IREM Announces 2018 REME Award Finalists

CHICAGO (August 22, 2018) – IREM (the Institute of Real Estate Management) is excited to announce the finalists for the 2018 REME Awards – recognizing Real Estate Management Excellence. The IREM REME Awards highlight the people and companies who manageto make a difference™ in our industry every day.  These awards are a celebration of real estate management, emphasizing innovative business practices and sharing successful initiatives to foster further advancement, locally, nationally, and globally. 

“So many of the submissions we received were outstanding, and it made narrowing down the finalists a very difficult decision for the judges. But the submissions that really stood out where the ones who were not only working to improve their company, but were working to perpetuate the real estate management industry itself,” said Ira Krumholz, CPM, REME Awards Advisory Board Chair, with Western Reserve Property Management, AMO, in Cleveland, OH.  

“Though their programs and initiatives may vary, the shared commonality between all of the 2018 REME Finalists is a commitment to add value to their teams, their clients, and their properties. It is an honor for IREM to be able to champion these companies and individuals and to highlight the wonderful work that they are doing,” said Don Wilkerson, CPM, IREM President, with Gaston & Wilkerson Management, AMO, Reno, NV. “It is our hope that the industry takes notice of what our REME Finalists are doing, and builds off of that to continue to propel our industry forward.”

The REME Awards winners will be announced from among the finalists at the Inaugural Gala Dinner and REME Awards celebration during the IREM Global Summit on September 29 in Hollywood, FL. Learn more> about all of the REME Finalists.

2018 REME Awards Finalists

Corporate Categories
Recognizing Real Estate Management Companies

Corporate Innovation
Recognizes Real Estate Management Excellence for innovative programs related to technology, customer service or marketing that are transformational for the company as a whole, a team, or a program.

• BMOC, Inc
  Madison, WI
  Designed the Best Meals on Campus mobile app for Student Housing Communities to assist parents when sending their children off to college
• Cortland Partners, AMO
  Atlanta, GA
  Created a 64 ft, custom-branded mobile facilities training unit (MTU) to allow for hands-on training experience for their service team members
• United Realty Management Corporation, AMO
  Troy, NY
  Developed United University, a management training program designed to provide employees with ongoing training tools to benefit themselves, and the organization as a whole

Corporate and Social Responsibility
Recognizes Real Estate Management Excellence for exemplary corporate responsibility and contributions to the community that enhance the reputation of the real estate management industry.

• Avesta
  Tampa, FL
  Assisted in the creation of Cristo Rey Tampa HS, and continued support of the school includes fundraising, managing renovations, teaching, mentoring, and job training.
• Hubbell Realty Company
  West Des Moines, IA
  The Hubbell Extreme Build initiative is a community effort among local charities, trades, and Hubbell Realty Company to enhance or rebuild the places people live, work, learn and play.

Employee & Leadership Development
Recognizes Real Estate Management Excellence for exemplary practices that are transformational for the company as a whole, a team, or a program related to one or more of the following: leadership development/succession planning, employee engagement, onboarding of new employees, wellness programs, internships or other initiatives engaging young professionals and newcomers to the industry, corporate culture.

• Cushman & Wakefield, AMO
  Washington, DC
  Created CWed, an internal education program with curriculum designed and developed to educate future managers and leaders in all things property and asset management.
• MEB Management Services, AMO
  Phoenix, AZ
  Engaged in leadership development and coaching by incorporating “outward mindset training” to build stronger communication and teams, as well as grow with current and existing clients.
• Phillips Edison & Company
  Cincinnati, OH
  Developed PECOI, a comprehensive program designed to raise the profile and visibility of the internship program, including the creation of a new brand identity for the program.

Sustainability Programs
Recognizes Real Estate Management Excellence for innovative company business practices for sustainability programs within the workplace or across a portfolio.

• Phillips Edison & Company
  Cincinnati, OH
  Partnered with Blue Sky Utility to enhance the energy efficiency of their California properties by installing new roof membranes and solar panels, giving the properties a new, maintenance-free roof and tenants the ability to purchase energy at a discounted rate.
• Welltower, Inc.
  Toledo, OH
  Established target goal of reducing absolute energy consumption by 10%, and collaborating with tenants through engagement campaigns, partnerships, and energy efficiency upgrades to achieve said target.

