by Shane Henson — June 17, 2013—The Institute of Real Estate Management (IREM) recently announced the release of the 2013 version of Best Practices: Real Estate Management Service, a publication developed for real estate managers seeking insight on ways to operate their businesses more successfully and professionally.
IREM has made this edition available to even more real estate professionals as is it available in English and eight other languages (Spanish, French, Portuguese, Polish, Russian, Japanese, Chinese and Korean). Developed by IREM’s Industry Standards Advisory Board, the publication’s 55 best practice statements—including a new one that addresses client obligations—provide a framework for delivering professional real estate management services for executives of companies that manage properties for others, says IREM.
The 55 best practices are organized into four categories:
- The management company: 15 best practice statements
- Client relations: 11 best practice statements
- Management of the property: 23 best practice statements
- Tenant/resident relations: 6 best practice statements
According to IREM, the statements 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. To facilitate its use as a self-assessment tool, a new feature added to this latest version is a complete checklist of all practice statements.
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, adds IREM.
