Code of Ethics and Standards of Professionalism
The National Association of Residential Property Managers
promotes a high standard of business ethics, professionalism and fair
housing practices. NARPM® members subscribe to the following Code of Ethics
and Standards of Professionalism for property managers of single-family and
other small residential properties
Article 1: DUTY TO PROTECT THE PUBLIC
It is the duty of the Property Manager to protect the public against
fraud, misrepresentation, and unethical practices in property management.
- 1-1 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.
- 1-2 The Property Managers shall assist the
governmental agency charged with regulating the practices of property
Managers.
- 1-3 The Property Manager shall comply with all
local and state ordinances regarding real estate law, licensing,
insurance, and banking.
- 1-4 The Property Manager shall not knowingly,
during or following the relationship of their professional relationships
with their clients or their tenants, reveal confidential information of
the clients or tenants. The Property Manager must take all pre-cautions
in keeping information in regard to owners and tenants reasonably
secured to prevent identity theft.
- 1-5 The Property Manger shall use reasonable
efforts to be sure that information on their websites is current. If it
becomes apparent that information on the website is not current, then
the Property Manager shall promptly take corrective action.
- 1-6 The websites of the Property Manager shall not
contain any deceptive metatags or other devices/methods to direct,
drive, or divert Internet traffic or to otherwise mislead customers. The
websites shall also not manipulate listing content in any way that
produces a deceptive or misleading result.
Article 2: DISCRIMINATION
The Property Manager shall not discriminate in the rental, lease, or
negotiation for real property based on race, color, religion, sex, national
origin, familial status, or handicap and shall comply with all federal,
state, and local laws concerning discrimination.
- 2-1 It is the duty of the Property Manager to
educate those with whom the Property Manager is affiliated with to
comply with all fair housing laws.
Article 3: DUTY TO CLIENT
The Property Manager has a fiduciary responsibility to the Client and
shall at all times act in the best interests of the Client.
- 3-1 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.
- 3-2 The Property Managers shall communicate
regularly with the Client and provide written reports of receipts and
disbursements on a regular and agreed upon basis. In the event of any
dispute, the Property Manager shall provide a written accounting as soon
as practical.
- 3-3 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.
- 3-4 The Property Manager shall accept no
commissions, rebates, profits, discounts, or any other benefit which has
not been fully disclosed to and approved by the Client.
- 3-5 The Property Manager shall not mislead owners
with the market value of the property, in an attempt to secure a
listing.
Article 4: DUTY TO TENANTS
The Property Manager shall treat all Tenants professionally when applying
for, living in, and vacating a managed residence. The Property Manager shall
hold a high regard for the safety and health of those lawfully at a managed
property.
- 4-1 The Property Manager shall offer all Applicants
a written application.
- 4-2 The Property Managers shall provide all Tenants
with a copy of the signed rental agreement with all addenda.
- 4-3 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.
- 4-4 The Property Manager shall respond promptly to
requests for repairs.
- 4-5 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.
- 4-6 The Property Manager shall avoid exaggeration,
misrepresentation, misinformation, or concealment of pertinent facts
relating to the advertisement, leasing, and management of the property.
Article 5: PROPERTY CONDITION
The Property Manager shall manage all properties in accordance with
safety and habitability requirements of the local jurisdiction.
- 5-1 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.
Article 6: 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.
Article 7: DUTY TO DISCLOSE EXPERTISE
The Property Manager must provide accurate information within his area of
expertise, but refrain from the unauthorized practice of other professions,
including but not limited to the law, accounting, financial planning,
construction, and contracting.
Article 8: DUTY TO FIRM
The Property Manager shall act in the best interests of their
Employer/Broker.
- 8-1 The Property Manager shall have no undisclosed
conflict of interest with their Employer/Broker and shall notify their
Employer/Broker immediately if a conflict should arise.
- 8-2 The Property Manager shall receive no
kickbacks, rebates, or any other benefits without full disclosure to
Employer/Broker.
- 8-3 The Property Manager may not take or use any
proprietary documentation or client/tenant lists during or after
relationship with Employer/Broker without express written consent from
Employer/Broker.
Article 9: RELATIONS WITH COMPETITORS
The Property Manager shall refrain from criticizing competitors or their
business
practices.
- 9-1 the Property Manager shall treat all
competitors in a fair and professional manner and shall not knowingly
engage in any practice or take any action against a competitor in an
unbusiness like manner.
- 9-2 The Property Manager shall not knowingly
solicit competitor’s clients. This does not preclude the Property
Manager from making general announcements. For purposes of this code, a
general announcement may be defined as a general telephone canvass or a
general mailing or distribution addressed to all prospects in a given
geographical area or in a specific profession, business, club,
organization, or other classification or group.
- 9-3 In the event of a controversy between Property
Managers with different firms, the Property Managers shall submit the
dispute to mediation rather than litigate the matter.
Article 10: PRICE FIXING
The Property Manager shall not engage in the improper acts of price
fixing, anti-trust, or anti-competition with other Property Managers.
- 10-1 Unless the Property Manager is purchasing
another property management company, fees, commissions, and
compensations, shall not be discussed with other Property Managers. The
Property Manager shall always seek to avoid the appearance of
impropriety in these matters.
- 10-2 The Property Manager’s fees, commissions, and
compensations shall be determined by the Property Manager or the
Property Manager’s Broker based upon, but not limited to, expertise,
experience, and the cost of service or expense.
Article 11: DUTY TO NARPM® AND THE PROFESSION
- 11-1 The Property Manager shall strive to improve
the property management profession and NARPM® by sharing with others
their lessons of experience for the benefit of all.
- 11-2 The Property Manager shall strive to be
informed about relevant matters affecting the property management field
on a local, state, and national level.
- 11-3 The Property Managers shall maintain their
real estate license by meeting continuing education requirements as set
out by the state in which they work.
- 11-4 NARPM® members shall abide by the NARPM®
bylaws and any other guidelines approved by the Board and shall do no
harm to the organization