AMO of the Year
Outstanding performance by an AMO (Accredited Management Organization) Firm

• Alliance Residential Company, AMO
  Phoenix, AZ
• MEB Management Services, AMO
  Phoenix, AZ
• Woodmont Real Estate Services, AMO
  Belmont, CA

Individual Categories
Recognizing Real Estate Management Practitioners

CPM of the Year
Outstanding performance by an IREM Member who holds the CPM (Certified Property Manager) designation

• Branden Barker, CPM
  Barker Property Management
  Baton Rouge, LA
• David Hopwood, CPM
  JLL
  Chicago, IL
• Vicki Jenings, CPM
  Fitzsimons Redevelopment Authority
  Aurora, CO
• David Martin, CPM
  Collett
  Charlotte, NC
• Mel Schultz, CPM
  Clarity Commercial
  St. Louis Park, MN

ARM of the Year
Outstanding performance by an IREM Member who holds the ARM (Accredited Residential Manager) certification

• Alex Bresslauer, ARM
  The Peninsula at Hawaii Kai
  Honolulu, HI
• John O’Donnell, ARM
  Corcoran Management Company, Inc., AMO
  Braintree, MA
• Benjamin Oates, Jr., ARM
  Marco Polo Apartments
  Honolulu, HI
• Kimberly Sisco, ARM
  Klingbeil Capital Management
  Montgomery Village, MD

About the Institute of Real Estate Management

IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

IREM Reports Alleviate Risk Through Data Benchmarking

CHICAGO – (August 3, 2018) – As the demand for performance benchmarking rises, particularly among institutional owners, the availability of accurate data becomes increasingly important. Real estate managers across all property sectors rely on accurate benchmarking information to make sound decisions on everything from assessing their properties’ operating efficiency to comparing their property performance against others in the competitive set. The risks of using incorrect data to create long-range forecasts are big, and can translate to lost opportunity and revenue for building owners and investors.

With the most recent release of their annual Income/Expense Analysis Reports, IREM (Institute of Real Estate Management) aims to alleviate the risk and uncertainty that real estate managers face. These reports are comprehensive, detailed studies featuring income and expense data from over 10,000 properties in major metropolitan properties and regions across the U.S. The reports cover five different property types (Condominiums, Cooperatives & Planned Unit Developments; Conventional Apartments; Federally Assisted Apartments; Office Buildings; and Shopping Centers) and allow real estate management professionals access to information on revenue, expense, and vacancy trends; turnover trends; energy consumption analysis; utility and maintenance costs; tax and payroll expenses; and much more.

“Everybody is stressed and feels they have to do more in less time. What’s important about benchmarking is vettable data that’s been scrubbed, relied upon, and contributed by property managers who want to contribute good data to make good decisions,” notes Craig Cardwell, CPM, Principal at Island Investment Interests. “That’s the biggest mistake people make – they don’t benchmark. It’s a big mistake and it crosses all sectors of the industry.”

Trend Highlights Include:

OFFICE BUILDINGS
Operating data from office properties in both downtown and suburban areas reflect a mature real estate market and a strong job market. This can be seen in building occupancy levels, which remained steady or increased in 2017.

• Total actual collections trended downward from $19.76 per square foot in 2016 to $19.66 in 2017 for suburban office buildings and from $24.05 per square foot in 2016 to $22.19 per square foot in 2017 for downtown office buildings
• Conversely, net operating costs went from $7.41 per square foot in 2016 to $7.63 per square foot in 2017 for downtown offices and from $5.90 per square foot in 2016 to $5.92 per square foot in 2017 for suburban offices
• There are clear geographic variations among net operating costs, with downtown buildings in the northeast and mid-Atlantic at $9.85 to $6.30 in the southeast.

CONVENTIONAL APARTMENTS
Urged on by renters-by-choice – including both millennials and baby boomers seeking to downsize – as well as for affordability reasons, the fundamental demand for rental housing continued unabated in 2017. The steadiness of the market is reflected in operating results for conventional apartments reported.

