Summit Commercial Solutions Launches Multi-Family Risk Management and Compliance Solution

Summit Commercial Solutions (Summit) has recently launched a Risk Management and Compliance solution for REITs and Property Managers in Canada. This program marks our first offering of a comprehensive, technology-focused, suite of Risk Management and Insurance solutions solving some of the biggest problems for Canadian REITs, Property Managers and consumers.

Through this program we offer tailored policies, automated enrolment, and real-time coverage data, ensuring that property managers and REITs can not only achieve full compliance but also optimize their risk management and enhance the resident experience significantly. We integrate with all leading property management software, like Yardi Systems, Entrata and others for instant transactions and compliance management. This ensures that property managers and REITs can not only achieve full compliance but also optimize their risk management and enhance the resident experience significantly.

In the dynamic landscape of real estate investment trusts (REITs) and property management, the need for a robust compliance and risk management program cannot be overstated. The integration of such programs plays a pivotal role in safeguarding assets, enhancing operational efficiency, and providing a seamless experience for residents. Some key features of this program:

Ensuring Compliance and Risk Management

One of the paramount benefits of a comprehensive compliance and risk management program is the assurance of 100% compliance. This program ensures that all residents are carrying appropriate insurance at all times. This level of compliance mitigates the risk of financial loss and legal complications for property managers and REITs, thereby safeguarding their investments and reputation.

Operational Excellence Through Automation

The adoption of automated and centralized systems for insurance-related administration and tracking marks a significant leap towards operational excellence. By eliminating the need for site staff to be involved in tedious insurance administration tasks, property managers can allocate their resources more efficiently, focusing on core operational activities that enhance property value and tenant satisfaction.

Enhancing Resident Experience

A critical aspect of a compliance and risk management program is its ability to optimize the resident experience through choice. Allowing residents the flexibility to choose their insurance provider or to be automatically included in a master program upon failing to upload proof of insurance ensures that their needs and preferences are respected, fostering a positive relationship between tenants and management.

Access to Dedicated Insurance Expertise

Partnering with specialized insurance providers like Summit and LeaseTrack grants access to a dedicated team of licensed insurance professionals. This expertise not only ensures the most effective risk management strategies are in place but also provides tenants with direct access to insurance advice, claims support, and reporting, enhancing their overall satisfaction and sense of security.

The evolution of compliance and risk management programs highlights the significant advantages for large REITs and property managers. By ensuring compliance, enhancing operational efficiency, improving resident experience, generating additional income, and providing access to dedicated insurance expertise, these programs represent a comprehensive solution to the complex challenges faced in the property management industry. Summit is leading the way on these initiatives in Canada - building a comprehensive, technology-focused, suite of Risk Management and Insurance solutions

Find out more here.