CHICAGO (July 31, 2020) – In response to the impacts the COVID-19 pandemic is having on commercial real estate, IREM (Institute of Real Estate Management) has launched a new certificate program to train property managers in how to best manage distressed properties.
While there are multiple ways a property can go into distress, the coronavirus pandemic has impacted commercial real estate tremendously. Office buildings sit almost empty as employees work remotely and tenants rethink the future of the workplace and many retail and restaurant tenants have closed their doors for good. Owners and investors will need qualified real estate managers to develop a plan to restore properties to financial stability, and eventually make them a performing asset.
Managing distressed properties can be one of the greatest challenges a real estate manager will encounter. Turning around a distressed asset requires a complete understanding of how to evaluate and resolve key issues and challenges unique to each asset. IREM’s new online certificate course will provide solutions and guidance for common situations encountered and best practices to employ when dealing with distressed properties.
“While the far-reaching impacts of COVID-19 on commercial real estate are yet to be known, the likelihood of having to turn around a distressed property is very high in today’s circumstances,” says Regina Mullins, CPM®, Director, Cushman & Wakefield. “Educating property managers on the unique circumstances that go into managing these assets, will help to prepare them for the inevitable and provide property owners with the confidence that their buildings are in good hands.”
Individuals that complete the online course and pass the 100-question exam will receive a certificate highlighting their knowledge and expertise in managing distressed properties. The course will teach property managers how to:
- Identify elements of distressed properties, their potential owners, and the real estate manager’s role
- Analyze distressed properties, prioritize issues, and develop a management plan
- Implement effective management operations when evaluating and taking over a distressed property
- Determine strategies to reposition distressed properties
- Develop an exit strategy
Real estate managers interested in taking the course can sign up on irem.org.
About IREM
For over 85 years, our members have made us the world’s strongest voice for all things real estate management. Almost 20,000 leaders in commercial and residential management call this home for education, support and networking. Our CPM®, ARM®, ACoM, and AMO® certifications are internationally recognized symbols of ethical leadership and a well-managed property. And our tools deliver decades of on-the-job know-how to help members get even better at what they do. Put simply – IREM and its members are here to elevate the profession. If you know real estate management, come get to know us. irem.org