Real estate development is a complex and highly regulated industry, and for compliance managers, facilities managers, and other roles responsible for ensuring compliance, staying on top of all the regulations can be a daunting task.
With a wide range of properties to develop, from residential and commercial to industrial and specialized properties like student housing or hospitals, ensuring compliance can be a full-time job in itself.
While staying compliant with regulations in real estate development can be a tedious hassle, the solution is not. The right real estate compliance software can substantially reduce the workload around compliance, minimize mistakes, and help keep everyone on the same page. Let’s explore how.
How the Right Real Estate Compliance Software Makes Compliance Faster and Easier
Zoning and land use regulations
Compliance with a wide range of local zoning and land use regulations can be difficult for developers to navigate. Failure to comply with these regulations can lead to permits being denied or revoked, or added costs from changes to the design or layout of a development. Sometimes, a project might need to be terminated outright.
Compliance and code enforcement software can make it easier for developers to access and review the information they need and automate many compliance-related tasks. It can also alert developers of potential non-compliance issues, allowing them to take action before they become a problem.
Real estate compliance software (with tools like code enforcement and property management solutions) provide automation tools to make it faster and easier to identify, manage, comply with, and report on relevant requirements.
For instance, the tools on 3Di Engage can be configured to provide reminders and alerts when specific tasks or deadlines need to be met, such as submitting plans or obtaining permits. They can also be used to store and organize all relevant documents and information related to the project, such as zoning maps, land use plans, and building codes. This allows developers to quickly access and reference the information they need.
Environmental regulations
Environmental regulations — for everything from air and water quality to endangered species and everything between — are often complex and hard to manage. Things can slip through the cracks. But a single oversight, such as the improper management of hazardous material, can have drastic consequences for your business.
For instance, the Environment Act 2021 has received Royal Assent and has created higher standards for enforcement and regulation. The act enables national authorities to pass environmental regulations more easily, and that makes it more important than ever to review how you currently monitor and manage waste.
Failure to comply with these regulations can result in expensive fines and project delays, ruin your organizations reputation, and even cause serious environmental damage.
Compliance software can be used to track compliance with environmental regulations, helping developers identify potential areas of non-compliance. It can also help you manage and track the storage and disposal of hazardous materials, ensuring compliance with regulations related to water and air quality.
Building codes and safety regulations
Staying up to date with the labyrinth of building codes and safety regulations can become a full time task for developers, where missteps lead to penalties or project termination. You need to ensure compliance with building codes and safety regulations, and keep track of inspections to avoid fines (and to protect the integrity of the building).
Real estate compliance software can automate the process of tracking building codes and safety regulations, making it easier for developers to stay up to date on the latest requirements. With the inspection solutions on 3Di Engage for instance, employees can more easily complete inspections for property and materials. The platform also includes tools for supply tracking and reporting, helping to ensure compliance and avoid penalties.
Permits and approvals
Developers need to obtain a wide range of permits and approvals from various government agencies before construction. Obtaining permits and approvals from various government agencies can be a bureaucratic marathon, and can slow down the development process, resulting in added costs and dissatisfied customers.
Compliance software can help developers organize their workflows and stay on top of their permit and inspection requirements. For instance, mobile inspection tools can include pre-populated inspection checklists that cover all the relevant codes and regulations, allowing for efficient and high-quality inspections in the field.
Meanwhile, permitting solutions provide a case management system to simplify the tracking and processing of various types of permits and licenses — even alerting you when a permit is due to expire.
Financing
Developers must demonstrate the financial viability and compliance with regulations to secure financing from banks and lending institutions. Lenders have strict underwriting guidelines and you need to establish compliance with regulations if you want secure financing. Otherwise, the project may end up with insufficient funds, leading to delays, corner cutting, or worse, project termination.
Real estate compliance software can help developers to demonstrate compliance with regulations to lenders by providing real-time tracking and reporting of compliance-related activities. It also lets you show your compliance history, which can be important in securing financing.
An All-In-One Compliance Solution for Real Estate Developers
With 3Di Engage, developers can simplify the process of staying in full compliance with relevant industry regulations.
Customized for real estate development, 3Di Engage provides a suite of tools which help you stay on top of compliance requirements and more. It provides tools like code enforcement, mobile inspection automation, and property management solutions to streamline the process of identifying, managing, meeting, and reporting on compliance requirements.
All of these tools are fully integrated on a single platform (i.e. they “talk” to each other), ensuring all your data is updated and accurate, wherever you access it from.
Quick, affordable, and customized for your unique needs
- 3Di Engage is quick to deploy and customize, providing you with an enterprise-grade solution without the enterprise-grade price tag.
- With its centralized data, streamlined workflows, and automation capabilities, 3Di Engage can save your team hundreds of hours of labor per year on compliance tasks alone.
- 3Di Engage has advanced reporting tools that provide unmatched visibility into compliance-related activities, allowing compliance managers, facilities managers, and other compliance leaders to quickly make more informed decisions on key tasks.
- Take advantage of built-in collaboration tools, allowing employees and managers to share information with clients and colleagues easily. You can forget about trudging through spreadsheets and documents to find the right numbers.
With 3Di Engage, compliance management becomes a fast and automated process, presenting you with the information you need to quickly and accurately handle your compliance requirements. Book a call today and learn how it works.