• Gross possible rent grew more than 3% across all building types – somewhat more aligned with historical rent growth than in prior years.
• Garden buildings showed the greatest increase, jumping by 3.8% over the prior year and going to $12.56 per rental square foot. Elevator buildings reflected the highest gross possible rent, coming in at $20.53 per rentable square foot, a 3.2% increase over 2016.
• The data does show an increase in vacancy and rent loss. On a national level, elevator buildings took the dubious lead in this area, clocking in at 7.1% vacancy.
• The vacancy rate for elevator buildings is just slightly above the vacancy and rent loss experienced by larger low-rise buildings (6.9%) and garden apartment communities (6.8%).

SHOPPING CENTERS
Gross minimum rents, actual minimum rents, and total annual income all fell between 2016 and 2017, as did occupancy rates. Looking at the shopping center market from a national level based on gross leasable area (GLA):

• Gross minimum rents fell from $15.22 per square foot in 2016 to $14.57 per square foot in 2017
• Actual minimum rents dropped from $13.46 per square foot in 2016 to $12.46 per square foot in 2017
• Total annual median income per square foot similarly fell – from $17.26 in 2016 to $16.01 in 2017
• And occupancy dropped from 95% to 94% in 2017

FEDERALLY ASSISTED APARTMENTS
Some 5 million low-income households in the United States receive federal rental assistance, according to U.S. government estimates, enabling them to rent modest housing at an affordable cost.

• Median income and operating costs at family and elderly housing reveals that total collections across all family buildings continued to increase, moving up to $12.34 per rentable square foot from $12.12 a year earlier.
• Expenses grew from $6.90 in 2016 to $7.85 in 2017, resulting in net operating income of $4.76 per square foot in 2017, down from $4.91 in 2016.

CONDOMINIUMS, COOPERATIVES, AND PLANNED UNIT DEVELOPMENTS
Current estimates indicate that 20% of the U.S. population – one out of every five Americans – lives in a homeowners’ association community of some type, including high-rise condos in urban centers to sprawling planned unit developments.

• For condominiums, total operating expenses across all building types dropped by .4% to $2,980.72 in 2017.
• A more detailed look reveals that high-rise buildings’ expenses increased by 5.4%, while townhouse properties’ expenses decreased by 8.1%.
• Total operating expenses for planned unit developments dropped by 2.8% across all building types.

The Income/Expense analysis reports are available in a variety of formats including books, interactive PDFs and customizable tools where a real estate manager can plug in their information and make direct comparisons to the market. Property managers, asset managers, appraisers, assessors, developers, lenders, and anyone engaged in investment real estate can order these reports directly from the IREM website.

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

IREM and Others in Real Estate Industry Collaborate to Fill Talent Pipeline

IREM and Others in Real Estate Industry Collaborate to Fill Talent Pipeline

CHICAGO (July 12, 2018) – Today, 29 real estate industry organizations, representing more than 10 million jobs, announced a ground-breaking collaboration to highlight the divers career paths within the real estate sector.  

The first initiative of this collaboration is a new website entitled Careers Building Communities, which allows visitors to navigate through the scores of career paths across all sectors of real estate. For the first time, students in high school, college, technical programs, and community colleges can explore possible career pathways within real estate by taking an interactive quiz and discover career opportunities.   

As the industry seeks to fill millions of jobs, this site serves as an all-inclusive resource for students, educators, career changers and other stakeholder to explore the unlimited opportunities in the field of real estate.  

"IREM believes that real estate management is an exciting career choice and is proud to be a champion for both the industry itself, and its individual practitioners. We support property and asset management professionals through every stage of their careers through training, development, mentorship, and collaboration, which is why we are excited to partner with these other real estate industry organizations who play a critical role in shaping the real estate industry of the future", says Denise Froemming, CEO and Executive Vice President, IREM (the Institute of Real Estate Management). 

About Careers Building Communities
Careers Building Communities is a strategic collaboration of 29 real estate-related organizations focused on raising awareness and attracting diverse talent to the many careers available across the built environment.  CareersBuildingCommunities.org is a platform designed for students, educators and other individuals to explore each industry sector and learn more about education and employment opportunities. Learn more at www.CareersBuildingCommunities.org.

