Winter 2011
Winter break is coming up and this semester will soon be over. Before you pack your bags and head home, look back at what you have accomplished. You're one semester closer to graduating! And one semester closer to finding your ideal job, perhaps in real estate management.
SEEKING QUALIFIED INDIVIDUAL...
MANAGER AT ABC PROPERTY MANAGEMENT, INC.
The title of this help wanted ad seems to suggest that a job in property management is somewhat general. If this is your impression, you are largely correct. Practitioners actively engaged in property management today have come from many different work backgrounds and have matriculated through different fields of study. As an executive member of a property management company, I wear multiple hats and play many roles. If I were creating a help wanted ad today, I would be looking for individuals with these skills:
- Business Administration: strong working knowledge of business practices to assist with developing corporate level goals and strategies to advance the mission of our company
- Marketing: strong working knowledge of various marketing tools to include social media and traditional marketing
- Construction Management/Architecture/Engineering: ability to track and review construction plans for multi-million dollar renovation and/or construction of both residential and commercial properties
- Social Worker: ability to work with a diverse group of residents
- Human Resources: provide guidance and support on developing and implementing the current human resource guidelines as directed by local, state, and federal adherences
- Maintenance: work within the maintenance department to develop best practices and cost savings initiatives
- Accounting: assist with preparing and/or maintaining financial procedures that ensure owner returns and accountability
As you can see, the roles within a property management company are vast. Knowing this, as you prepare to enter the workforce, hone in on your strengths and present yourself as an asset within your field of concentration. The real estate management industry welcomes your experience.
Irving Blue, CPM®
Senior Vice President
FPD Management, Inc.
St. Louis Chapter No. 11
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UW-STOUT'S IREM STUDENT CLUB
New to IREM’s academic outreach arena is University of Wisconsin Stout’s IREM Student Club, designed to introduce students to professional careers in property management.
IREM Fall Leadership Conference in San Diego, CA
Members of the club received a plaque recognizing them as an official IREM Student Club.
Left to Right: Fred Prassas, CPM, Assistant Professor at UW-Stout; Michael Braatz, UW-Stout IREM Student Club President; Benjamin Rearick; Jared Mckie; and Jerry Moyer, CPM, IREM Student and Academic Outreach Advisory Board Chair
UW-Stout’s IREM Student Club President, Michael Braatz, shared some insights on behalf of the club.
What are the club’s activities?
Our club activities include but are not limited to bi-monthly meetings where we discuss short and long term goals for the club, future fundraising events, volunteering opportunities, and upcoming property tours. An open forum session is also held allowing all members to generate ideas for future club development and outreach. We also coordinate students to attend IREM events to build relationships with industry professionals, creating opportunities for internships and post- graduation employment. As our club grows, we will strive to reach out to all areas of real estate allowing our members to utilize the resources available.
Describe one goal the club has accomplished this year.
Through the dedication of surrounding IREM chapters, we were able to create the first IREM affiliated club at the college level. With the support of the Minnesota, Milwaukee,
Madison, and Chicago IREM Chapters, three students had the opportunity to attend
IREM’s Fall Leadership Conference in San Diego, California, in October. Our club has now grown to 32 students who are involved in club activities.
How did the student club get started?
The club initially started as the Resort and Property Management Club (RPMA) in support of the school’s hospitality program. With the introduction of the property management major, there was a need for student networking opportunities. Fred Prassas, CPM, a professor at the University of Wisconsin Stout and a past IREM National President, influenced our initial involvement to create an IREM Student Club, which is now formally affiliated with IREM. We reached out to our student population within the college of management department to gain interest in our recent change allowing all students to participate.
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GET INFORMED
More Opportunities Moving Back to the City
For those close to graduating, there might be more job opportunities in a big city near you. More and more companies are relocating their corporate headquarters out of the suburbs to big cities for the following reasons:
- Some companies believe that moving to a city center is the best way to attract younger employees. A recent article in CNN Money talked about how companies moving to central business districts will be near mass transit, good restaurants, shops, and more places for social interaction. They believe these factors are appealing to young professionals, and, in order to recruit recent graduates, they must relocate to larger cities from the suburbs.
