Magazine article Journal of Property Management

Do Poor Business Practices = Poor Ethics?

Magazine article Journal of Property Management

Do Poor Business Practices = Poor Ethics?

Article excerpt

When you do a review of the IREM Code of Professional Ethics, it is evident that without good business practices, the Code is difficult to uphold. During a recent conversation with a fellow CPM Member, we discussed what would be considered a poor business practice but not an ethical violation.

Do poor business practices always equal poor ethics?

WHAT'S THE DIFFERENCE? IS IT JUST SEMANTICS?

I am of the mind that there is, in fact, a difference between poor business practices and poor ethics, based on my years of participating in the Ethics Inquiry Board for IREM and being a business owner. I have seen several examples where poor business practices have not always been the result of an unethical person, but rather, a lack of good reasoning, leadership or simply competitive one-upmanship.

Most people equate an ethical person with possessing good morals, a willingness to put others first, a desire to be fair and equitable, and an allegiance to practicing trust and disclosure. These qualities sound a lot like how to run a good business, right? When getting into the nuts and bolts and the philosophical yin and yang of the question, I did a bit of souland web searching in order to better understand the sometimes subtle differences.

OBVIOUS AND NOT-SO-OBVIOUS VIOLATIONS

We have all read news reports about big banks or investment firms paying themselves large bonuses and purchasing other lavish gifts without reporting to their investors and the government-even going as far as taking taxpayer dollars to cover their losses and expenses. …

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