What is an Independent Rental Owner (IRO)?
What is an Independent Rental Owner (IRO)?
The National Apartment Association (NAA) defines an Independent Rental Owner (IRO) as an individual or individuals that are active in both the ownership and management of their properties.
Main Characteristics of Independent Rental Owners (IRO)
- They have their own money invested in the property (with or without partners) and oversee Multifamily OR Single-Family housing.
- They are actively involved in the management of their properties.
- They self-identify based on the above criteria and not by portfolio unit count.
Considerations for Independent Rental Owners (IRO)
- Membership is defined by experience and not by unit count. IROs may consist of less than 10 units and can exceed over 6,000 units given the size of the independent investor. Resources are provided based on all levels of experience specific for each member.
- Smaller sized properties and portfolios generally require a unique property management style, as opposed to the management style used for properties of larger unit count.
- IRO Education and Networking opportunities may also be beneficial for those that work for an IRO, such as property managers, managing directors and other employees or those that conduct business with IROs, such as supplier partners.
- Self-identification is an important part of being an IRO. The NAA IRO program is built around all facets of multifamily management and encourages learning and conversation with likeminded individuals.
Reasonable accommodation requests for assistance animals—including emotional support animals—cause concern for apartment owners and operators. They affect an owner’s ability to assess pet deposits and fees and to apply rules and policies to a resident’s animal. Additionally, they expose owners to possible fair housing complaints. View the webinar to hear more about what you need to know as an IRO regarding this hot topic.
Do you want to know the secret to successfully own, operate and market a vacation rental for maximum profit? In this webinar, learn how to properly select your market, how to advertise the property and how to keep it full booked and operational. Insights will be given into what works and what doesn't when you have your own vacation rental. Explore renovation costs, HOA fees and anything else that can impact your bottom line. View the webinar.
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View a webinar that provides a deep dive into trending fair housing issues affecting the industry, including reasonable accommodation requests for emotional support animals, occupancy standards and resident screening (including criminal and eviction history). Learn about the resources NAA has to offer to help face any challenge. View the webinar.
Are your policies and practices leaving you at risk for litigation? Whether you’re new to rental housing or are an industry veteran, you don't want to miss this webinar covering current best practices for avoiding legal action, one of the leading risk management concerns for any apartment industry organization. View the webinar.
Formulating a winning strategy to maximize ROI doesn’t require reinventing the wheel. There are many ways to increase rent, ancillary services and reduce costs to maximize income. This panel represents years of experience in the apartment industry who have gone through selective upgrades, complete rehabs and operational cost reductions. View the webinar to hear about successes, lessons learned and new programs for IRO’s to take advantage of. Speakers include: Victoria Cowart, CPM, CAPS Candidate, Vice President of Property Management, Darby Development Co. Steve Ross, Vice President, Bob Ross Realty Jerry Winograd, President, Judwin Realty Group Julia Emerson, Director, Hillcroft Group LLC. View the webinar.
NAA, with AppFolio, recently presented a webinar, Hire Right the First Time, which explored and provided important information on:
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- High impact interview questions
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View the webinar and gain insightful information.
The Independent Rental Owner Professional (IROP) credential program is offered to the rental owner who manages personally-held multifamily property or properties.
NAA’s new discount products and services program is guaranteed to provide substantial savings for Independent Rental Owner (IRO) members.
- Employment Handbook
- Policies and Procedures Manual- Maintenence
- Policies and Procedures Manual- Personnel & Payroll
- Independent Contractor Agreement
- Acquisition Due Diligence Checklist
- Affiliate Marketing Strategies
- How to Set Up and Run and IROC Program
- Bed Bug Documents
You also have the opportunity to communicate with your peers and gain a wealth of industry knowledge! Join the conversation today.
This article was published by the National Apartment Association (NAA) at https://www.naahq.org/member-services/independent-rental-owners.