AT THE CONFERENCE: A Century of Pride
and Professionalism — NAR’s Code of Ethics
Nov. 11, 2012; 9: 30 a.m.– 12 p.m. and 1–3: 30 p.m.
AT THE CONFERENCE: Structuring Your
Business Plan to Include Property Management
Nov. 10, 2012; 1: 30–3 p.m.
Get Up to Code!
While you’re in Orlando, why not brush up on
one of the most important documents in real
estate—the REALTORS® Code of Ethics?
Every four years, members of the NATIONAL ASSOCIATION
OF REALTORS® are required to complete a Code of Ethics
training class. The deadline for the current four-year cycle
is around the corner: Dec. 31, 2012.
The training enables you to identify principles in
the Code’s Preamble—an aspirational statement about
what the organization stands for—and to learn how
the Code compares and contrasts with the precepts of
general business ethics. You’ll learn how to recognize
potential Code violations and become familiar with
NAR’s professional standards process—including the
role of grievance committees, professional standards
committees, and the association’s board of directors.
Not attending the conference? Training can also be
completed through a local REALTOR® association or online
To the Top
Do you go into every business interaction poised for
success? You should, advises former U.S. Air Force F- 15
pilot Jim Murphy, now a corporate trainer and author.
Start by aligning
your team around
a clear mission,
he says, and build
in a continuous
feedback loop so
that you’re always
is the founder and
CEO of the training
organization Afterburner. His team of former military
professionals takes the stage during the conference
General Session, Nov. 10, to demonstrate the “flawless
execution” methods practiced by fighter pilots.
Read REALTOR® Magazine’s exclusive Q&A with
Murphy at RealtorMag.REALTOR.org, Search for
4 Tips for Launching a
Residential property management can be a rewarding niche—one that o;ers a regular paycheck, a loyal investor clientele, and access to future first-time home buyers. But before you jump in, do some careful business planning. Among practitioners looking for reliable sources of in- come, “property management may be considered ‘the new black,’ ” says Jessica Hickok of Dizmang Properties Inc. in Springfield, Mo. But it would be a mistake to look at it as a short-term solution to money woes, she warns. “Don’t take on property management jobs thinking that you’ll do the work for six to 12 months and then be done with it. It’s actually a long-term commitment.” Hickok, who will be co-presenting with Paul Dizmang at the conference, o;ers four tips for launching a residential property management business:
1 Grow Your Financial Understanding: Know what
types of loans are out there
for investors and be able to
determine the profitability
and cash-flow ratios on rental
homes. This way, you’ll be able
to advise investor clients to
make wise choices.
2 Know the Law: Learn your state’s landlord/ tenant laws. Take a class, do your own online
research, and talk with experienced property
managers. Take an afternoon to sit at the
local courthouse, observe the landlord/
tenant disputes, and take note of how the
judge rules. Then apply what you’ve learned
to your business plan so that every angle of
tenant management is planned for.
3 Establish a Base: Identify who your potential landlords are, then target your marketing to them. One approach is to pinpoint the hot rental districts in your town for advertising campaigns. Another way to find current landlords is to check county tax records. If the owner’s name and mailing address di;ers from the property address, chances are it’s a second home or investment property. You will also want to be prepared when other clients ask questions about becoming landlords. Have fact sheets available that identify the benefits of investing in rental property.
4 Get Your O;ce in Order: Plan for the administrative
tasks that go with managing
property by establishing clear
o;ce policies (e.g., when rent is
due, how you’ll handle late rent
payments). Create forms and
checklists needed for day-to-day o;ce operations (
application forms, lease agreements,
Then you’re o; to a great start!