12132017-newsletter

IREM Real Estate Management News
Facebook Twitter LinkedIn www.irem.org Banner
December 13, 2017
subscribe
Send to a Colleague
Join IREM


Find a Job
Property Manager
Confidential Employer – Naperville, IL

Regional Property Manager
Confidential Employer – Dayton, OH

Regional Property Manager
Confidential Employer – Columbus, OH

Director of Real Estate Services
Jewish Federation of Metropolitan Detroit – Bloomfield Hills, MI

Retail Leasing Agent
Whitestone REIT – Austin, TX


All Job Listings


Industry Partners
Yardi
 
 
Appfolio
 
 
 
 

IREM® HEADLINES
Establishing a Brand for Real Estate
Professional Development: The Key to Attracting and Retaining Top Talent!
Now Accepting Nominations for IREM’s 30 Under 30 for 2018!

INDUSTRY HEADLINES
Apartment Developers Invest in Roof Decks and Swimming Pools
The Old Suburban Office Park Is Getting a Big Reboot
GGP Said to Reject $14.8 Billion Brookfield Bid as Talks Go On
How to Leverage Social Media at Your Property
Power Outages Pose Threat to Occupants
Why Malls Should Add Residential To Their Repurposing Plans
Google's London HQ Could Be the First of Many 'Landscraper' Buildings
Defunct Airports Take Flight With Creative New Uses
Top Multifamily Amenities and Services to Consider Next
Look-Alike Apartment Buildings in Northeast Minneapolis Showcase New Ideas in Energy Efficiency
Top Philly Real Estate Trends to Expect in 2018
Affordable Housing Isn’t Just an Urban Issue—Suburban Planners Are Facing It, Too


 
 

IREM Headlines


Establishing a Brand for Real Estate

An excerpt from Principles of Real Estate Management, 17th Edition.

In today’s social atmosphere, branding and messaging is more important than ever. From helping a company establish their presence in a market or submarket to repositioning or launching a new property, there are many reasons to create a brand, and crafting a catchy or creative log and tagline is just part of it. Presenting the brand to customers and clients on and off site can make business more successful and also enhance occupancy.

There are three primary types of branding that occur on-site or across a portfolio, and each is directly related to the identity of the entity: (1) owner or ownership group, (2) management company, and (3) the physical asset.

A secondary brand that has emerged in recent years is the lifestyle brand, where a company will launch a brand that is specifically tailored to meet a niche market. Historically, this has occurred in the hospitality sector with companies like Marriott with their flagship Marriott brand, luxury JW Marriott brand, and business-mined Courtyard by Marriott brand.

Multifamily companies have started to use secondary, niche branding. Avalon Bay has three tiers, starting with Eaves, then Ava, and ultimately Avalon. Other regional/national players such as McKinley and Laramar have launched brands focusing on smaller, localized assets in specific markets.

It’s important to consider the property branding in conjunction with other on- and off-site marketing in order to ensure the property branding efforts do not just coexist but truly cooperate to maximize the overall marketing and branding efforts outlined in the property’s marketing plan.

The 17th edition of Principles of Real Estate Management highlights the current changes within today’s economy and their impact on real estate management, including online marketing techniques through social media and other outlets, the impact of sustainability, as well as sound maintenance techniques to keep any property primed for occupancy. Along with covering the foundations of real estate and economics, this edition also features more in-depth information on marketing and branding with additional images and graphics throughout.
Share Facebook  LinkedIn  Twitter  | Return to Headlines
Professional Development: The Key to Attracting and Retaining Top Talent!

It’s no secret that the real estate management profession is aging more quickly than other occupations. You are probably seeing that in your own organization and have realized how imperative it is to the future of your company and the industry to attract and retain young talent.

In this ever changing world, companies need to re-evaluate the tactics and strategies they use to attract and retain top talent. Start by understanding what candidates, your co-workers, and your direct reports want from a job, career, and a company. One of the top things employees want are professional development opportunities and challenging work. In a recent report, CORFAC International found that young people are adding tremendous value to real estate firms with proactive career development programs. If they don’t get it from their current employer, they will jump to another one to grow and develop. So the question for you and your company is, “Do you want them to stay, grow, and develop with you and your company?” The answer most likely is “Yes!” It costs more to recruit and onboard new employees than it does to develop existing ones.

