Staying Up-to-Date on Industry Standards and Updates in Property Management
The property management industry is constantly evolving and there are several standards and updates that property managers should be aware of. Some of the key standards and updates include:
- Fair Housing Act: This federal law prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, and disability. Property managers must ensure that their policies and practices comply with the Fair Housing Act.
- Americans with Disabilities Act (ADA): This federal law requires that buildings and facilities be accessible to individuals with disabilities. Property managers must ensure that their properties comply with the ADA, including providing accessible parking, entrances, and common areas.
- Energy Efficiency: Property managers are increasingly focused on energy efficiency and sustainability. Many states and municipalities have adopted energy efficiency standards for buildings, and property managers must comply with these standards to ensure that their properties are energy-efficient.
- Building Codes: Property managers must ensure that their properties comply with all applicable building codes, including codes related to fire safety, electrical safety, and plumbing.
- Rent control: Some states and municipalities have adopted rent control laws, which limit the amount that landlords can increase rent. Property managers must comply with these laws to ensure that they are not overcharging tenants.
- Technology Advancements: Property management software, online payment systems, and other new technologies are being adopted by property managers to make their job more efficient. Industry trends like these can help property managers save time, automate tasks, and increase communication with tenants.
- Remote Management: With the pandemic and the rise of remote work, many property managers have adopted new technologies to manage properties remotely. This includes utilizing virtual tours, remote inspections, and cloud-based property management software.
- Security Standards: Property managers must ensure that their properties comply with security standards, including fire safety, emergency response, and evacuation procedures. This also includes the use of surveillance cameras, access control systems, and security personnel.
It’s important to note that these standards and updates can vary depending on the location, and it’s best to check the regulations of your state or municipality.