by jbs111909 i3 — November 25, 2009—As a resource for real estate management companies, the Institute of Real Estate Management (IREM) has developed a set of best practices and published them in a document entitled 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 (AMO) accreditation.
Although 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 Best Practices: Real Estate Management Services at no cost from the IREM Publications Web page. A hard copy is available there as well, for $27.96 for IREM Members and $34.95 for non-members (plus shipping and handling), or from the IREM Customer Service Department at 800/837-0706, ext. 4650.
