It would be difficult to believe that by now there are any professional
property managers who are unaware of the so called "millennium bug". The
potential problem where beginning January 1st. 2000 many computers currently
in use may not be able to recognize the century change from 1999 to 2000.
It is difficult to find a newspaper, periodical, magazine or newsletter
(this one is no exception) that does not contain an article on the problem.
What is equally difficult to believe is that some building owners and property managers have yet to do anything about it. Comments such as "all my software is new" or "I'm just a small landlord so it doesn't affect me" indicate that some are not treating this issue seriously. No one should under estimate the magnitude and complexity of this problem.
Many building systems are controlled by software. HVAC systems, elevators, lighting, fire and smoke detection, telecommunications and building access are just a few. Most property managers now use computerized systems for their leases and renewals. (Just imagine if your computer back dated a tenant's lease to 1900 and billed them for 100 years of back rent? Would the Residential Tenancies Branch approve?) Is there anyone who doesn't have a fax machine? What about your postage meter? All of there are sources of potential problems.
In general, the older a system's hardware or software is, the more likely it will be confused and fail to operate correctly. However any program that relies on dates is at risk. The problem is further compounded because so many systems share information. So it's not just your own systems you need to be concerned about, but also those of your suppliers and contractors.
There are legal and liability implications are well. Should your system fail and cause problems for others, you could face legal action. Professional property managers should protect themselves by obtaining written Year 2000 assurances from suppliers. And it goes without saying that you should show your own due diligence by recording the actions you have taken to avoid the problem.
What should you do?
There is no easy answer and no quick fix. However what everyone knowledgeable about the problem agrees on is that you must start now. The first step is to acknowledge that this is serious business and to designate someone within your organization to be responsible.
The Government of Canada has appointed a year 2000 task force who have prepared literature and information on how and where to start. Information can be obtained by phoning 1-800-270-8220.
For information more directly related to the property management industry, the Building Owners and Managers Association International have published an excellent booklet titled "Meeting the Year 2000 Challenge: A Guide for Property Professionals". This 38 page booklet provides guidance to professional property managers on how to develop a Year 2000 Plan ... and how to communicate your progress with tenants, lenders, and others.
The year 2000 will have an impact on all of us. As professional property managers, we have an added responsibility to ensure that all appropriate measures have been undertaken to avoid any potential future difficulties for our owners and tenants.
Remember the "millennium bug" has a definite and immovable deadline. And it won't go away with a can of raid.