By Rosemary Carcucci Goss, PhD and Dustin C. Reed, PhD/JD

Gathered by the research team at Virginia Tech, this report explores the trends and perceptions of leaders in the multifamily housing industry, which has become increasingly competitive throughout the years.

With growing demands from owners, property management companies are constantly seeking ways to maintain a competitive edge in response to the new challenges in the multifamily industry.

Some noteworthy findings among property management firms include:

• Establishing competitive pricing for the services they offer
• Enhancing the value of their brand
• Satisfying HR needs
• Maintaining a technological edge
• Avoiding potential conflicts of interest

Copyright: 2016
Format: Softcover; 30 pages
ISBN: 978-1-57203-240-8

Asset management is often described as the process of managing the financial performance of income-producing properties over the entire life-cycle of an investment from acquisitions to dispositions.  While generally accurate, this definition does not take into account the fact that many asset managers begin their work long before properties are purchased and remain involved until after they are sold.  This report sheds light on the various roles asset managers play in acquisitions and dispositions, as well as the ways in which they interact with property managers, to complete the following tasks on behalf of real estate investment management firms:

• Evaluate market conditions
• Vet underwriting assumptions
• Source investment opportunities
• Make disposition recommendations
• Prepare offering memorandums 
• Position properties for sale

The report digs deeper into several of the asset management functions identified in IREM’s research report "Real Estate Asset Management: A Process and a Profession", drawing upon ongoing contributions from practitioners representing real estate investment and service firms in the United States. It was written by Dustin C. Read, PhD/JD, as part of IREM’s Real Estate Asset Management Initiative. Dr. Read serves as an Assistant Professor of Property Management and Real Estate within the College of Liberal Arts and Human Sciences at Virginia Tech.

This report is part of IREM’s Real Estate Asset Management Initiative, which explores the points of connectivity between the property management and the asset management professions, as well as ways to help individuals working in both fields collaborate more effectively.

Copyright: 2017
Format: Soft cover; 34 pages
ISBN: 978-1-57203-260-6

Listening well is an essential component of good leadership. You can become a more effective listener and leader by learning the skills of active listening. Working relationships become more solid, based on trust, respect, and honesty. Active listening is not an optional component of leadership; it is not a nicety to be used to make others feel good. It is, in fact, a critical component of the tasks facing today’s leaders. 

Executive Summary
Active listening is a person’s willingness and ability to hear and understand. You can become a more effective listener and leader by learning the skills of active listening: paying attention, holding judgment, reflecting, clarifying, summarizing, and sharing.

By paying attention to your behavior and that of the other person, you create the setting for productive dialogue. Pay attention to your frame of mind and your body language, as well as the other person’s nonverbal and verbal behavior.

Holding judgment makes it possible for you to be open to new ideas, new perspectives, and new possibilities—to understand how the other person sees the world. Practice empathy, indicate your open mind, acknowledge difference, and be patient.

Reflecting the other person’s information, perspective, and feelings is a way to indicate that you hear and understand. Use paraphrasing to confirm your understanding. Don’t assume that you understand correctly or that the other person knows you’ve heard.

Clarifying is double-checking on any issue that is ambiguous or unclear. Use open-ended, clarifying, and probing questions to do so. Summarizing helps people see their key themes, and it confirms and solidifies your grasp of their points of view. It may lead to additional questions as a transition to problem solving. It also helps both parties to be clear on mutual responsibilities and follow-up. As you gain a clearer understanding of the other person’s perspective, it’s time for sharing— introducing your ideas, feelings, and suggestions, and addressing any concerns.  

Active listening can make a huge difference in our interactions with others. Working relationships become more solid, based on trust, respect, and honesty. Active listening is not an optional component of leadership; it is not a nicety to be used to make others feel good. It is, in fact, a critical component of the tasks facing today’s leaders.

Copyright: 2006
Format: PDF; 34 pages
Printed version available here

Click here to view table of contents
Click here to view a sample chapter

Before and After Disaster Strikes: Developing the Emergency Procedures Manual, Fourth Edition is designed to be a guide and resource for real estate managers as they create the emergency procedures plan and develop the emergency procedures manual for the properties they manage.

Designed with an all-hazards approach in mind, this fourth edition walks real estate managers through the necessary considerations when preparing for and reacting to a disaster natural or manmade. The focused chapters provide an in-depth exploration of the hazards posed to residential, commercial, industrial, and medical office properties and how they may be addressed.

