USING IREM’S BEST PRACTICES An IREM ® Workshop

Using IREM’s Best Practices Workshop agenda 1.Introduction to IREM’s Best Practices 2.Review and assessment using the Best Practices 3.How to use Best Practices in your company 4.Wrap-up and Q&A 2

Using IREM’s Best Practices Handout material 1.Best Practices: Real Estate Management Service booklet 2.Best Practices Checklist 3.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

6 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.

Organizing Categories 7 Management Company 17 Client Relations 11 Managing the Property 23 Tenant/Resident Relations 6

Section-by-Section Review and Assessments 8 Step 1: Read each best practice Step 2: Assess for your company  Not in place  Partly in place  Fully in place Step 3: Share and compare 5 minutes per section

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10 Putting Best Practices to Use Building your business Auditing internal operations Starting a management business

11 For Business Development Proposals Presentations Website Brochures Client reports Company newsletter

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15 For Internal Operations Staff training New-employee orientation Corporate goals Individual goals Auditing business practices

16  Available free to members as electronic document at  Printed document: $34.95 full price/$27.96 members  Contact  To request checklist in MS Word  For quantity discounts on purchases  If you have questions or ideas for other best practices You may find the resources listed here helpful in furthering your understanding of the topics covered in this workshop.

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