IREM understands the importance of professional development. One of the best practices identified in IREM’s publication Best Practices: Real Estate Management Service provides that “real estate management is a dynamic business that depends on the expertise and skills of its employees. Only through ongoing education and training of its staff can a management company maintain its competitiveness by increasing competency levels and eliminating deficiencies and provide a high level of professionalism for the staff. Additionally, providing opportunities to acquire education and earn professional credentials helps employees grow in their jobs and within the industry and encourages loyalty and productivity.”

To support that best practice and help companies like yours attract and retain top talent, IREM has a vast catalogue of courses, including the new Managing Commercial Properties course targeted at developing people new to the industry or staff looking to grow and develop in the field. This highly interactive online course takes the student through the various aspects of commercial property management, applying knowledge concepts right away by engaging in the decision-making process for a variety of property types, including office buildings, shopping centers, and industrial properties.

Your company doesn’t manage commercial properties? Then, Managing Residential Properties is the course for your staff looking for professional development in residential property management.
Share Facebook  LinkedIn  Twitter  | Return to Headlines
Now Accepting Nominations for IREM’s 30 Under 30 for 2018!

The IREM 30 Under 30 Program highlights 30 members of the next generation of industry leaders who have made significant impacts in their career and community. These individuals have made various contributions to the profession as demonstrated by career success, professional leadership, and community involvement. This program intends to showcase these talented individuals to the industry, which in turn will likely open doors and present new opportunities in their professional careers.

IREM is now accepting nominations for 30 Under 30 for 2018. Details can be found at http://www.irem.org/30under30. Nominations for IREM’s 30 Under 30 are due by March 1, 2018.

Individuals who are chosen for IREM’s 30 Under 30 will be featured in the July/August issue of the Journal of Property Management, as well as on the IREM website.
For more information, please contact Career Services at IREM Headquarters at academics@irem.org or 312-329-6001. We look forward to seeing your nominations!
Share Facebook  LinkedIn  Twitter  | Return to Headlines
 

Industry Headlines


Apartment Developers Invest in Roof Decks and Swimming Pools
National Real Estate Investor (12/05/17) Anderson, Bendix

Apartment developers are looking to squeeze outdoor amenities into their new buildings, even in urban neighborhoods where the only place to put an outdoor amenity would be on a rooftop. These amenities include everything from swimming pools to dog runs. Such spaces can be expensive to build, but have proven to be very valuable to renters. "As apartment units have gotten smaller, the need for outdoor spaces has gotten stronger," observes Matthew Whalen, senior vice president for AvalonBay Communities. According to the 2017 NMHC/Kingsley Renter Preferences Report, 56 percent of renters said they are "interested" or "very interested" in rooftop space. "Roofs are just now starting to be used as amenities, but there are many impediments, such as zoning laws, weight restrictions," notes landscape architect Steven Cantor. "It's difficult to make them accessible and useable if they are not built to support people from the beginning." Developers also need to make sure to avoid water leaks and rooftop noise.

Pet amenities are an increasingly important kind of outdoor space. The Marlowe, Lennar's newest mid-rise building in Chicago, will include a rooftop dog run, with a heated shelter for the pet owners. "At the Marlowe you're seeing the evolution of the dog spa. It used to be a small, concrete space in a garage," states Alicia Scott, vice president of design for LMC, a Lennar Company, an apartment community builder. Swimming pools, though, remain one of the best apartment community amenities." The vast majority of renters -- 82 percent -- said they are "interested" or "very interested" in pools, the Kingsley report shows. And the latest generation of outdoor pools are designed to be more like the swimming pools in luxury hotels. Residents value the views offered by their rooftop pools. Meanwhile, the roof decks themselves are getting more elaborate finishes. "Roof decks are evolving. With trellises and furniture and heating, they are more like living room spaces," concludes Scott.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

The Old Suburban Office Park Is Getting a Big Reboot
New York Times (12/05/17) Spivack, Miranda S.

Corporate office parks are being repurposed as sports domes, upscale townhouses, retail shops, and environmentally-friendly gathering spaces. Robert Youngentob of Maryland-based developer EYA, notes, "In today's world, most office tenants want access to public transportation in more walkable areas with retail amenities. It's about recruiting employees and creating an attractive work environment." The Urban Land Institute (ULI) determined in the Washington, D.C., metropolitan area, about 16 percent of suburban office space had been designated obsolete due to outdated buildings and limited access to amenities.

