IREM insider / KNOW YOUR CODE
“An AMO Firm shall not disclose to a third party any
confidential or proprietary information without the client’s
prior written consent except when disclosure is required or
compelled by applicable laws and regulations”
ARTICLE 8: Disclosure
Today there are numerous outlets in which an unauthorized indi- vidual can obtain undisclosed documents with just a few simple clicks of a Smartphone, tablet or laptop. This idea presents itself across global markets where a management firm must protect
confidential information from falling into the wrong hands. Article 8 of the
AMO Code of Professional Ethics addresses the role an AMO Firm plays in
disclosing any confidential or proprietary information to a third-party without its client’s consent.
The one exception in which an owner’s consent is not required is when the
disclosure may be required by applicable laws from a local, state or national
agency. Article 8 highlights and reinforces that the protected information of
the client—whether it be residential data, financial reports or maintenance-related documents—is to remain undisclosed from a third-party individual
or group. In adhering to Article 8, an AMO Firm and its Executive CPM are
entrusted to protect confidential information from falling into the hands of
unauthorized individuals or organizations.
disclosed proprietary information. These guidelines should
be relayed to the rest of the
4. The property should have a log
book displaying specific procedures upon closing each night.
These procedures should be
used as a guide and checklist
for making sure secured resident files are locked up, financial records are locked away
out of site, and that no resident
or owner account information
is displayed in a visual location.
Steps to Protect Confidential Information and Documents
When in Doubt, Get
The property manager should communicate and educate all staff to be made
aware that they are not to disclose any information to a third-party without
written consent from the owner. This should apply to any property staff, including leasing consultants, assistant managers, resident service coordinators, maintenance managers, technicians or janitors.
1. The property manager should indicate to staff that certain agencies
might be entitled to confidential information set forth by specific laws
and regulations. These agencies include the following:
a. Law Enforcement—Local police, Sate Police, FBI, Fire Marshall, etc.
b. State or Federal Agencies—State Housing Agencies, HUD, U.S.
Census Bureau, IRS, Homeland Security, etc.
c. Local Agencies—Board of Health, Assessors, Town Clerk, etc.
2. Third-party requests for information must be met with proper identification along with signed documentation specifically stating the reason
for the request.
3. Property managers should consult their supervisors or senior staff in
order to establish property guidelines and a policy for releasing certain
When dealing with one of the afore-
mentioned scenarios described in
Article 8, it’s in the best interest of
the Firm to manage each request
on a case-by-case basis. If a situa-
tion arises in which a staff member
might question whether or not to
disclose select information, the best
solution is to obtain proper permis-
sion from a senior manager or di-
rectly from the client.
CAROL A. MACDONALD, CPM,
COM) IS EXECUTIVE VICE
PRESIDENT OF CORCORAN
MANAGEMENT COMPANY, INC., IN