Careers Building Communities 29 Collaborating Organizations:

• American Institute of Architects
• American Resort Development Association
• American Society of Interior Designers
• American Society of Landscape Architects
• The Appraisal Institute
• Associated Builders & Contractors, Inc.
• Associated General Contractors
• Association of Foreign Investors in Real Estate
• BOMI International: Independent Institute for Property and Facility Management Education
• Building Owners and Managers Association (BOMA) International
• CCIM Institute
• Construction Management Association of America
• Construction Specifications Institute
• CoreNet Global
• Counselors of Real Estate
• CREW Network
• Institute of Real Estate Management
• International Council of Shopping Centers
• International Facility Management Association
• International Interior Design Association
• Mortgage Bankers Association
• NAIOP: Commercial Real Estate Development Association
• National Apartment Association
• National Association of Real Estate Investment Trusts
• National Multifamily Housing Council
• The Real Estate Roundtable
• REALTORS Land Institute
• Society of Industrial and Office Realtors
• Urban Land Institute Worldwide

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage.

IREM Earns 2018 ENERGY STAR Partner of the Year Award

IREM Earns 2018 ENERGY STAR^®
Partner of the Year Award

Chicago (April 2, 2018) - IREM (The Institute of Real Estate Management) is proud to announce that it received the 2018 ENERGY STAR^® Partner of the Year Award for its outstanding efforts in the Energy Efficiency Program Delivery category.

IREM received the award for the following programs and activities:

• Live and online training on energy management, including a new course on benchmarking multifamily properties in the ENERGY STAR Portfolio Manager^® benchmarking tool.


• Integration of ENERGY STAR tools and resources with the IREM Certified Sustainable Property certification, an affordable, achievable, and meaningful recognition for existing office, multifamily, and retail properties.


• Industry research on energy efficiency practices and perceptions among real estate managers, including benchmarking and use of ENERGY STAR tools and resources, as well as a forthcoming study on the impact of property certifications such as ENERGY STAR on the financial performance of multifamily communities.


• Participation in ENERGY STAR-related events and U.S. Environmental Protection Agency (EPA) participation in IREM events to provide ENERGY STAR information and updates to members and the industry.

This is the second consecutive year IREM has been named an ENERGY STAR Partner of the Year. IREM’s accomplishments will be recognized by the EPA and the U.S. Department of Energy at a ceremony in Washington, D.C. on April 20, 2018.

“IREM supports sustainable, efficient management and operations as a way to enhance the environmental and financial performance of the assets we manage”, notes 2018 IREM Sustainability Advisory Board Chair Angela Aeschliman, Des Plaines, IL. “ENERGY STAR tools and resources are vital to this effort, and we are honored to be among the leaders in helping the industry take full advantage of what ENERGY STAR offers.”

2018 IREM President Donald B. Wilkerson, CPM, Reno, NV added “IREM is dedicated to providing the tools that real estate managers need to succeed, and IREM’s partnership with ENERGY STAR helps us in that mission. We are thrilled to be recognized as an ENERGY STAR Partner of the Year, and we look forward to continuing our relationship in the years ahead.”

In 2016 alone, ENERGY STAR certified products, homes, buildings, and plants helped Americans save over $30 billion in energy costs and approximately 400 billion kilowatt-hours of electricity and while achieving broad emissions reductions.

For a complete list of 2018 winners and more information about ENERGY STAR’s awards program, visit www.energystar.gov/awardwinners.

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

About ENERGY STAR
ENERGY STAR^® is the simple choice for energy efficiency. For over 25 years, EPA’s ENERGY STAR program has been America’s resource for saving energy and protecting the environment. Join the millions already making a difference at energystar.gov. More background information about ENERGY STAR can be found at energystar.gov/about and energystar.gov/numbers.

Thousands of industrial, commercial, utility, state, and local organizations—including more than 40 percent of the Fortune 500—rely on their partnership with the U.S. Environmental Protection Agency (EPA) to deliver cost-saving energy efficiency solutions. Together, since 1992, ENERGY STAR and its partners have helped save American families and businesses over $450 billion and over 3.5 trillion kilowatt-hours of electricity while also achieving broad emissions reductions - all through voluntary action.

IREM Celebrates Fifty Years of Fair Housing

IREM Celebrates Fifty Years of Fair Housing

Chicago (April 1, 2018) - April marks the 50th anniversary of when the Civil Rights Act, which contained the Fair Housing Act, was passed into law, and IREM (the Institute of Real Estate Management) is ready to celebrate this landmark legislation that was enacted on April 11, 1968 to protect both buyers and renters from discrimination when seeking a place to live.

