IREM Develops Best Practices for Real Estate Management Companies
As a resource for property management companies, the Institute of Real Estate Management (IREM) has developed a set of best practices and published them in a document titled Best Practices: Real Estate Management Services.
As a resource for property management companies, the Institute of Real Estate Management (IREM) has developed a set of best practices and published them in a document titled Best Practices: Real Estate Management Services.
Developed by IREM’s Industry Standards Advisory Board, the 52 best practice statements provide a framework for delivering professional real estate management services for executives of companies that manage properties for others.
The best practices explicitly are not identified as standards but rather are offered as suggestions that articulate proven solutions and recognized guidelines likely to result in greater efficiency, enhanced effectiveness, and ultimately a competitive advantage. They are organized into four categories:
- The management company – 15 best practice statements
- Client relations – 10 best practice statements
- Management of the property – 21 best practice statements
- Tenant/resident relations – 6 best practice statements
In developing these best practices, IREM obtained input from various stakeholders, including the senior executives of firms nationwide that have earned its Accredited Management Organization accreditation.
While tending to be particularly relevant to the management of rental properties and investment real estate, the practices also are applicable to, and intended to be used for, managing properties of all types and sizes in all markets.
IREM Members can download the materials at no cost from www.irembooks.org. The price of the publication in hard copy format is $27.96 for IREM Members and $34.95 for non-members (plus shipping and handling).
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