As a property manager, monitoring compliance is a major part of your role. However, it’s also one that can be quite challenging without a little support. Fortunately, there’s a host of technology out there designed to streamline your responsibilities and give you the help you need along the way. Let’s take a look at how property managers can use tech to monitor compliance and some of the options at your disposal.
1- Payment, Accounting, and Documentation Automation
Tenants have a host of protections that prevent them from being forced to pay rent hikes that are illegal or adhere to rules that couldn’t possibly be legally enforced. Staying on top of these laws is done on your part or with the support of realty advisors, but there are systems out there you can use to track everything and make sure you’re in compliance. For example, having high-end payment systems and accounting software allows you to track changes in rent to ensure all tenants are being treated fairly. Meanwhile, documentation systems will allow you to keep track of all leases signed to ensure that both you and the tenant are following the rules throughout the course of the lease.
2- Security Systems
Security systems aren’t just helpful in preventing malicious third parties from causing damage to your property. They’re a great way to track what your employees are doing at all times while they’re going about their jobs. While you shouldn’t assume that your employees could put you in a position where you’re no longer compliant, having these systems provides an added incentive to keep them from doing something that could get you in trouble as well as provide you with documentation in case claims are made or there is illegal behavior suspected.
3- Water and Energy Sensors
You want your tenants to have safe spaces that are functioning optimally. However, this can be difficult if neither you nor your tenants suspect a problem until it’s much too late. Adding water sensors and energy sensors to your property can help you detect anomalies and possible issues before they become a much bigger problem. This gives you the advanced notice you need to make the necessary repairs to ensure both your property and your tenants are safe. Just keep in mind that this shouldn’t be used to limit your tenant’s water use or electricity use in a way that isn’t legal in your state as this can cause more harm than good.
Remaining compliant with local and state laws and regulations is important as a property manager, and there’s no shortage of software and devices that can help you do just that without requiring as much of your time or your worry. If you’re looking to make sure that you’re in compliance and avoid taking necessary time away from other tasks that require an equal amount of attention and care, use the tech suggestions above to find ways to monitor compliance and ensure that your staff is taking care of your property and your tenants.