Top Tips for Auditing Your Compliance Information

When was the last time you audited all your information for the properties you own? Or do you prefer to rely on your managing agents to keep you on track?

There are plenty of different systems available out there, depending on what you want, your budget and how much you like technology or not. You may have everything in your head, but what happens if you are not available to pass that information on? 

The old adage I use is what happens if you get hit by a bus? Can someone else pick up and run your business? This might seem like an extreme case, but information is power and if you aren't available the more that you have documented the better. I have always taken this view and more so after being hit by a car which walking on a pavement a couple of years ago!

However, you choose to store your information auditing what you have, perhaps more importantly what you don't have, where it is stored and who has access to it are the key points to consider.

My tips for your audit are:-
1. create a simple spreadsheet to record all the information you want to track. 
2. check all your compliance certificates are in the correct property folder.
3. create a naming system for your filing system e.g. property name - certificate - expiry date.
4. move all your compliance certificates out of your email inbox into the relevant property folder.
5. make a list of what is missing and find it (not being able to find it won't stand up in a court of law).
6. break it down into properties - it is much easier to do it property by property than to jump around between properties.
7. make a list of the expiry dates and set up calendar reminders for 30 days before expiry, 7 days before expiry. You can also choose to use your planning tool, like Asana or Trello, or your online property CRM. The choice is yours. 

​This is something that will take a little bit of time (depending on the size of your portfolio) but gives you a fundamental structure for keeping on top of your compliance.

When I work with new clients I always recommend this as a first step, because it means your Virtual Assistant gets to learn about your properties, while helping you to remain compliant.

  
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