Legal Compliance

• Zoning ordinances: Condominiums must comply with zoning ordinances, which regulate land use in a particular area. For example, a condominium may not be allowed to operate a business or have more than a certain number of occupants.
• Building codes: Condominiums must comply with building codes, which set minimum standards for the construction and maintenance of buildings. For example, condominiums must have fire alarms and sprinkler systems and be inspected regularly for safety hazards.
• Fire safety regulations: Condominiums must comply with fire safety regulations designed to prevent fires and protect people in the event of a fire. For example, condominiums must have fire extinguishers and fire escapes, and they must have a fire drill plan in place.
• Health and sanitation requirements: Condominiums must comply with health and sanitation requirements designed to protect the health and safety of residents. For example, condominiums must have a pest control program in place, and they must keep the common areas clean and sanitary.
• Fair housing laws: Condominiums must comply with fair housing laws prohibiting discrimination based on race, color, religion, national origin, sex, familial status, and disability. For example, condominiums cannot refuse to rent to someone because of their race or religion.
• Environmental regulations: Condominiums must comply with environmental legislation protecting the environment. For example, condominiums may implement sustainability measures such as recycling, water conservation, and energy efficiency.

Resident Safety

• Install fire alarms and sprinkler systems in all buildings.
• Develop and practice emergency evacuation plans.
• Provide adequate lighting in common areas and stairwells.
• Install secure entry systems with key cards or fobs.
• Conduct regular inspections of all properties for potential hazards.
• Maintain all safety equipment in good working order.
• Adhere to all applicable safety codes.

Accessibility and Universal Design

• Install ramps and wider doorways to accommodate wheelchairs and other mobility devices.
• Provide accessible parking spaces near entrances.
• Install Braille signage and other visual aids for people with vision impairments.
• Install hearing loops and other audio aids for people with hearing impairments.
• Design common areas and units with universal design principles, such as lever handles, accessible countertops, and adjustable lighting.

Financial and Accounting Standards

• Adhere to GAAP: GAAP is a set of accounting standards widely used in the United States. Property managers can ensure the accuracy and reliability of their financial records by following Generally Accepted Accounting Principles (GAAP).
• Accurately record financial transactions: All transactions must be accurately documented in the community’s financial records. It includes income, expenses, and asset and liability balances.
• Maintain financial records: Financial records should be stored safely and securely. They should be accessible to residents and the condominium association upon request.
• Provide regular financial reports: Property managers should provide regular financial updates to residents and the condominium association. These reports should include the community’s income, expenses, assets, and liabilities.

Data Protection and Privacy

• Obtaining consent from residents before collecting or using their personal information.
• Limiting the collection of personal information to what is necessary.
• Keeping personal information accurate and up-to-date.
• Securing personal information against unauthorized access, use, disclosure, alteration, or destruction.
• Deleting personal information when no longer needed for the purpose it was collected.

Environmental Sustainability

• Waste management: Property managers can work with residents to reduce waste by composting food scraps, recycling paper, plastic, and metal, and donating unwanted items to charity.
• Recycling: Property managers can install recycling bins in common areas and encourage residents to recycle.
• Energy efficiency: Property managers can install energy-efficient appliances, lighting, and HVAC systems. They can also weatherize the property to make it more energy-efficient.
• Water conservation: Property managers can install low-flow toilets and faucets, and they can fix any leaks in the property. They can also encourage residents to conserve water by taking shorter showers and fixing leaks.

Professional Standards and Ethics

• Maintain professional conduct: Property managers should always act professionally, both in person and in writing. It means being respectful, courteous, and responsive to residents’ needs.
• Act in the best interests of the condominium community: Property managers should always put the interests of the condominium community first. It means making decisions that are fair and equitable for all residents and working to protect the value of the property.
• Uphold ethical practices in financial management: Property managers should be responsible and accountable in their financial dealings. It means keeping accurate records, managing expenses prudently, and avoiding conflicts of interest.
• Communicate effectively: Property managers should communicate regularly and openly with residents. It means timely updates on maintenance issues, financial matters, and other important news.
• Make sound decisions: Property managers should make decisions based on the best interests of the condominium community. It means considering all options, weighing the pros and cons, and making decisions that are in the best long-term interests of the property.

Insurance and Liability

• General liability insurance protects against third-party claims for bodily injury, property damage, and other liabilities from the property manager’s operations.
• Property insurance protects against damage to the property itself, such as from fire, theft, or natural disasters.
• Directors’ and officers’ (D&O) liability insurance protects directors and officers of the property management company from personal liability for lawsuits arising from their actions as directors or officers.

In conclusion, compliance with regulations and standards is essential for effective condominium management. It includes complying with all applicable laws and regulations, prioritizing resident safety, ensuring accessibility, and adhering to financial best practices. By following these guidelines, condominium managers can help to create a safe, secure, and thriving community for their residents.