Legislation can be tricky, and keeping up with it might not be as easy for everyone as you might think. However, for those who own a property, being aware of what the latest regulations imply is crucial. (Related topic: trusts and estate attorney)
For those with commercial properties ÔÇô particularly hotels ÔÇô state laws have posed several challenges. From increases in minimum wages and scheduling requirements to paid sick leaves and band the box, the management of these establishments have found themselves in a position in which they need to make substantial changes in the way they operate, manage and the pricing of their services in order to abide to new regulations.
But if your commercial property is your patrimony and what you aspire to leave to your family, it is important that you learn how to keep up with local and state laws that will allow your property to maintain a stable position for the future.
First of all, you have to stay informed; join your stateÔÇÖs homeownerÔÇÖs association or any other association that stays in tune with government regulations in real time, subscribe to local business journals and follow news organizations, agencies and periodicals on social media so you can stay up to date. Stay in touch with the legislators to keep track of any laws that could affect you or your estate directly. Set appointments to visit lawmakers in their offices or, when possible, invite them to come to your establishment so they can meet your team and discuss the possible consequences for everyone involved, including your employees, suppliers and customers.
Last but not least, get involved when regulations are being drafted, become a regular attendant to stakeholder meetings and share your opinions. Keep in mind that all changes in local and state laws and regulation might have a direct impact on your estate and patrimony.