How SkySlope Keeps Real Estate Teams Audit-Ready
Compliance in real estate is essential; it’s the foundation of business that’s both successful and trusted. Yet staying current with evolving regulations—especially in light of recent NAR turmoil—can be a challenge.
Since new summer 2024 NAR regulations have raised the stakes, it’s become harder for agents and brokerages to maintain compliance without risking audits or fines. That’s where SkySlope comes in.
With its gold-star compliance reputation, SkySlope is the #1 transaction management solution for a large percentage of the U.S.’s and Canada’s most elite and top-producing brokerages. SkySlope simplifies the process of staying audit-ready, so real estate teams can focus on what they do best—serving clients with confidence. Read on to discover exactly how SkySlope makes it happen.
What is Compliance in Real Estate?
But first, what is compliance in real estate, and why is it critical? Given the complexity of real estate transactions, strict adherence to regulatory requirements is essential at every stage in the buying and selling process, ensuring proper documentation and protecting against potential legal risks.
Compliance involves everything from managing client funds responsibly to ensuring that all contracts are executed and archived correctly. In essence, it’s about following the necessary protocols to maintain the integrity of each transaction.
What Are the Consequences of Non-Compliance?
A compliance breach at a brokerage can have far-reaching consequences that extend far beyond fines and lawsuits. In addition to legal penalties, breaches can severely damage the brokerage’s reputation, jeopardizing future success.
What Are Common Compliance Challenges?
Brokerages have always dealt with various compliance challenges, from making sure paperwork is correctly completed to ensuring it’s properly organized and stored.
Today, these challenges are compounded by heightened scrutiny on the real estate industry. New laws and regulations—such as those from NAR—can make staying on top of ever-changing compliance standards feel like chasing a moving target.
As compliance standards increase, so does the challenge of balancing audit-readiness with your brokerage’s daily workload. Compliance tasks can divert time and attention away from clients. By streamlining these processes, you can reduce risk and maintain smooth productivity without overloading your team.
How SkySlope Simplifies Compliance
SkySlope has designed a suite of innovative solutions to make compliance at your brokerage effortless, including:
- Efficient Document Management
SkySlope streamlines document storage and tracking, keeping everything organized and easily accessible for compliance checks, ensuring you’re always audit-ready.
- Custom Checklists
Brokers can customize checklists to ensure agents follow every step in a transaction, according to their brokerage’s unique operating procedures. Enabling real time alerts lets brokers see when tasks have been completed, providing extra transparency.
- Fast Reviews
Auditors can use Quick Audit—an automated review workflow that guides them smoothly through documents. With commenting features, collaboration is easier, and review time is minimized.
- Buyer Agreement Quick Start
SkySlope automates the creation, signing, and storage of Buyer Agreements, ensuring compliance with new NAR regulations. The optimized workflows, available in both SkySlope Suite and Forms, save agents time and reduce work.
- Buyer Agreement Tracking
The “Leaderboard” in SkySlope Forms helps brokerages track Buyer Agreement compliance by ranking agents based on completed agreements. With customizable filters, brokers can easily monitor performance, identify gaps, and ensure regulatory adherence.
- Collaboration Tools
SkySlope’s “File Sharing” feature in Forms allows brokers to create authorized teams for document collaboration, tracking edits by user and time-stamp to maintain full compliance.
- MLS-Synced to Minimize Errors
SkySlope and SkySlope Forms integrate MLS-synced data fields, automatically importing property details to reduce errors and boost accuracy.
- Linked Accounting
SkySlope’s Books solution syncs transactions with accounting, linking data to reduce input errors and keep financials and records aligned for better compliance.
Get Compliant. Stay Compliant. Effortlessly.
With compliance features that excel far beyond many competitors’, SkySlope has made a name for itself as the proptech industry’s premier compliance provider. What truly sets SkySlope apart is its ability to not only get your brokerage compliant, but to keep your brokerage compliant. With a forward-thinking approach, SkySlope consistently innovates to ensure your business remains ahead of evolving regulations and remains fully supported at all times.
Ready to experience the confidence that comes with having a compliance expert on your side 24/7? Schedule a demo today and discover how SkySlope can simplify compliance, so your team can stay focused and on track.
