintegrity to take your property management company to the next level, request a demo today.