Real Estate Management Code of Conduct
Professional real estate management is practiced in a fair and clear manner only when the professionals involved follow a formal code of conduct. This ensures client satisfaction which is a very important element for the success of any business. There are certain ethical norms that have to be strictly followed by the assets managing executives.
Loyalty is a very important aspect of the attitude of the assets managing executive towards his employers and his clients. While safeguarding the interests of the client he should not compromise with the interests of his employing organization; and vice versa. There are many executives who compromise with their sincerity towards their employers and their clients to meet their selfish ends and make some fast money. The employing firms have their own set of rules which may differ from one firm to another. The professional real estate management staff may be directed to either give more weight age to the preferences of the clients or the employer, in case of any differences in opinion. They should never engage in any activity that is detrimental to the interests of their employers or their clients.
No client will want his private information to be leaked out to anybody. Hence, the assets managing professionals are expected to maintain confidentiality in their dealings with the client details. They should not leak out information about one client to another, even if it is for promoting the good reputation of the firm. If it is necessary at all to provide details on an official basis to some concerned staff, he should do so with the consent of the client and not otherwise. If it to be done without the knowledge of the client , the concerned professional real estate management executive should do so in strict adherence to the laws of the land regarding such activity.
The client has the right to ask the executive managing his asset to give him accurate information regarding his assets, at any point of time, without any notice. Hence, the executive should be prepared with all the client details. They should be neatly documented and should be in an auditable format. These records should also be available to the inspectors and other executives who need to access them for their work. However, the particular executive dealing with a particular client is responsible for safeguarding the documents of the client. He should not conceal any relevant information from the client. He should not distort facts while conveying them to the clients. The professional real estate management executive should not resort to any of these methodologies to convince the client. He should always give a truthful and frank opinion.
The assets managing executive should be very careful when dealing with the money of the client. He should maintain an exclusive account for each client and not store it in a common pool. All records pertaining to finances should be accurately made and recorded. The financial privacy of each client should not be compromised with at any cost. The monetary deposit of the client should not be used for the expenses of the firm or to meet the expenses of another client, whatever the emergency may be. If at all such a thing is to be done, it should be done with hundred percent consent of the client. The professional real estate management executive should not try to influence the client in any way, with distortion of facts, in matters related to finances.
