Standards for Professionalism
National Association of Residential Property Managers Standards for Professionalism
The National Association of Residential Property Managers (NARPM) promotes a high standard of business ethics, professionalism, and fair housing practices. NARPM's members subscribe to the following Standards of Professionalism for property managers of single-family and other small residential properties.
Duty to the Public
The Property Manager shall endeavor to eliminate in the community, through the normal course of business, any practices which could be damaging to the public or bring discredit to the profession.
The Property Manager shall assist the governmental agency charged with regulating the practices of property managers.
The Property Manager shall comply with all local and state ordinances regarding real estate law licensing, insurance, and banking.
It is the duty of the Property Manager to educate those with whom the Property Manager is affiliated to comply with all fair housing laws.
Duty to the Client
The Property Manager shall use a written management agreement outlining all responsibilities and fees. The Client will be provided a copy, and the Property Manager will maintain a copy.
The Property Manager shall communicate regularly with the Client and provide written reports of receipts and disbursements on a regular agreed-upon basis. In the event of any dispute, the Property Manager shall provide a written accounting as soon as practical.
Tenant applications shall be reviewed and verified in order to determine the Applicant's ability to pay and to determine the likelihood that the Applicant will comply with all provisions of the rental agreement.
The Property Manager shall accept no commissions, rebates, profits, discounts, or any other benefit that has not been fully disclosed to and approved by the Client.
Duty to the Tenant
The Property Manager shall offer all Applicants a written Application.
The Property Manager shall provide all Tenants with a copy of the signed rental agreement with all addenda.
The Property Manager shall make all disclosures as required by state and local laws and provide the Tenant an opportunity to complete a written condition report at the time of moving in.
The Property Manager shall respond promptly to requests for repairs.
Within the time prescribed by law, a written deposit refund determination shall be provided to the Tenant after they have vacated the property. No undue delay in refunding or accounting for the security deposit shall take place.
The Property Manager shall avoid exaggeration, misrepresentation, misinformation, or concealment of pertinent facts relating to the advertising, leasing, and management of a property.
The Property Manager shall not manage properties for Clients who refuse or are unable to maintain their property in accordance with safety and habitability requirements of the local jurisdiction.
Protection of Funds
The Property Manager shall hold all funds received on behalf of others in compliance with state law with full disclosure to the Client and must never commingle the firm's or personal funds with those of the Client
Duty to Disclose Expertise
If a client engages a Property Manager's services in a field where the Property Manager lacks experience and competency, the Property Manager shall fully disclose this fact to the Client
Duty to Firm
The Property Manager shall have no undisclosed conflict of interest with his/her Employer and shall notify Employer immediately if a conflict should arise.
The Property Manager shall receive no kickbacks, rebates, or any other benefit without full disclosure to Employers.
Relations with Competitors
The Property Manager shall refrain from criticizing competitors or their business practices. In the event of a controversy between Property Managers with different firms, the Property Managers shall submit the dispute to arbitration rather than litigate the matter.
Unless the Property Manager is purchasing another management company, fees, commissions, and compensations shall not be discussed with other Property Managers. The Property Managers shall always seek to avoid the appearance of impropriety in these matters.
The Property Manager's fees, commissions, and compensations shall be determined by the manager or the Property Manager's Broker based upon, but not limited to expertise, experience, and the cost of service and expense.
Duty to Remain Educated
The Property Manager shall maintain his/her real estate licenses by meeting continuing education requirements as set by the state in which he/she works.
Improving the Profession
The Property Manager shall strive to improve the property management profession by sharing with others his/her lessons or experience for the benefit of all.