IREM believes in equal opportunity in housing and supports the right of all people to freely choose where they will live without the constraint of prejudice or discrimination. When first enacted, the only protect­ed classes under the FHA were race, color, religion and national origin, but there have been important additions to that list over the past 50 years.

“There have been 42 amendments since the law passed, and today it continues to fulfill the mission that began 50 years ago.  It not only leveled the playing field for so many, it serves as a reminder that despite severe political differences, good things actually can be accomplished through the legislative process,” state Barry Blanton, CPM, IREM Regional Vice President, Blanton Turner, AMO, Seattle, WA.

IREM will be marking the milestone occasion by offering their Online Fair Housing and Beyond course for free to members throughout the month of April, as well as dedicating the March/April edition of the Journal of Property Management to the topic and conducting several webinars on Fair Housing throughout April.

Thanks to the Fair Housing Act, we have made incredible strides over the past half century toward establishing a housing environment with equal opportunity for all. How­ever, few would argue against the need for more work to be done in achieving a more equal housing market. IREM looks forward to continuing its work improving housing opportu­nities for all, by educating its members and working with HUD to ensure efficient and effective policy.

More information on the 50th anniversary of the Fair Housing Act can be found here.

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.
We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.
Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

IREM Explores Shifting Dynamics Between Asset & Property Managers

IREM Explores Shifting Dynamics Between
Asset & Property Managers

IREM’s third annual Commercial Summit brought industry thought leaders together
to discuss the evolving state of the industry.

NEW YORK CITY (March 21, 2018) -The complex and shifting relationship between asset and property managers took center stage recently as IREM (The Institute of Real Estate Management) held its third annual Commercial Summit at the Peninsula Hotel.

The issue was examined by Dustin Read, PhD/JD, assistant professor of Property Management and Real Estate at Virginia Tech. Read has been working for more than 18 months with IREM on an exploration of the relationship between asset and property management with the goal of establishing better understanding between the two disciplines.

As Read reported, the goal of the IREM initiative is to “explore the points of connectivity between the property management and asset management professions as well as ways to help individuals working in both to collaborate more effectively, drawing upon contributions of people working in the field.”

Changing Management Dynamics
If you go to five different firms, you might get five different job titles for asset managers, Read said. Therefore, the problem becomes how to define it, especially to provide guidance for new talent in the market. This is made more difficult by so much “overlap in many responsibilities,” between asset and property management.

In his research for IREM, which included interviews with more than 90 professionals, Read said he approached asset management more as a process than as a job title, an important distinction, given the need for clear definitions in the face of the much-publicized war for talent.

One of the major takeaways from his research was that, as one moves from property management to asset management and then to portfolio management, we begin to see “more independent decision making, more strategic orientations as opposed to tactical orientations and more financial metrics as opposed to operational metrics. Portfolio management is more investor-facing, asset management market-facing and property management tenant-facing.”

The complexity comes in the overlap of those three disciplines. “How we manage those relationships can be beneficial or detrimental to investment performance,” he stated.

While definitions and working dynamics are still a work in progress, Read noted that there are essentially two acumens that mark asset management. The first is financial and the second is human resources, and too often, he noted, aptitude in one area means a deficiency in the other.

The sweet spot, he said, is what he referred to as “comprehensive asset management, when professionals can do high-end financial analysis as well as lead a team. This is the type of asset management we as an industry group want to serve.”

Despite differences in how companies define the asset management function, Read has identified four areas that define good asset managers. “They have strong financial acumen; they can led a team of people and motivate; they can make decisions even without perfect information; and they have great communication skills.”

Based on the input of the Summit attendees, IREM is currently formulating plans for its next Summit.

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

IREM Examines Tech’s Impact on Real Estate, Shifting Market Dynamics

IREM Examines Tech’s Impact on Real Estate,
Shifting Market Dynamics

Major shifts are taking place in the commercial real estate space. Speakers at IREM’s Commercial Summit did a deep dive into those shifting dynamics.

NEW YORK CITY (March 9, 2018) - Changes in technology as well as shifting market fundamentals were all on the agenda recently when IREM (The Institute of Real Estate Management) held its third annual Commercial Summit at the Peninsula Hotel.

