USING
IREM’S BEST
PRACTICES
An IREM® Workshop
Using IREM’s Best Practices
Workshop agenda
1.
2.
3.
4.
Introduction to IREM’s Best Practices
Review and assessment using the Best Practices
How to use Best Practices in your company
Wrap-up and Q&A
2
Using IREM’s Best Practices
Handout material
1.
2.
3.
Best Practices: Real Estate Management Service booklet
Best Practices Checklist
Slide Presentation
3
What Is a “Best Practice”?


A program or activity that has been shown to work effectively and
produce successful outcomes
A proven solution that is likely to result in . . .
. . . greater efficiency
. . . enhanced effectiveness
. . . ultimately a competitive advantage
4
Structure of IREM’s Best Practices
Best Practice
The statement itself
Explanation of Best Practice
A further description to clarify and guide
5
Best Practice 2.2. Management Agreement. A written management
agreement shall be in place that establishes the business relationship
between the management company and the client and defines and explains
the duties, responsibilities, and obligations of each party and the authority
of the management company.
Explanation of Best Practice 2.2. To minimize the possibility of misunderstandings
and the problems they can cause, the relationship between the property owner and
the management company is documented in writing in the form of a management
agreement. The management agreement is a formal and binding contract between
the management company and the property owner that establishes the manager’s
legal authority over the operation of the property. It identifies the property owner
and the management company as parties to the agreement, establishes the
relationship between the owner and the manager for a fixed period, defines the
manager’s authority and compensation for services provided, outlines procedures,
specifies limits of the manager’s authority and actions, states financial and other
responsibilities of the property owner, and provides for termination of the agreement
at a time certain or under specific conditions.
6
Organizing Categories
Management Company
17
Client Relations
11
Managing the Property
23
Tenant/Resident Relations
6
7
Section-by-Section Review and Assessments
Step 1:
Step 2:
Step 3:
Read each
best practice
Assess for your
company
Share and
compare



Not in place
Partly in place
Fully in place
5 minutes
per section
8
9
Putting Best Practices to Use
Auditing
internal
operations
Building
your
business
Starting a
management
business
10
Proposals
For
Business
Development
Presentations
Website
Brochures
Client reports
Company
newsletter
11
12
13
14
Staff training
New-employee
orientation
Corporate goals
For
Internal
Operations
Individual goals
Auditing business
practices
15
You may find the
resources listed here
helpful in furthering
your understanding of
the topics covered in
this workshop.
 Available free to members as electronic document at
www.irem.org
 Printed document: $34.95 full price/$27.96
members
 Contact bestpractices@irem.org
 To request checklist in MS Word
 For quantity discounts on purchases
 If you have questions or ideas for other best
practices
16
17
Thank you
for attending
this workshop
For more information on this and
other industry topics, visit
www.irem.org today!