Introduction

IREM^® (Institute of Real Estate Management) has developed this set of best practices to serve as a practical tool for real estate management company executives in operating their businesses successfully and in a professional manner.

They have been developed with the goal of providing a reasonable framework for the professional delivery of real estate management services.

The concept behind these best practices is that there are certain proven solutions and recognized guidelines that are likely to result in greater efficiency, enhanced effectiveness, and ultimately a competitive advantage. These 62 best practice statements are explicitly not intended to be standards, but rather are guiding suggestions for those who provide real estate management services. They are aligned around four organizing categories:

The management company
Client relations
Management of the property
Tenant/resident relations

These best practices are focused on the management company or other business enterprise that is providing real estate management services to others – not on the individual real estate manager or on the property being managed. These best practices tend to be more aligned with the management of rental properties and investment real estate, but they are equally applicable to and intended to be used for the management of all property types and properties of all sizes in all markets.

IREM’s best practices can be used in several ways:

As a business development tool. The best practices can be made part of proposals and presentations to showcase the scope and depth of a management company’s operations and the solid business platform on which it is built.
As a client relations and business retention tool. Incorporating the best practices into reports to clients demonstrates the controls a company has in place and how they benefit the client. Using the best practices as a type of report card will show clients the professional level of service they are receiving.
As a checklist for starting a new company.
As a model for staff training and education. The best practices can help with on-boarding new employees. They can serve as a tool for reviewing and updating job descriptions, doing internal performance assessments, and creating employee development plans.
As input into establishing the company’s annual goals or developing its longer-term strategic plan.
As a tool for auditing a company’s business practices and identifying gaps and areas for improvement.

Five new best practices have been added to this edition:

Best Practice 1.6 on data security

Best Practice 1.16 on systems efficiency

Best Practice 1.17 on news media response plans

Best Practice 3.10 on contracted vendors

Best Practice 4.7 on tenant/resident privacy

Any comments or questions about these best practices or suggestions for future best practices can be directed to: getinfo@irem.org.