If you’re planning to hire a Bellevue property management company then you have to know what standards and ethics they are being held to. The National Association of Residential Property Managers holds anyone who manages property to a strict set of rules and regulations designed to hold up the fair housing code to ensure that both property owners and tenants get a great experience. While you can get the full downloadable version, the following includes the basics of how the NARPMs Code of Ethics and Standards of Professionalism affect your Bellevue based real estate investment practices.
The code covers:
• Professional standards
• Regulations
• Documentation and Disclosure
• Treatment of Tenants & Clients
For Landlords
The NARPs regulations cover a great deal of information regarding how property managers should treat landlords, and most of it works as protection for the landlord. For example, the property management company is bound to submit regular financial reports to the landlord. It is also illegal to rent out units without the express approval and knowledge of the owner. Property managers are also bound to provide clients with full disclosure, copies of documents, receipts, and the ability to dispute any of these documents. Essentially the NARP offers landlord’s protection via full disclosure, authentic advertisement of properties, professionalism, non-discrimination, and written documentation of everything applicable to the management of your property. The code also states that any property management company, in Bellevue or otherwise, must work with local laws to stay up to date on Federal, State, and City requirements. In addition, the code of ethics states that any property manager must stay up to date on relevant property management information, laws, and updates, in order to ensure that they are renting and practicing within the guidelines of the city. This protects you the owner from fines and fees related to not updating your rentals to new Bellevue regulations or standards.
For Tenants
The NARPM also offers a lot of professional protection standards for tenants in the form of guidelines for treatment, discrimination, fees, and advertising. For example, a Bellevue property management company is required to educate all of their employees as to what is and what is not discrimination in order to ensure that no tenant is ever discriminated against. Truth in advertising regulations cover the basics that any advertisement or media posted about a unit must fully disclose the unit as-is, rather than using marketing techniques to make a sale or deal. Tenants are also entitled to full written contracts detailing rent rates, repair and maintenance privileges, and any other pertinent information or rules which they are bound by. In addition, property managers are bound by law to ensure that the tenant has the ability to pay and comply with their rental agreement before taking them on as a tenant.
The NARMP’s Code of Ethics and Standards of Professionalism offers tenants and real estate investors peace of mind in that property managers are held to this code, requiring them to treat everyone with a level of professionalism often not seen in other businesses. The code itself is updated regularly but the concepts usually remain the same.