- “Companies seeking…the flow of innovation are looking back to the urban core.” This quote, pulled from an article in Chicago Business, described how some companies believe that moving to the city will motivate employees and spark new ideas.
- An article in The New York Times described how one company believes moving back to the city would better position it by being closer to their major clients.
For whatever reason these companies are moving, their moves might create more job opportunities for you as you enter the workforce.
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STUDENT LEARNING SESSION IN SAN DIEGO
Tales from the Front: An Upfront and Honest Discussion on Starting Your Career
At IREM’s Fall Leadership Conference in October, four young professionals took part in a panel discussion that provided career insights into starting out in the real estate management business. The four compared their lessons learned and shared advice they wished someone would have told them coming out of college. Here’s what they shared:
 Emily Goodman, CPM, ARM |
 Nicholas Dunlap, CPM |
 BJ Van Aken |
 Brad Ashley, CPM |
| What was your career path? | |||
“Out of college I started working in retail for a while and then I became a leasing agent. By the age of 25, I started managing shopping malls.” |
“I started selling real estate in college and realized I really liked the management side of it. I knew that I ultimately wanted to graduate into the ownership and management of my own properties.” |
“Out of college I started working for Enterprise. Then I got into sales for an office furniture company where I was introduced to property managers. I thought property management would be something interesting cause there was a good balance of customer service and an operational side that I wasn’t seeing in sales.” |
“I started out as a broker, negotiating deals throughout the US with H&R Block. Then I was offered a job working on a high rise and medical buildings in Kansas City, Missouri.” |
| What were some challenges you faced? | |||
“When I was a leasing consultant, the property that I was working at sold. I was managing the property and the new company came in and fired me because I didn’t have enough experience.” |
“Working in a family-owned company, it was difficult to get employees to realize that I grew up, educated myself, and I was no longer a kid.” |
“It was summer of 2008, which was pretty much a terrible time to make a career move and one of my biggest struggles was finding a company that would to talk with me let alone interview me.” |
“I definitely fight the age bug even now. Believe it or not, I have ten years of experience even though it looks like I have about two.” |
| What are some successes? | |||
“One of my big successes was that I’ve been able to manage early in my career. I moved up quickly and it was because of my IREM education, hard work, and drive." |
“Working in our company, I do a lot of business development and I’ve been able to bring in a significant amount of fee management business.” |
“Earlier this year, I was able to purchase my first investment property. I got it completely renovated and leased up within six weeks.” |
“For me, it’s the clause of a farmer’s work ethic. Come in early, work hard, stay late if you need to. Just being focused to be able to get the next promotion, the next client, the next tenant, whatever it is, do whatever it takes to be able to move on.” |
| What advice do you have to students who are going to start their careers? | |||
“If you’re driven and work hard, you will be successful in whatever you do.” |
“Start exploring career options in college before you graduate.” |
“Stay in tune with what your natural talents are.” |
“Be patient. We all want to move forward quickly, but it takes time.” |
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IREM FALL LEADERSHIP CONFERENCE HIGHLIGHTS
IREM members gather each fall in cities throughout the country to exchange ideas, share experiences, and learn from each other. In 2011, the gathering spot was San Diego, CA, for the IREM Fall Leadership Conference. If you missed the conference or want to find out what happened, check out IREM’s special e-dition of JPM® with exclusive videos, photos, and stories. Click here to start reading the issue.
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TROUBLED PROPERTIES
Throughout your career in real estate management, you likely will face a management responsibility or consulting assignment for troubled property. A new key report published by IREM can help you tackle this job challenge.
Using case studies, Troubled Properties: A Practical Guide for Turning Around Troubled Assets addresses:
- Effective management operations
- Refinancing or restructuring the loan
- Receivership and foreclosure
- Developing an exit strategy
Click here to purchase your copy.
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GET CONNECTED WITH IREM… 
Visit IREM's job board for the real estate management industry www.IREMjobs.org
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