Real Estate as Tech Industry
Technology is reshaping the way commercial real estate practitioners and their occupants interface. That was one of the major takeaways from an in-depth presentation by Steve Weikal, head of industry relations for the MIT Center for Real Estate. He focused on three areas of intense change: Real estate fracking, the UI/UX of real estate and blockchain.

Fracking, he said is “breaking up the use of the asset into smaller pieces and reconfiguring it into higher-value combinations.” Just as Uber and ZipCar unlocked value in transportation by optimizing vehicle use, coworking sites and Airbnb do the same for CRE. There are no fewer than 20 companies offering some take on real estate fracking, aside from co-working, including LiquidSpace, which can book private office space for short-term, third party use--via one’s cell phone.

The UI/UX of real estate, Weikal explained, focuses on the user interface/user experience and “the huge shift in value from physical assets to user experiences.” Implications for management include tracking how people are using the space, including what desks sit empty. For the tenant, the implications are broad as well, with their ability to flex space to their needs, such as “energy management and security alerts.” There are also developing technologies for crowdsourcing to rate building performance, what he called a sort of “Yelp for office buildings.”

Blockchain, according to Weikal, has implications far beyond currency. Calling it a secure, digital ledger, blockchain data is shared, restricting one member in the chain from making changes to existing documents--other than adding an addendum, thus making the data more secure. Digital leases and financing documentation are a prime examples of uses that blockchain can facilitate. Of course, technological changes to the industry aren’t limited here, and Weikal also pointed to the impact of everything from autonomous vehicles to machine learning.

Neil Mandt, founder and CEO of Mandt Media, followed up with a discussion about
augmented reality and the impact on real estate owners. In his presentation, he warned of the risks of such seemingly innocuous developments as Pokémon Go, and the insurance threats therein. He also suggested that building owners and managers could consider placing virtual billboards on the facades of their buildings, as a way to “better monetize your real estate by using augmented reality.”

The Peak Behind Us
The changes that are taking place in commercial real estate do so against the backdrop of the larger market conditions, and Colliers International chief economist Andrew Nelson was on hand at the Summit to provide his thoughts on what coming months would bring. Nelson noted that this extended recovery period continues, but changes are evident.

“As of May, we’ll be in the second longest expansion in the nation’s history,” he told his audience. “We have 7% more jobs than ever, and we’re well below the long-term average in unemployment, at just about 4%.”

In the multifamily market, rents are roughly 26% above the prior peak, he reported. In commercial real estate, there has been a full recovery in terms of vacancies, and cap rates are “about as low as they’ve ever been.”

However, while the recovery still has life, “We peaked about three years ago,” he noted. “Transaction rates, price appreciation rates and absorption rates are all falling.” He was quick to reiterate that times are still good by historical standards on just about every meaningful metric, but “the best years of the cycle are behind us.” A slowdown will not occur until sometime in 2019, and that, he suggested will be short and shallow.

However, for investors at this point in the cycle, he suggested: “Be defensive. Now is not the time to go way out on the risk spectrum.”

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.
We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.
Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

2018 REME Award Submissions Now Open Spotlight on the Industry’s Best and Brightest

2018 REME Award Submissions Now Open
Spotlight on the Industry’s Best and Brightest

CHICAGO (March 9, 2018) – The REME Awards, presented by the Institute of Real Estate Management (IREM), highlight the people and companies who are managing to make a difference in the real estate management industry. They celebrate our industry by emphasizing innovative business practices and sharing successful initiatives to foster further advancement, locally, nationally, and globally.

The REME Awards showcase real estate management excellence by:

• Showing owners, clients, employees, tenants, and residents that REME winners are champions of the real estate management industry.
• Showing the world that innovation and professionalism make a difference
• Recognizing companies and individuals of all asset classes – commercial and residential – and of any size.

The finalists will be recognized and the winners announced at the Inaugural Gala and REME Awards during the IREM Global Summit in Ft. Lauderdale on September 29, 2018.
Submissions are due June 1, 2018. Celebrate excellence by submitting today!
2018 REME Awards Categories Include:

• Corporate Innovation
• Corporate and Social Responsibility
• Employee and Leadership Development
• Sustainability Programs
• AMO of the Year
• CPM of the Year
• ARM of the Year

Learn more – or submit today!

