Magazine article Journal of Property Management

The AMO Code: At a Glance

Magazine article Journal of Property Management

The AMO Code: At a Glance

Article excerpt

"OUR CODE AND OUR STANDARDS ARE HIGH FOR A REASON.

Schedule monthly ethics meetings with employees to go over potential ethical violations or send staff to an ethics course.

The purpose of the AMO Code of Professional Ethics as directed by IREM is to hold companies to the same high standards the IREM Code of Professional Ethics holds individuals. By pledging to adhere to this code, the AMO Firm helps to maintain confidence in the honesty, integrity and professionalism of our organization.

The AMO Code has 11 articles, which are summarized below. The full articles can be downloaded at www.irem.org. These articles, if followed, frame a good working relationship with the Institute to provide excellent management to our clients and the public.

1 Service to our clients is why we work each day. Our goal is to fulfill the owner's goals and objectives.

2 Our contracts spell out what we have agreed to accomplish for our owners each day, month and year and the terms of our business relationship.

3 An accounting system is extremely important for the business as well as the property owner. The owner must be comfortable with the fund accounts. Owners expect us to use accepted accounting practices as they pertain to applicable laws and procedures.

4 Reporting to your clients in an accepted, professional manner is extremely important. Auditable financial records should be available at reasonable times.

5 Fiduciary responsibility means finding a bank that will allow you to open as many accounts as needed so that your clients are comfortable with the handling of their funds. Keeping individual clients' funds separate should be part of company policy.

6 Relations with other organizations for the benefit of IREM means keeping conversation professional concerning practices of other Members and professionals. Reasonable business competition is fine. Should there come a time when a situation just does not look right, file a complaint with the IREM ethics boards and let them make the determination. …

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