Covering more than just natural disasters, this edition provides an extensive look at how to address building emergencies from fires, power outages, or hazardous materials spills, to acts of crime and terrorism.

This new edition also includes a section dedicated to exploring and implementing business continuity practices into your emergency procedures plan, demonstrating the importance of business continuity principles, while also providing concrete considerations for how to implement these practices into your business.

Designed to accompany this book is a set of emergency planning forms, which were assembled by the Institute of Real Estate Management (IREM®) and its industry partners. These forms, accessible online, are provided in an effort to help establish a baseline of preparedness for any property, and may be customized or adapted to fit each application.

Publication Date: 2012
Softcover, 305 pages
ISBN-10: 1-57203-171-9
ISBN-13: 978-1-57203-171-5

IREM Members: Download the digital version of this for FREE!

IREM developed this set of simple, practical best practices to guide and support real estate management companies committed to operating their businesses successfully and in a professional manner.  The concept behind these best practices is that there are certain proven solutions and recognized guidelines that are likely to result in greater efficiency, enhanced effectiveness, and ultimately a competitive advantage. 

The 2014 edition contains 57 best practice statements that are organized around four categories:

• The management company
• Client relations
• Management of the property
• Tenant and resident relations

Nicholas Dunlap, CPM

This is not your grandpa’s book on real estate investing. You know, the one with 500 pages that you gave up on years ago, cluttered with scientific jargon and about as enjoyable as a root canal. And it’s not the get-rich-quick scheme du jour that will teach you how to flip houses and make billions in your sleep. Brick and Mortar Piggy Banks focuses on how to own and operate positive cash flow real estate investments.

In this eBook, real estate investment is broken down into three simple steps:

1. Understanding why real estate is a superior investment type
2. How to underwrite, conduct due diligence, and acquire multifamily and commercial property
3. How to manage your investments after acquisition or hire the right management company

This book is part science, part study, and part how-to. Paired in with the lessons and examples are interviews with real estate investors from all walks of life who have created wealth and passive income through investments in commercial real estate. They share their tips and insight regarding real estate and provide the advice that they wish they had received when they started out.

Review
“A practical look at commercial real estate investment. Nicholas breaks down the investment process into three simple steps and explains not just the ‘why,’ but the how-to as well. An enjoyable and informative read.”
– Steve Strauss, USA Today

“Great insight for the beginning investor looking to acquire apartment buildings or build their real estate portfolio.”
– Jim Clarke, Apartment Association of Greater Los Angeles 

Publication date: 2013
ePub file; size 523 KB; 157 pages

Your image can be either an asset or a liability for you as a leader. Image building is neither superficial nor unimportant. It’s not about creating a false image, but recognizing genuine aspects of yourself that should be coming across to other people—but aren’t. Crafting your image requires you to gain a clear picture of the image people are currently perceiving, decide what image you would like to portray, and develop the skills to close the gap.

Executive Summary
Your image is the concept that others form about you as a result of the impressions you make on them. It can be either an asset or a liability as you engage in the tasks and roles of leadership. Many leaders assume that image building is superficial and therefore unimportant. However, you can benefit from knowing how you come across to others and making improvements if necessary. Crafting your image requires you to gain a clear picture of the image people are currently perceiving, decide what image you would like to portray, and develop the skills to close the gap.

It isn’t easy to see yourself the way others see you. But a clear-eyed look at the image others have of you is essential for understanding how your image is helping or hindering your effectiveness. Developing your leadership image requires you to have a vision of that image. This doesn’t mean choosing an image to put on and replace at whim. Managing your image is not about creating a false image; rather it is about recognizing genuine aspects of yourself that should be coming across to other people—but aren’t for some reason.

This process doesn’t need to be incredibly complicated. Often, gaining the awareness of your current image and its limits goes a long way. To achieve your desired leadership image, use techniques to address content, as well as verbal and nonverbal behaviors. You might also draw on the expertise of others. Once you have taken a close look at your current image, chosen your desired image, and set goals for closing the gap, the best strategy for crafting your image is to practice. It takes skill and practice to be comfortable in your leadership role and to have an image to match.

Copyright: 2008
Format: PDF; 34 pages
Printed version available here

The first IREM Energy Efficiency Survey, conducted in 2016, asked respondents about their building energy efficiency perceptions and practices. This report focuses on survey questions related to financial analysis of energy efficiency and presents insights on financial analysis methods, barriers to energy efficiency, financing of energy projects, and other topics. Read the report to benchmark your own sustainability practices and learn ways to move towards greater cost-saving energy efficiency for your real estate portfolio.