Successfully reimagined office parks deliver "a sense of place, creating areas where people can create somewhat of a community," says Colliers International's Rich Forslund. ULI's Deborah K. Bilek notes there is no single fix for repurposing parks, and she cites some highly successful models that have brought amenities directly to employees and also provide transportation to and from work. Finally, Bilek sees office park reuse as a way of addressing the problem of high urban housing costs.
Share Facebook  LinkedIn  Twitter  | Full Article - May Require Free Registration | Return to Headlines

GGP Said to Reject $14.8 Billion Brookfield Bid as Talks Go On
Bloomberg (12/10/17) Deveau, Scott; Mulholland, Sarah

A Bloomberg News source confirms that GGP Inc. has rejected Brookfield Property Partners LP's initial $14.8 billion bid to acquire the ownership stake Brookfield does not already own in the U.S. shopping mall operator. In November, Brookfield offered $23 a share for the 66 percent of GGP it doesn't hold. At the time, GGP said in a statement that its board of directors had formed a special committee to review the unsolicited proposal. The deal would form one of the world's largest publicly traded real estate firms. According to the Bloomberg source, the talks -- which come as companies seek to repurpose struggling bricks-and-mortar shopping centers -- are "still very much alive."
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

How to Leverage Social Media at Your Property
Multifamily Executive (12/07/17) Shanesy, Lauren

Cindy Wick, regional vice president at Western National Property Management, shares her insight on the most successful ways apartment owners and operators can connect with their residents via social media. "By using social media platforms like Instagram, Twitter, and Facebook," she remarks, "property managers have an opportunity to market their properties to prospective residents at relatively no cost. A property's social media presence also plays a powerful role in retention. Property managers are able to instantly connect and engage with residents on a larger scale than ever before." More and more, social media platforms being used to create a sense of community in apartment communities. By sharing reviews on nearby restaurants and other businesses, apartment decorating ideas, or other important community updates, apartment managers can create an online environment that encourages engagement and interaction among residents. This, in turn, builds a stronger sense of place and community.

Wick also discussed how to implement technologies in apartment communities and rental units that today's tech-savvy renter will want. Of course, different technologies will appeal to different demographics. Wick notes, "Younger residents, who tend to be a part of the 'social media generation,' demand tech amenities that provide them with convenience and flexibility such as high-speed Wi-Fi, keyless entry, Wi-Fi operated fitness equipment, USB charging ports, and digital property management processes." By contrast, Generation Xers and Baby Boomers place significant value on technology that elevates their everyday living experiences, such as smart-appliances and state-of-the-art security systems. Finally, technology is playing an increasingly big role in streamlining processes and optimizing efficiency for both property managers and managers. Western National Property Management, for example, has integrated software systems that allow residents to pay rent, submit maintenance requests, and contact their mangers all via an online portal.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Power Outages Pose Threat to Occupants
Buildings (11/30/17)

A recent poll commissioned by Cintas Corp. shows that more than 33 percent of all U.S. adults would not feel very confident getting around a building safely following a power loss. This poses a substantial problem for building owners and operators, the largest concern being that the United States as a whole is highly susceptible to power failures. "The U.S. experiences more power outages than any other developed country in the world, so it's important for businesses to be prepared," remarks Taylor Brummel, Marketing Manager of Cintas Fire Protection. "Whether it’s severe weather, faulty power grid equipment, a fire or any other issue, emergency lighting can assist in guiding occupants to safety when power fails." The survey further found that if the lights went out at their workplace, roughly 50 percent of American adults would not feel very confident in their ability to walk up and down stairways safely. Also, more than 40 percent of employed Americans would not feel very confident in their ability to execute their workplace's emergency plan -- if they have a plan at all.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Why Malls Should Add Residential To Their Repurposing Plans
Forbes (12/04/17) Danziger, Pamela N.

With big increasingly empty spaces, ample parking, and access to major thoroughfares, malls and their operators are now asking: "What else can these locations be used for?" Among the answers to that question are restaurants, beyond the usual mall food court; hotels and other services, such as dry cleaners and hair salons; gyms, yoga studios, and other workouts centers; and recreational activities for families, such as rock climbing and even indoor amusement parks. Medical care uses are also increasing in popularity. But one of the more revolutionary and most promising concepts is adding live/work alternative spaces. "Residential housing is one of the several options that developers are considering in order to revitalize failing mall properties," confirms Rick Rizzuto, vice president at Transwestern. "In today's landscape, some are redeveloping mall properties to include residential units, while others are considering condos and apartments."

