In the midst of dealing with daily operations, capital fundraising, and managing transactions, GPs, property owners, and investors may not be cognizant of the fact that they need to stay on top of the latest updates in accessible buildings compliance. It’s vital for real estate investors to understand how to comply with federal and local accessibility regulations to avoid severe legal and financial risks. For instance, the Department of Justice recently filed a lawsuit against the residential real estate developer Toll Brothers, alleging that buildings weren’t accessible for people with various physical disabilities.
The right technology can play an essential role in simplifying compliance processes for accessible buildings. Let’s take a closer look at understanding accessibility in real estate and how to use software to streamline operations.
Examining Accessibility Compliance in Commercial Real Estate
In order to maintain compliance with ADA regulations, businesses must ensure their buildings are both accessible and usable by people with disabilities. ADA compliance is imperative for a variety of businesses, like restaurants, retail establishments, hotels, offices, and more. These standards outline specific guidelines that are particularly handy for property owners and developers, such as:
- Wide doorways that allow for wheelchair access
- Accessible restroom stalls
- Designated accessible parking spaces
- Ramps installed near entryways
What are the risks of not following accessibility regulations? Depending on the offense, if buildings are not ADA compliant, property owners can face severe financial or legal consequences. Non-compliance can result in costly fines or lawsuits. It can also severely hurt a business’s reputation, and lose tenant and customer trust.
Investors might have difficulty tracking and maintaining compliance across different portfolios. It can be complicated to stay up to date on the latest accessibility requirements, especially when utilizing manual or outdated systems. That’s when costly mistakes happen, but the right investment management software can help.
Key Features to Look For in a Compliance-Ready Investment Management Tool
GPs and investors should look for a comprehensive platform that centralizes communication amongst stakeholders which makes it easier to track assets and compliance. The platform should also assist in adding ease to integrating with performance or inspection reports and planning tools.
Your software should also include automated alerts that can update you to regulation changes or even upcoming audits. Ensure your investment management platform also has a place for document management where you can securely store and share certifications or inspection logs, as well as records for any construction projects you’ve had to schedule to improve your building’s ADA compliance.
Transparency is key for the success of any CRE transaction. Ensure your software utilizes custom reporting so stakeholders can remain informed about compliance status. All of these key features will help GPs manage their accessible buildings better, while also improving investor confidence and tenant satisfaction. If you’re searching for an investment management tool that has all of these capabilities and more, look no further — trust Covercy for your next deal.
Managing Accessibility Regulations with Covercy
Covercy can help simplify your accessible buildings transactions so that you don’t have to worry about non-compliance issues. Our comprehensive platform allows you to share important documents securely with investors and stakeholders, as well as ensuring everyone stays informed with any vital transaction updates. With our investor portal, we can make sure your investors access performance reports and communicate securely with GPs, ensuring that everyone is updated about crucial project updates, including accessibility compliance.
Our platform is also seamlessly integrated with banking features, allowing GPs to easily automate distribution payments and fundraise for capital. Our banking features allow you to earn interest on your uncalled capital, make payments online, and more so that you can ensure your project stays on track.
Covercy also has innovative AI features that can help you write emails and give you important market insights, helping you stay up to date on the latest accessibility guidelines. With our smart investment tools, you can simplify your operations and maximize your time. Book a demo today to learn more.