PULL FROM A WELL OF KNOWLEDGE
Like other businesses, those that provide real estate management services
can find real benefit from this approach. This is why IREM created its Best
Practices: Real Estate Management Service. The IREM 57 best practice statements collectively represent an instrument for capturing and sharing the
combined knowledge of hundreds of years of CPM Members’ experience
about operating a real estate management company and managing real
estate assets. The integration of these best practices into daily operations
and business development strategy can set a management company apart,
increase its efficiency and effectiveness and provide a competitive advantage—positioning the company as an elite professional practice. How this
is accomplished requires planning, evaluation and a commitment to ensure
that these practices are woven into the fabric of business operations.
The IREM Best Practices are focused on the management company that is
providing real estate management services to others as a third-party manager—not on the individual real estate manager or on the property being
managed—and tend to be more aligned with the management of rental
properties and investment real estate while still being applicable to the management of all property types and sizes in all markets.
The Best Practices are organized around four categories:
1. The first set of 17 best practices relate to the management company itself
and the infrastructure that should be in place to ensure the company is
being run effectively.
2. The second set of best practices relate to the clients of the management
company—those property owners who have turned their real estate assets over to the company.
3. The third and largest group of best practices are directed to the management of the property itself. Here are found references to management
plans, budgeting, maintenance requirements, management of funds, insurance, emergency preparedness, marketing, staffing and so on.
4. Finally, in the fourth section, are best practices relating to tenants and
residents of the property.
Structurally, each best practice comprises two parts. First is
the best practice statement itself,
usually a single straightforward
sentence. The second part is an
explanation of the best practice
statement, which provides further
description and offers some suggestions in order to clarify what is
meant and guide the reader who
might be considering how to implement this best practice.
The first step in embedding The
IREM Best Practices into the fabric
of the organization is internally as
a template for auditing the company’s core business operations.
Utilizing the 57 best practice statements as a checklist, a company’s
business practices and protocols
can be inventoried to ensure that
there are no glaring gaps and identify opportunities for improvement.
When the Best Practices were
first produced by IREM in 2011,
BEST PRACTICES IS THAT
THEY CAN BE SHARED BY
OTHERS AND REPLICATED
BY OTHERS TO DELIVER