Housing collocated in shopping centers can capture growing demand from two of the key demographics looking for such accessible and convenient places to live: young Millennials and aging Baby Boomers. Adding older residents may offer opportunities for mall owners to bring in new retail, such as grocery stores, pharmacies, and senior care services. By looking beyond conventional retail space, mall owners can untap tremendous value in those properties and become more relevant to their surrounding communities. These sites appeal to residents in that they are typically located on or near an intersection of a high or a main street and are well served by public transportation.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Google's London HQ Could Be the First of Many 'Landscraper' Buildings
TechSpot (12/04/2017) Thubron, Rob

But Google is not taking the "skyscraper" approach with its London headquarters, and building professionals are wondering if others may follow suit. Rather than reaching for the sky, the Internet search giant's U.K. headquarters will be just 11 stories tall when complete ... but have a length of more 1,000 feet. The $1 billion structure will boast approximately one million square feet of floor space and be home to around 7,000 employees. This unusual design is being referred to as a "landscraper" by its architects, Bjarke Ingels Group and Heatherwick Studios. While this will be the first such structure, it's thought that the effects of climate change combined with advancing technologies could indeed see more companies opting to use the design. "Landscrapers will create entirely new city footprints that we just haven't seen yet in the US, and could make life easier and more realistic," remarked futurist Amy Webb.

Migration from denser states such as New York to cities with underdeveloped land like Austin, Texas, means landscapers could thrive in such markets, which have more room for building large structures. Webb also points to advancements in cable-less technology that will make it easier to travel through such sprawling buildings in "Willy Wonka"-style elevators that move vertically as well as horizontally. Furthermore, landscrapers' large roofs and low heights make them ideal for drones -- an area that more companies are focusing on. Any drone landing on the roof of Google's HQ will have to watch out for the solar panels, though, which are designed to provide a combined annual output of almost 20MWh. Construction is scheduled to begin on Google's London headquarters in 2018.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Defunct Airports Take Flight With Creative New Uses
USA Today (11/30/17) Baskas, Harriet

Stapleton International Airport outside of Denver serves as an example of what can be done with older, smaller airports when cities come to rely more on larger, newer terminals. While most of the structures of the Stapleton airport have been demolished, the control tower and accompanying building were spared. Those two buildings now serve as a 32,000-square-foot "eatertainment" facility. The buildings contain bowling lanes, karoake rooms, a sports bar, restaurants, and much more. The reinvention of the space comes after the local community lobbied to preserve the historic structure. Similar efforts have been made at airports in New York, Texas, Germany, and Ecuador. Like Stapleton, these other airports have been redeveloped into mixed-use sites.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Top Multifamily Amenities and Services to Consider Next
Property Management Insider (12/04/17) Blackwell, Tim

Panelists speaking at the recent 2017 Marcus & Millichap Multifamily Forum in Dallas acknowledged that the apartment sector's focus on delivering high-tech amenities is alluring, but most advised "keeping a finger on the human pulse" when considering what amenities to pursue in the future. The general consensus was the expense and implementation of smart technology can lose its luster compared to a hands-on environment that promotes the resident experience. The session was one of several for apartment developers, owner/operators, investors and multifamily industry experts to share their thoughts on where the industry is headed. Such hot topics as autonomous vehicles and in-apartment package delivery were definitely discussed. So, too, were concierge services that enhance the resident experience and activities that promote a sense of community. Alpha-Barnes Principal Hugh Cobb said the trend is designing "smaller, catchy apartments" that are smart -- a preference of Millennials -- while, at the same time, establishing a culture that maintains focus on resident interaction. Among the catchy smart features he and others are testing are motion sensors that turn on appliances and lighting when the resident walks nearby.

Most panelists advise not to forget man's best friend. Dogs and other pets were actually a recurring theme that panelists circled back to more than once. Pinnacle Regional Vice President Toni Rials stated, "People want units that are pet friendly with built-in space for them instead of crates." While most concurred that dog parks are a good investment, United Renovations founder Steven Bolos said there are downsides to the pet-friendly areas aimed at attracting and retaining renters who own dogs. The wear and tear of big grassy areas for pets to do their thing can eventually be unappealing, and synthetic surfaces aren't always the solution due to the eventual smell. Pinnacle is looking at such outdated amenities as tennis courts and upgrading them with features like dog parks and grilling areas. Some panelists also said their properties were repurposing laundry rooms. Bolos concluded that the perfect resident experience is all about finding the right balance of technology designed for self-sufficiency while offering attractive interactive opportunities to get residents out of the unit and mingling with neighbors and staff members.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Look-Alike Apartment Buildings in Northeast Minneapolis Showcase New Ideas in Energy Efficiency
Minneapolis Star Tribune (11/27/17) Buchta, Jim

