
Company News
11 Compliance Issues Every Property Manager Should Know
Each business sector our clients operate in have their own specific compliance issues which need to be addressed. So, looking at a common sector, property management.
Property managers must navigate a range of compliance issues to ensure they operate within legal and ethical boundaries. Typically, these include:
- Local Housing Law based on property situs usually prohibits discrimination.
- Landlord-Tenant Laws governing deposits, notice periods and other general lease standards.
- Disability access and any requirements under local law.
- Occupational Safety and Health regulations may apply when property managers engage staff for maintenance purposes.
- Environmental regulations, such as lead-based paint and asbestos.
- Licensing requirements: are you in a jurisdiction that requires licensing or registration as a designated business?
- Data privacy and security. By handling tenant information, have you created an exposure to Data Privacy laws in the jurisdiction and do you need to register with your local Information Commissioner. How much information do you need to hold before you have an obligation to register?
- Know your tenants and their employment. Due diligence for new tenants and knowing when to refresh existing information.
- Financial Management and Trust accounts – are you accounting for security deposits and reporting rental income correctly?
- Eviction laws and procedures – do you know the law and procedure for each of the properties under your management? Cross-jurisdictional portfolios require specific planning.
- Insurance, do you have a schedule to cover off such matters as inspections and do you know enough about the building to answer the insurance questions.
Understanding the properties under your management and how local legislation impacts is key to achieving a well-managed portfolio.
Share This Article