Property Management Standards – Part 1
As tornadoes and severe weather continue to ravage Indiana and other parts of the mid-West, disaster preparedness, business continuity, and community resilience has unfortunately once again been forced to the front of our minds. However, while it is important to remain ever-vigilant of such disasters through a state of constant-preparedness, it is time to shift our focus to a different topic.
March brings with it the promise of a new month, of spring-time, warmer weather, and of course, a new blog topic. In March we will be discussing the standards of property manager and without further delay I will turn the reigns over to our resident property management expert, Amanda Watkins.
Guest Contributor: Amanda Watkins
Prior to 1990 there was little discussion of standards in the property management profession. In most people’s view, there was no need for them. Government property was covered under the Federal Acquisition Regulation act (FAR) Part 45 and the Federal Property Management Regulations (FPMR) so everyone thought that property was covered. According to the National Property Management Association (NPMA), “property” literally meant “Government Property.”
Of course, now we know better!
In the late nineties, the focus of the NPMA began to change to meet the needs of the various industries, as the NPMA assumed a leadership role to address the lack of standards in property management. Rather than just focusing on the Government property, there was now a recognized need for other industries to have property standards as well. This joining of these two “worlds” resulted in a more cohesive opportunity for resource-sharing between the government, private sector, medical and educational industries. Together with ASTM, the NPMA and Committee E53 assess the need for, develop, create and edit standards.
These Standards are considered living documents that change and evolve to grow with the needs of Property Management. The NPMA has this to say about the ASTM standards, directly from www.NPMA.org :
“In June 2000, the first tangible step was taken toward achieving a consensus standardization policy for the property industry when Committee E53 on Property Management Systems was officially organized. Established via a partnership between NPMA and ASTM International, Committee E53 is the official home for the development of management systems criteria, including performance standards, practices, metrics, and methods of effectiveness for the conduct of management and administration activities for durable and movable assets. Specific areas of interest include all aspects of personal property management from determination of needs and initial acquisition through final disposition, including receipt, identification and marking, record keeping, custodial and administrative accountability, reporting, consumption, maintenance, movement, storage, inventory, control, utilization, and disposition.”
Throughout March, this blog will discuss some of the different standards, what they mean, and how they affect your role in property management. Keep in mind: this is not the complete list of standards, as there are currently 100,000 (give or take) standards in practice. We’re only going to discuss the ones currently under jurisdiction of Committee E53 and those that affect asset management as relative to property manager.
Active standards under the jurisdiction of Committee E53
E2131-09 Standard Practice for Assessing Loss, Damage, or Destruction of Property
E2132-01(2007) Standard Practice for Physical Inventory of Durable, Moveable Property
E2135-10a Standard Terminology for Property and Asset Management
E2279-09 Standard Practice for Establishing the Guiding Principles of Property Management
E2306-11 Standard Practice for Disposal of Personal Property
E2379-09 Standard Practice for Property Management for Career Development and Training
E2452-10 Standard Practice for Equipment Management Process Maturity (EMPM) Model
E2453-05 Standard Practice for Determining the Life-Cycle Cost of Ownership of Personal Property
E2495-07 Standard Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition
E2497-06 Standard Practice for Calculation of Equipment Movement Velocity (EMV)
E2499-06 Standard Practice for Classification of Equipment Physical Location Information
E2604-09 Standard Practice for Data Characteristics of Equipment Records
E2605-08 Standard Practice for Receiving Property
E2606-08 Standard Practice for Receipt Notification as a Result of Tangible Property Movement
E2607-08 Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
E2608-08 Standard Practice for Equipment Control Matrix (ECM)
E2631-09 Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
E2671-10 Standard Practice for Defining Movements, Shipments, and Transfers of Tangible Property
E2672-09 Standard Practice for Identification and Categorization of Tooling
E2674-09 Standard Practice for Assessment of Impact of Mobile Data Storage Device (MDSD) Loss
E2675-09 Standard Practice for Property Management System Outcomes
E2676-09 Standard Practice for Tangible Property Mobility Index (MI)
E2715-09 Standard Practice for Moveable Property Storage
E2811-11 Standard Practice for Management of Low Risk Property (LRP)
E2812-11 Standard Practice for Uniform Data Management in Asset Management Records Systems