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New Version of "Best Practices for Real Estate Management Companies" Available from IREM in Nine Languages

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Editor’s Note: A review copy of the publication is available to media on request; contact Sharon Peters (312-329-6067), speters@irem.org

(Chicago, May 15, 2013) – A new, 2013 version of "Best Practices: Real Estate Management Services," which debuted in 2010 and is updated annually, or as needed, is now available from the Institute of Real Estate Management (IREM) 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.

"IREM strives to be a unifying voice in what clearly is now a global property management industry," said 2013 IREM President Beth Machen, CPM. "Making our best practices’ document accessible in so many languages – thanks to funding for translations from the IREM Foundation – aligns with our organizational philosophy of promoting the sharing of ideas, learning from one another, and helping to establish high standards for professional property managers no matter where they conduct their business."

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

The statements 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. 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.

IREM obtained input from various stakeholders, including the senior executives of firms nationwide that have earned its Accredited Management Organization (AMO) accreditation, to develop the best practices. The translated versions are available in electronic format only; the English version is available in both electronic and hard-copy formats.

PRICE AND ORDERING INFORMATION

IREM Members can download the electronic, English-language version of Best Practices: Real Estate Management Services at no cost from www.irembooks.org, but they must log in as a member to download the publication free. Hard-copy versions, available in English and eight other languages are $27.96 each for IREM Members and $34.95 for non-members (plus shipping and handling). To order, contact the IREM Customer Service Department at 430 N. Michigan Ave., Chicago, IL 60611, or call toll-free at 1-800-837-0706, ext. 4650. Credit card orders (VISA, MasterCard, American Express, and Discover) can be faxed toll-free to 1-800-338-4736 or e-mailed to getinfo@irem.org. Internet users can order the publication online at www.irembooks.org:

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM) is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. An affiliate of the National Association of REALTORS, IREM is the home for all industry professionals connected to real estate management – and the only organization serving both the multi-family and commercial sectors.

We believe that good management matters, and that well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants and customers. We believe in professional ethics. We believe in the power of knowledge and the importance of sharing it.

IREM offers a variety of membership types for professionals of every experience level, from on-site managers to high-level executives. Our credentials, earned by meeting high standards of education, experience, and ethical business practices, include: Certified Property Manager (CPM), Accredited Residential Manager (ARM), Accredited Commercial Manager (ACoM), or Accredited Management Organization (AMO).

Since 1933, IREM has set the standard for best practices in real estate management. Today, IREM membership includes nearly 18,000 individuals and 560 corporate members. To learn more about the IREM and its chapter network, call (800) 837-0706, ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.