What is an Independent Rental Owner (IRO)? The National Apartment Association (NAA) defines an IRO as an individual or individuals that are active in both the ownership and management of their properties.
main characteristics of IRO'S
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 IRO's
Membership is defined by experience and not by unit count. IRO's 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 IRO's 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 and encourages learning and conversation with likeminded individuals.
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