Compliance is complicated. In the multifamily industry, this is particularly true. Whether you own or operate conventional multifamily, commercial, affordable housing, student, or senior housing, the burden of compliance can be costly and overwhelming.
With each passing year, new compliance regulations add to the struggle. And knowing whether a property is in compliance with these regulations often requires a skillset that few property managers have, even with all that is at stake.
Penalties for noncompliance can mean huge financial losses for owners. It’s a lot to keep up with.
For operators who want to stay ahead of the compliance curve, it is imperative to make compliance a priority. Combining existing compliance policies with dynamic training tools helps to foster a culture of compliance within your organization.
The Problem with Multifamily Compliance
More than likely, you have at least some compliance policies and procedures in place.
However, as is often the case in multifamily, this is still tracked with pen and paper. There may be a few instances where an operator already has a software system in place to support compliance, but even then they have to get their staff to use the platform effectively.
Tips to Maintain Multifamily Compliance
Despite our best efforts, we all make mistakes. It’s in our nature.
Preventing all mistakes is probably an unattainable goal, but significantly reducing human error, is a reasonable expectation.
When it comes to maintaining multifamily compliance, there’s more than one way to do this, but the best way is with software.
If you have a software system in place (like Leonardo247):
- Make sure all of your compliance issues have been accounted for in your software system – if you don’t put the compliance tasks in the software then it’s useless.
- Create a culture of compliance through continued education and communication on the importance of corporate and compliance-driven tasks
- Tie bonuses and reviews to task compliance
Review dashboards often and course correct early! Finding out your team isn’t in compliance after a deadline or incident is too late.
If you’re still using pen and paper:
- Document all the compliance issues you have
- Centralize and label your filing system for easier access
- Make sure your team knows where to file inspection forms and other property documentation
- Audit often! Don’t find out when it’s too late
How Leonardo247 Helps with Multifamily Compliance
In Leonardo247, the Dashboard is a centralized view of all property tasks, whether policy or code-driven, across regions. If a property does not meet its predefined compliance percentage goal the property is notified and the staff rushes to complete tasks in the system.
In addition to policy-driven tasks customized to each customer and property, we actively source all the applicable federal, state, city, and county municipal codes that govern real estate. Our in-house team of experts reviews the codes for compliance regulations, and our proprietary software monitors the codes for changes. We then create code compliance templates and tie them to applicable properties.
Achieve compliance with Leonardo247. Request a demo today!