Finding the right space for your business can be a massive undertaking. There are many details to consider including the size, location, and cost of your potential office or storefront. Once you’ve finally found the perfect location, you shouldn’t have to worry whether the property manager will treat you fairly. Unfortunately, not all experiences with property managers are the same. A tense situation can add unnecessary stress.
A property manager’s job includes making sure repairs are completed promptly and the building stays up to code. They will keep your information confidential and look out for your best interest. When trying to determine if you will be working with an ethical property manager, there are several questions you can ask in addition to requesting references.
The National Association of Residential Property Managers (NARPM) has outlined a clear code of ethics for property managers. We’re highlighting several sections below to help further explain the roles and boundaries expected of all property managers.
Ethics Standards for Investment Property Managers
Look Out for Client’s Best Interest
In addition to keeping the property maintained, a property manager is a primary communicator between the landlord and tenant. You might wonder who the property manager will advocate for if a difference of opinion develops.
The NARPM is clear that a Realtor’s code of ethics extends to all real-estate related roles including managing a property. This means that an ethical real estate agent will treat all parties honestly even though their obligation is first to their client. You can always trust communications you receive are truthful and accurate.
An ethical property manager will uphold the law as it applies to confidentiality. This confidentiality will continue after the business relationship ends. The NARPM ethics code highlights two ways confidentiality applies. First, a client’s confidential information cannot be disclosed. Secondly, the client’s confidential information cannot be used against them to the client’s disadvantage.
Confidentiality does not extend to conceal a criminal act or when compelled by a court.
Due Diligence to Protect Funds
An ethical property manager will protect the finances of the properties to the best of their ability. This does not mean they will meet the financial difference for an unpaid bill. You can expect that money is reserved for upkeep and repairs as needed and that a paper trail recording rental payments are easily obtainable.
Another aspect of the code of ethics states that a property manager will ensure that all parties understand the contract presented. You should expect that all your questions regarding your lease are answered before you are asked to sign.
One of the best ways to ensure you are partnering with an ethical property manager is to choose a corporation established in your area with an excellent reputation. Since 1996, All Brevard Property Management has been representing commercial and residential property managers and tenants with fair and ethical property management services. Contact us to learn more about our services and how our experienced property management team can help you.Read More