All new members of BOMA/NY are asked to abide by the following Code of Professional Ethics and Conduct, which governs the professional behavior and activities of our membership.
BOMA/NY encourages and supports a fair, open and honest business relationship with its Working Partners based on quality, service and price. The Association believes that this objective can be achieved only if working relationships between the Association and its Working Partners are fair, open and honest and all participants adhere to ethical business practices.
The contents of this code are general and intended solely as a guide. This Code of Professional Ethics and Conduct is intended to cover the general principles underlying the business goals and practices of BOMA/NY and is designed not only to meet but also to exceed requirements of law and industry practice.
BOMA/NY, and its members, are committed to promoting the highest level of professionalism, integrity, and ability available in the commercial and industrial property and asset management industry as well as the public at large. It is intended to encourage fair and healthy competition within the industry. We consider industry relationships critical to the industry’s success. In achieving our goals, we must never lose sight of the Association’s commitment to the highest standards of business conduct.
Minimum standards of conduct in these areas are contained herein:
Each member of the Association and anyone working for the member shall conduct business in a manner displaying the highest degree of professional behavior bringing credit to the profession, the industry, and the Association. Members and anyone working for the member shall speak truthfully and act in accordance with accepted principles of honesty and integrity. Anyone working for a member shall endeavor to understand and fairly represent his or her own scope of knowledge and ability to perform services.
II. Responsibility to Clients
Each member shall diligently and honestly pursue the client’s legitimate objectives. Whenever possible, objectives should be put in writing to avoid misunderstanding. No member shall place its own needs and desires above those of the client in the performance of work for that client. Each member shall advise the client regularly or as agreed on matters concerning the creation of value. Federal, state and local laws as well as regulations, codes and ordinances shall be strictly adhered to in the co-operation of property or equipment.
III. Responsibility to Employers
Each person working for a member shall behave in a manner consistent with the stated goals of his or her firm and/or employer. No person working for a member shall act out of a motive of personal gain apart from the knowledge and consent of the employer and/or firm.
IV. Responsibilities to Real Property and Equipment
Each member shall be diligent in the operation of property to maximize its long-term value within the client’s objectives. Members shall not knowingly permit or cause damage to the property or properties under their control. In the operation of the property, members shall take those actions reasonably necessary to maximize the security and life safety of the occupants consistent with accepted standards of the industry.
V. Conflict of Interest
Prior to accepting an engagement for services, each member shall disclose to its potential client any known conflicting interest it may have between:
- 1) That client and any other client
- 2) That client and its employees, or
- 3) That client and its suppliers.
If any such conflicting interest arises after commencement of services, that interest shall also be disclosed to the member’s client. Each member shall use every reasonable means to resolve any such conflicting interest. A conflicting interest is one, which would be likely to affect adversely the judgment of the member on behalf of or its loyalty to a client or prospective client, or which the member might be prompted to prefer to the interests of a client or prospective client.
Each member shall maintain as confidential any legitimate business information, unless in the public domain, provided in confidence until:
- 1) Given permission to disclose it by the source of such information, or
- 2) Being legally required to do so.
VII. Fair Dealing
Each member shall endeavor to deal fairly with its clients, tenants, competitors, vendors, and employees. No member shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.
VIII. Records Management
Each member shall maintain complete and accurate records compiled in accordance with generally accepted procedures and provide them to the client with comment on a regular basis. In addition, each member shall control the funds and property entrusted to the member in such a way as to protect the client and the client’s assets from any reasonably foreseeable losses.
IX. Continuing Education
Each member shall endeavor to ensure that anyone working for it remain knowledgeable in the subject material of his or her industry by taking courses and seminars offered, reading industry periodicals, and consulting and sharing information within the industry network in the member’s area.
X. Compliance with Laws
Each member shall comply with all local laws and regulations, as well as, any human rights statutes concerning the properties managed, apprising property owners as appropriate.