Property owners, managers and developers know they work in a risky business, and as the market expands and undergoes rapid change, the challenges in the new era of real estate continue to evolve. Advancements in technology, government regulations, environmental sustainability and health and safety are just a few of the growing pressures keeping property managers up at night. Here’s why:
Government regulations are increasing
Across borders, government regulations are cracking down on building operations and maintenance. Take Ontario’s
Bill 109 for example, which requires property managers to repair broken elevators within two weeks. To the south, California’s newly enacted
AB 646 requires property managers to disclose risks to tenants living in flood-hazard areas. With each new regulation comes several challenges related to managing records for maintenance and tenant communications.