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, Nov 9, 2009 – As a resource for property management companies, the Institute of Real Estate Management (IREM^®) has developed a set of best practices and published them in a document entitled Best Practices: Real Estate Management Services.  Developed by IREM’s Industry Standards Advisory Board, the 52 best practice statements provide a framework for  delivering professional real estate management services for executives of companies that manage properties for others.

The best practices 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. They are organized into four categories:

•      The management company – 15 best practice statements
•      Client relations – 10 best practice statements
•      Management of the property – 21 best practice statements
•      Tenant/resident relations – 6 best practice statements

In developing these best practices, IREM obtained input from various stakeholders, including the senior executives of  firms nationwide that have earned its Accredited Management Organization^® (AMO^®)  accreditation.

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.

PRICE AND ORDERING INFORMATION
IREM Members can download 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. The price of the publication in hard copy format is $27.96 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 custserv@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 celebrating its 75th anniversary in 2008.  Major sponsors of the year-long celebration areYardi Systems, a leading provider of high-performance software solutions for the real estate industry, and the REALTORS^® Commercial Alliance (RCA), the collective commercial constituency within the National Association of REALTORS^®.

For more than seven decades, IREM has been the source for education, resources, information, and membership for real estate management professionals. An affiliate of the National Association of Realtors^®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 U.S. chapters, eight international chapters, and several other partnerships around the globe, IREM is an international organization that also serves as an advocate on issues affecting the real estate management industry.

Membership includes more than 18,000 individual members and 500 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager® (CPM®) designation, the Accredited Residential Manager® (ARM®) certification, the ACoMcertification, and the Accredited Management Organization® (AMO®) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate, Student and Academic memberships.

Collectively, IREM CPM® Members in the United States manage over $1.5 trillion in real estate assets, including 8.4 million residential units and 8.4 billion net square feet of commercial space. An additional 977,400 residential units are managed by IREM ARM® Members. IREM Members are employed by some of the most prestigious real estate firms in the world and nearly 70% hold upper-level management positions. Due to their professionalism and vast experience, property owners and investors worldwide continually seek out the management services of IREM Members.

To learn more about the Institute of Real Estate Management and its chapter network, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.