Growing Recognition that Good Management Matters More Than Ever Positions Real Estate Managers as a Key Industry Force
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(Chicago, IL, April 26, 2010) – Good management matters more today than ever before as owners, investors and other industry operatives seek to rebuild the value of distressed properties, according to Randall Woodbury, CPM, president of the Institute of Real Estate Management (IREM). With the widespread realization now that operating results, not speculation, are the underpinnings of real property appreciation in these troubled times as well as over the long term, skilled professional real estate managers increasingly are being sought to inject value back into distressed properties by optimizing operating revenue and controlling costs,” Woodbury said.
TAKING CENTER STAGE
He noted, in particular, that more and more bank trust officers and mortgage servicers who have had troubled properties thrust into their portfolios recently are acknowledging the value of professionals who are trained, experienced and credentialed in managing operations as the driver for improving ROI. “Indeed, skilled real estate managers are taking center stage in our industry, where they often have been perceived as just support players on the sidelines,” Woodbury observed.”Why is this happening? Because professional management practitioners know how to stabilize and build the value of properties by controlling labor and materials costs, optimizing maintenance and security, stabilizing rents, and marketing creatively – which are skills sets not very often found among financial managers trying to resuscitate distressed properties they have inherited.
“The faster that owners, investors and others who control real estate assets get seasoned practitioners in place to manage properties,” concluded Woodbury, “the faster the value of these properties will reach desired ROIs and appreciate.”
ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM) has been the source for education, resources, information, and membership for real estate management professionals for more than 75 years. An affiliate of the National Association of Realtors, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 U.S. chapters, 12 international chapters, and several other partnerships around the globe, IREM is an international organization that also serves as an advocate on issues affecting the real estate management industry.
Membership includes more than 18,000 individual members and 515 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager (CPM) designation, the Accredited Residential Manager (ARM) certification, the Accredited Commercial Manager (ACOM) certification, and the Accredited Management Organization (AMO) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate, Student, and Academic memberships.
Collectively, IREM CPM Members in the United States manage over $1.5 trillion in real estate assets, including 8.4 million residential units and 8.4 billion net square feet of commercial space. An additional 977,400 residential units are managed by IREM ARM Members. IREM Members are employed by some of the most prestigious real estate firms in the world and nearly 70% hold upper-level management positions. Due to their professionalism and vast experience, property owners and investors worldwide continually seek out the management services of IREM Members.
To learn more about the Institute of Real Estate Management and its chapter network, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.