Published by
Johann van der Merwe

Good compliance is good business – here’s why!

Community Schemes
|
14
August
2023
Community Schemes
,
Rental Portfolios
,
Inspections & Maintenance
,
|
14
August
2023

Compliance is one of those frustrating areas in property management that feels like it delivers very little tangible benefit for all the time-consuming and repetitive input it requires.

It’s not easy, it’s not enjoyable, and it doesn’t exactly bring in the bacon. And yet, in reality, compliance isn’t only benefitting investors – it’s actively benefiting the property management industry, too.

Why compliance matters

The property management industry has been growing rapidly for some time now. This exponential expansion has made it abundantly clear that professionalisation is both essential and inevitable for property practitioners. Without it, there is simply no way to ensure stakeholders are adequately protected, service standards are consistently upheld, and property management businesses remain sustainable.

Raising standards

The good news is, over the last 50 years, the industry has made massive strides towards professionalisation, establishing professional bodies and implementing progressive legislation. In this, compliance has played an increasingly critical role, helping to protect the stability, legality, and ethical integrity of property management businesses.

Tightening the barrier to entry

Compliance isn’t just essential for maintaining order, mitigating risk and promoting responsible business practices. It also helps weed out those supposed “professionals” who can’t – or won’t – meet the necessary standards. In other words, compliance is tightening the barrier to entry into the industry, thereby improving the reputation (and increasing the value) of the property management profession as a whole.

And when value increases, so does compensation.

Compliance’s most common pain points

Between CSOS, STSMA, POPIA, PPA and the latest FIC Amendment Act, property professionals have a hefty compliance burden to shoulder.

The requirements are fiddly, time-consuming and repetitive, and complex enough that it’s easy to drop a few balls (particularly when managing multiple units and/or communities). Regulations also get amended and updated every now and then, throwing a potential spanner into the works of any established workflows.

This becomes an even bigger challenge when property managers are forced to work across multiple disconnected tools and platforms, resulting in incohesive workflows that are prone to bottlenecks and blind spots.

Under these circumstances, it’s easy to see why compliance is often considered difficult to accurately track or measure, and virtually impossible to effectively manage.

The simple solution

WeconnectU has taken the traditional property management landscape of disconnected tools and processes and tossed it out the window. In its place, we created a single, purpose-built, consolidated platform that does everything a property management business could ever need.

That includes up-to-date, streamlined, heavily-automated, easily measurable and effortlessly manageable compliance capabilities, built right into each of our three solutions: Community Schemes (CMS), Rental Asset Management (RAMS) and Inspections and Maintenance (RedRabbit).

All compliance data and documentation is securely stored online, in auditable formats, with real-time compliance status indicators. No more lost documents or manual progress tracking. Just easy-to-follow workflows supported by seamless, built-in individual and bulk communication capabilities.

WeconnectU turns the time-consuming process of compliance into an efficient, easy-to-maintain course of action, managed and monitored by our intuitive online platform.

Our compliance commitment

At WeconnectU, we believe compliance is not just a service; it’s a fundamental responsibility that businesses and individuals have to ensure they operate within legal, ethical, and regulatory boundaries. As such, compliance has always played a central role in our solutions. It is not, and has never been, an afterthought.

We believe that by helping property professionals fulfil their compliance responsibilities, we can all contribute to the creation of a healthier business environment, maintain stakeholder trust, and build a more valuable – and valued – industry.

As such, we see ourselves as more than just your software partner. We’re also your partner in compliance. Our goal is to lighten the load of mundane responsibilities like compliance so that you can focus on what you’re good at: growing your business and providing invaluable service to your clients.

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