Magazine article Journal of Property Management

Watch over You

Magazine article Journal of Property Management

Watch over You

Article excerpt

The IREM Code of Professional Ethics Can Help You Make the Right Choices

THE IREM ETHICS CODES GIVE US GUIDANCE WHEN FACED WITH TOUGH DECISIONS. The IREM Code of Professional Ethics and the Minimum Standards and Codes of Ethics for Accredited Management Organizations (AMO*) outline how a property manager should behave. So, what is the proper way for a property manager to act? Below are two scenarios that may help answer this question. They focus on every day job situations.

Scenario One:

You offered a vendor some suggestions on to how to market his services. In appreciation, the vendor gives you a $500 gift card with a note thanking you for your advice and suggesting that if you cannot use the card yourself to give it to your wife. Your company has a policy against accepting monetary gifts. You wonder if you can accept the card since it had nothing to do with your management company. After all, as long as no one else knows, what difference does it make? And if you just pass the gift card along to your wife, doesn't that further negate the issue?

I imagine most of us know what we should do, but I wonder how many of us have been dishonest when we think no one is watching. "Who is really watching us?" we might think, as we quietly allow our indiscretion to slide by. It doesn't make us bad people, but it does put us in violation of the AMO Code of Ethics, which states in Article 2.12 that no person "shall receive from third parties or suppliers rebates, gifts with a value or more than $50 or other consideration in connection with the management or property which is not disclosed to the client."

Scenario Two:

You have recently taken over a new property. …

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