Risky business: What’s keeping property managers up at night

Property owners, managers and developers know they work in a risky business. As the market expands and evolves, the challenges facing real estate operations continue to grow. 

Advances in technology, shifting government regulations, environmental expectations and workplace safety responsibilities are just a few of the pressures property managers face today. 

Understanding these risks—and knowing how to manage them—is essential to keeping operations running smoothly. 

Government regulations are increasing 

Across jurisdictions, governments are introducing stricter rules related to building operations and property maintenance.

For example, Ontario’s Bill 109 (Reliable Elevators Act, 2017) requires property managers to repair broken elevators within two weeks.

In California, AB 646 (Rental Property Flood Disclosures) requires property managers to disclose flood risks to tenants living in flood-hazard areas.

Each new regulation introduces additional requirements for record management, maintenance tracking and tenant communication.

For property managers responsible for multiple buildings or portfolios, staying compliant with evolving regulations can quickly become complex.

Outsourcing and vendor risk are rising 

Property managers often outsource specialized services such as elevator repairs, window cleaning and landscaping.

Working with experts helps maintain building operations efficiently. However, every contractor engaged introduces a new layer of operational and compliance risk.

What managing vendor risk typically involves:

Prequalifying contractors for worksite requirements is an important first step.

However, maintaining and updating these records as regulations evolve can become a significant administrative burden.

Technology challenges and data silos 

Many property management organizations still rely on legacy systems and fragmented data environments.

Important information—such as contractor certifications, tenant insurance records and maintenance documentation—may be stored across multiple systems.

For example, managing contractor compliance records separately from tenant insurance data can create redundant workflows if several departments or systems are involved.

Using multiple systems to manage compliance and third-party records often leads to inefficiencies and increased operational risk.

A practical approach to managing risk 

Government regulations, contractor compliance and complex data management challenges do not need to keep property managers up at night. 

Technology is helping reshape how risk and compliance processes are managed across the property management sector. 

Modern compliance platforms provide scalable tools that support automated monitoring, flexible reporting and centralized data management. 

These tools help property managers improve operational visibility and focus on their core responsibilities. 

Assessing your building’s risk profile 

The first step toward improving risk management is understanding the full risk profile of your properties.

A comprehensive assessment should evaluate risks across several categories:

Evaluating these areas helps property managers identify potential vulnerabilities and prioritize improvements.