Strategies for Maintaining Ethical Practices

The following excerpts are from IREM’s Key Report, Insider's Tips to Operating a Successful Property Management Company (IREM Copyright, 2007)

Ethics in business is the practice of good will in both intent and actions. Ethical behavior is a long-term business strategy and deserving of special attention.

• Develop a code of ethics for your company and enforce it.
• Involve your employees in the development process.
• Publish the code of ethics in your employee handbook.
• Demonstrate ethical behavior by example, from ownership and senior management through all the ranks.
• Make sure your training includes acceptable (and unacceptable) practices and behaviors.
• Reinforce the training through meetings where ethical (and unethical) practices are discussed and clarified.

Honesty in one's dealings is a prerequisite to establishing trust, for without trust there can be no cooperation. Negotiate in good faith and keep the promises you make. Corollary to this is the need to avoid exaggeration (inflated capabilities) and not make promises you cannot keep. Whenever possible or practical, incorporate the firm's code of ethics into marketing and proposal/presentation materials.