Full Description

1.1 This practice covers the creation of a set of guiding principles to be applied to the practice of property management. Such principles will enunciate the objectives and intent of the property community, stress simplified procedures, promote less rather than more, judgment rather than "by-the-book" decisions, and encourage the adoption of "best practices."

1.2 The acceptance of guiding principles has the potential to foster a problem-solving mentality within the property management community, encourage the use of innovative and cost-effective practices, create greater commonality between government and industry practices, and increase the ability of organizations to respond to changing needs and business conditions.

1.3 The potential economic and practical benefits of operating in a manner consistent with a set of guidelines outweigh concerns about the loss of predictability, uniformity, and consistency.