Colorado Real Estate Journal - January 2016
This issue features a lot of great information about protecting your asset. Two local law firms contributed articles. One discusses the minutiae of mechanic’s liens and the steps to take to establish nonliability. The other article helps managers navigate through the perils of tenant screening to avoid leasing to Jekyl-and-Hyde tenants while adhering to government discrimination laws. One other law worth noting took effect in October, when the credit card world experienced a liability shift. With the introduction of new chip-and-pin laws, the liability of processing counterfeit transactions shifted from the previously responsible card issuers – banks and credit unions – to the merchants, if the merchant had not updated his technology. In the past few months I’ve spoken with several property managers who have been directly affected by this law. For example, if part of your duties include overseeing a parking garage or other amenity that collects consumer payments, you are responsible for potential information theft if your machines are not up to date. Before October, it did not matter which technology you used to collect that payment. In order to avoid liability, merchants – property managers included – must ensure their card-reading technology is capable of accepting these chip cards. If your card readers are not, it is advisable to look into a technology upgrade. If a card is chip-enabled – but your terminal is not – and the information is stolen, your asset would be liable. While transactions still will process with the older terminals, it is worth discussing the purchase and rental options with your current processor. According to research, the new terminals should not cost much more than the older magnetic strip readers. If this is something you’ve been avoiding, it’s worth looking into to make sure you’re offering the current standard and protecting your asset as well as your asset’s reputation. The rest of the issue highlights other ways to protect your property, from maintaining your garage to maintaining a strong team, which Tanya Leung argues is your most important asset to achieve customer satisfaction. As always, thanks to all those who participated in this issue, and thanks for reading. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104