A pair of apartment buildings is slated to be built on an industrial site in northeast Minneapolis. A three-story building will be built to Green Communities standards, while a five-story building will meet Passive House Institute U.S. specifications, making it extra energy-efficient. The 118-unit Hook & Ladder plan was proposed as a first-of-its-kind demonstration project to showcase Passive House construction techniques in multifamily housing construction. The initiative will target renters who earn less than 60 percent of the area median income. Affordable housing consultant Becky Landon formed a local joint venture with California-based Newport Partners to develop Hook & Ladder. The project will feature a tighter building envelope, more energy-efficient windows, and an innovative ventilation system. "We'll be able to track the energy use to show that Passive House does consume significantly less energy and that will be helpful for us and other developers who are making the case to lenders and investors who are underwriting these expenses," Landon says.

Kim Bretheim of LHB Architects in Minneapolis is leading the Hook & Ladder design team. Bretheim expects the Passive House building to use at least one-third less energy than the one being built to conventional Green Communities standards. Another Passive House apartment building is being planned in downtown St. Paul by Sherman Associates. In addition, Sherman Associates is building an array of solar panels to gather energy to offset the consumption at other apartment communities it owns.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Top Philly Real Estate Trends to Expect in 2018
Curbed Philly (12/04/17) Romero, Melissa

Brandywine Realty Trust CEO Jerry Sweeney says the 2018 outlook on Philadelphia's real estate market is very positive. Among the trends he and other experts cite in this area is the delivery of new construction, especially among multifamily residential builds. As these apartments come online, JLL Philadelphia's Lauren Gilchrist predicts many buildings should start offering concessions, such as a month's free rent, to attract tenants. A second notable trend should stem from Millennial and Baby Boomer renters, as many in the former group are expected to move to Philadelphia. Research indicates Boomers are switching from buyers to renters at a faster rate than Millennials. The implication is that developers must now market their communities in two distinct ways to entice these different types of renters, says Korman Communities co-CEO Bradley J. Korman.

A third trend concerns an explosion in coworking and shared work spaces, as the flexibility they offer has become a major draw, as are such related office amenities as outdoor space and nicer kitchens. "Expect vanilla, un-amenitized Class A trophy office space to struggle," Gilchrist notes. She also anticipates shopping at brick-and-mortar malls should continue, but accompanied by a transition into the kinds of services and products malls offer. Gilchrist's research points to food and beverage being the most popular mall renovation strategy, followed by tenant upgrades, entertainment, and multifamily residential features. A final trend is a resurgence in suburban properties, with Gilchrist stressing, "expect mixed-use suburban office, multifamily, and retail to pick up steam."
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines

Affordable Housing Isn’t Just an Urban Issue—Suburban Planners Are Facing It, Too
Denver Post (12/05/17) Aguilar, John

The redevelopment of a former shopping mall in Westminster, Colo., is being promoted as an opportunity to address the growing problem of scarce affordable housing across the Denver metro area. At least 118 apartments will be open to people earning 30 percent to 60 percent of the area median income. They will be among more than 600 affordable housing units in Westminster that have been proposed, are planned, or are under construction as local home values and rental prices continue to rise. In November, Westminster passed a financial agreement under which the city will provide the developer, Eaton Housing LLC, with more than $5 million in loans, land, and forgiveness of building fees as part of an incentive package. Meanwhile, Denver has established a 10-year, $150 million affordable housing fund.

The Colorado Division of Housing estimates that more than 272,000 low-income Coloradans are spending more than half their income on housing, while more than $102 million in state funding has gone into developing affordable housing since 2010. In October, Commerce City announced the groundbreaking of a 216-unit affordable housing project, dubbed North Range Crossings, which will be open to tenants making $33,660 a year — or 60 percent of the area median income. The City Council approved incentives to the developer in the form of waived fees and tax breaks. Diana Elliott, a senior research associate for the Urban Institute, says cities and counties that own real estate have an advantage in negotiating deals with the private sector and guiding projects so that affordable housing is encouraged and well planned.
Share Facebook  LinkedIn  Twitter  | Full Article | Return to Headlines



Abstract News © Copyright 2017 INFORMATION, INC.
Powered by Information, Inc.


Institute of Real Estate Management. All rights reserved. IREM® logo, IREM®, Certified Property Manager®, CPM®, the CPM key logo, Accredited Residential Manager®, ARM®, the ARM torch logo, Accredited Management Organization®, AMO®, the AMO circle logo, Income/Expense Analysis® , Expense Analysis® and JPM® are registered marks of the Institute of Real Estate Management.