Meet Neo, your AI-powered Co-GP.
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It can be complicated to stay up to date on the latest accessibility requirements, especially when utilizing manual or outdated systems.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.