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

Valencia College Debuts Residential Property Management Program

CHICAGO (February 12, 2018) – The Institute of Real Estate Management (IREM) is collaborating with Valencia College in Orlando, FL, to support their launch of a residential property management degree program. Valencia kicked off its Residential Property Management Associate in Science (A.S.) degree during the Fall 2017 semester when the first students enrolled in the two year, sixty hour program. The program is designed to prepare students to go directly into a specialized career in the residential property management field.  

As a result of an articulation agreement with IREM, Valencia College will award course credit to those students who hold IREM's CPM and ARM credentials. The agreement makes it possible for a student matriculating through Valencia's residential property management program to receive 15 semester hours of college credit for the ARM certification towards the degree and 21 semester hours of college credit for the CPM designation.  

IREM and Valencia College have a shared goal to create opportunities, to encourage collaboration and networking, to deliver valuable education for real estate management students and professionals, and to support real estate management companies secure the talent they need. 

"I was excited to announce to my colleagues and the staff that IREM had endorsed our Residential Property Management A.S. degree program. Both IREM and Valencia share the importance of education, as well as industry certifications. We are reaching out to those who hold IREM's ARM and CPM credentials, as well as AMO firms, to spread the word. The successful completion of the degree, which includes completing an internship, will position students with a conditional ARM opportunity and provide a gateway into a great career," said Eldon Warfield, CPM, MBA, professor and program chair of Valencia's Residential Property Management program. "Our industry and our future property managers will both benefit. What better beginning career path could a student choose?"

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.

Our memberships empower college students, young professionals, and industry veterans who are committed to career advancement. Earning our credentials, including the CPM, ARM, ACoM, and AMO, demonstrates a commitment to, and passion for, good management. These credentials, along with our courses and array of resources, all exist with one goal in mind – to make a difference in the careers of those who manage. To learn more about IREM, visit www.IREM.org.

IREM Debuts New Look, Fresh Focus

IREM Debuts New Look, Fresh Focus
Reveals Rebrand for 85th Year

CHICAGO (January 31, 2018) – The Institute of Real Estate Management (IREM) is kicking off our 85th year with an evolved brand position and a fresh new look to reflect who we are, what we believe in, and where we’re headed.  After 85 years of progress, of supporting and inspiring property and asset managers, IREM is still looking forward.

The rebranding of IREM was not undertaken lightly, nor quickly – and was completed with the assistance of a professional marketing and advertising firm. The goal was to respect our past and honor our distinguished history, but to also demonstrate that IREM is a champion of the real estate management industry, supporting professionals through all stages of their careers – from college students to young professionals to industry veterans. To show that IREM is vibrant, progressive, diverse, and energetic.

Donald B. Wilkerson, CPM, 2018 IREM President, Gaston and Wilkerson, AMO, Reno, NV, states, “The goal of this rebrand was really two-fold. One, we wanted to differentiate and reposition IREM’s image in the marketplace. We feel we have a unique value proposition that separates us from others in the industry – helping property and asset managers grow and advance throughout their entire careers through training, development, and collaboration. Second, we really wanted to optimize the IREM brand to appeal to young professionals. We know that our profession is aging, and we want to attract young professionals and millennials, and show that real estate management is a worthwhile and rewarding career choice. We want to inspire pride in our field.”

 “We are very excited to implement our new brand initiative and positioning, as we think it will really communicate IREM’s unique value and boost IREM’s members’ ability to compete in a changing marketplace. The goal is to be globally recognized as a go to resource for both residential and commercial real estate management, and for those who hold IREM credentials will to be sought out for their expertise and professional ethics,” adds IREM CEO/Executive Vice President Denise Froemming, CAE, MBA, CPA.

IREM is now looking to the next 85 years and beyond. Our history starts today.
IREM: For Those Who Manage to Make a Difference.

About the Institute of Real Estate Management
IREM is an international force of 20,000 individuals united to advance the profession of real estate management. Through training, professional development, and collaboration, IREM supports our members and others in the industry through every stage of their career.

We believe in our people, and we provide the tools they need to succeed. We open doors, we forge connections, and we help show the way forward. Backed by the power that comes with being an affiliate of the National Association of REALTORS^®, we add value to our members, who in turn add value to their teams, their workplaces, and the properties in their commercial and residential portfolios.