Business planning and budgeting are two distinct, yet complimentary, processes requiring asset managers to not only synthesize investment objectives articulated by portfolio managers and ownership groups into “strategic and tactical guidebooks” for properties, but also work with property managers and leasing agents to ensure the revenue and expense projections included in such plans are realistic in light of market conditions.  This report focuses on how asset managers use business planning and budgeting to create value and achieve the investment goals of the companies they represent.  Some of the topics the report covers include:  

• The asset manager’s role in developing strategy
• Responding strategically to market conditions
• Implementing the business plan through strategic budgeting
• Practical considerations for real estate investment management firms
• Recommendations for those who work with, or aspire to be, asset managers

The report digs deeper into several of the asset management functions identified in IREM’s research report "Real Estate Asset Management: A Process and a Profession", drawing upon ongoing contributions from practitioners representing real estate investment and service firms in the United States.  It was written by Dustin C. Read, PhD/JD, as part of IREM’s Real Estate Asset Management Initiative.  Dr. Read serves as an Assistant Professor of Property Management and Real Estate within the College of Liberal Arts and Human Sciences at Virginia Tech. 

Copyright: 2017
Format: Soft cover; 34 pages
ISBN: 978-1-57203-261-3

Written by Alan A. Alexander, SCSM, and Richard F. Muhlebach, CPM, CRE, CSM, CRX, RPA

Whether you’re starting your own firm or want to grow an established business, this third edition of Business Strategies for Real Estate Management Companies will show you how to attract and retain clients, market your business more aggressively, expand the services you offer, and boost your company’s profits in today’s changing business climate. This new edition also features six case studies of real estate management companies in their infancy. It provides an inside look into the trials and tribulations that you will likely encounter, along with tips and lessons learned.

Topics include a comprehensive look at:

• Hiring and retaining talent
• Understanding the dynamics of the manager and client relationship
• Creating a winning management proposal
• Taking over a management account
• Handling legal issues and ethical practices
• Managing and mitigating risks

Business Strategies for Real Estate Management Companies provides guidance and insights for many situations that, along with your personal experience and knowledge, can help you take advantage of the opportunities and meet the challenges of the present and future.

Publication Date: 2014
Softcover, 492 pages
ISBN-10: 1-57203-220-0
ISBN-13: 978-1-57203-220-0

View the table of contents

The collaboration of two long-time community management experts, Community Associations: A Guide to Successful Management is a must-have educational resource guide not only for managers of common interest developments, but also for individual members of association boards working with management companies. This new, comprehensive text illustrates the techniques and philosophies unique to managing community associations.

Learn about the history of common interest developments, the different association types, and how to work with boards and members. Establish successful communications between all parties. Discover the marketing and communications strategies that work for this niche. Enhance your accounting, staffing and maintenance practices, and gain a better understanding of how to run a more successful, productive community association management office.

ISBN: 1-57203-132-8

Organizational politics is a natural part of everyday life in the workplace; it is neither good nor bad. Once you accept these facts, you can build your capacity to lead effectively. You can be regarded as someone with effective political savvy, someone who can influence and persuade others in an authentic manner.

Executive Summary
Organizational politics is not about being false; instead, it's about using your skills, behaviors, and qualities to be effective, and sincerity is vital. One way to develop political savvy is to mingle strategically. The ability to build strategic relationships and garner the support of others is essential. Leaders who possess a strong networking ability build cooperative, beneficial relationships with their colleagues. Building political savvy also involves the ability to read the situation. Politically savvy managers tend to be perceptive observers of others and of social situations. This kind of social astuteness involves observation, self-awareness, and the ability to adapt and tailor behavior to different environmental conditions. It's important to determine the appropriate behavior before acting. Impulse control is necessary when you're in conflict, and it can also help you avoid a mistake such as sharing an idea prematurely, shooting down another person's idea, telling an inappropriate joke, or using humor at the wrong time. The ability to resist or regulate impulsive behavior is a key factor in building political influence and putting your colleagues at ease. Finally, leave people with a good impression. Avoid being manipulative. Being authentic— honest, sincere, trustworthy, and genuine—inspires others to trust and have confidence in you.

Copyright: 2012
Format: PDF; 29 pages
Printed version available here