It seems as if nowadays every day you’re bombarded with another compliance headline splashed across the local news. “Big Bank Nets Huge Fine!” “Law Firm is Dinged for Compliance Violations!” “Technology Vendor Stripped of License!” While we may have added the exclamation points for flavor, the topics and targets are ripped directly from recent headlines.
If you’re a Commercial Real Estate owner, manager or other professional and think your business is safe from compliance burdens that’ll land your mugshot in the paper or company name dragged through the mud, think again. The CRE field is facing a growing compliance burden thanks to a host of regulations both new and newly reinforced. Following and implementing procedures to adhere to the myriad regulations can create an extraordinary burden on your day-to-day operations while failing to do so can see your portfolio out for the count. Quality CRE portfolio management software, such as the options offered by Quarem’s Vantage and Access platforms, can ease the burden and keep your CRE portfolio moving and growing in today’s changing regulatory landscape.
Environmental and OHS Regulations
Quality lease administration software can help tackle your major environmental and OHS compliance issues through real-time tracking of property maintenance and improvement schedules. Want to see if you’re currently in compliance with rules and regulations regarding building age, signage, or workplace conditions? A quick report provides information at your fingertips and saves hours searching through stacks of documents and file folders. Data such as property images can be viewed easily and used to verify adherence to regulations either for your peace of mind or in the event government regulators come knocking.
Cybercrime, Sensitive Personal and Financial Information and You
Perhaps one of the largest areas of compliance, and a hot topic for federal regulators and enforcement is in the world of privacy. As a CRE professional, you most likely are in possession of sensitive financial, or other, data of your tenants. Various government entities have specific regulations for securing this information, disclosure in the event of a breach and destruction once the lease has terminated or the tenant has moved on. With a safe and secure lease administration platform, such as those offered by Quarem, securing data is a breeze while destruction is made easier with centralized data storage.
Changing Regulations Involving Tenant Leases May Call for Renegotiation or Not…
It seems as if every year new standards for lease reporting and disclosure are issued by various government and quasi-government organizations. From accounting methods to allowed or disallowed terms, CRE professionals operating with traditional paper or digital PDF saved leases may find themselves conducting one-off reviews to gather the information needed for disclosure or confirm leases are fully compliant. Multiply the time spent doing this by regular updates and changes to rules and the time can add up fast.
With lease administration software not only can you gather and report on the required information, but you can also view individual or multiple leases at once. If changes or renegotiations of individual leases are needed, Quarem’s intuitive and user-friendly solutions can help input the new terms, communicate them to tenants and track confirmation and digital signature. Whether your CRE portfolio is large or small, Quarem.com’s state-of-the-art lease administration and CRE portfolio management software can help you stay in compliance and on top of this volatile and time-consuming aspect of your business.
