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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

The heart of asset management is analysis: deciding how and when to spend money. For this reason, conducting financial analyses, reviewing leases, and evaluating proposed capital improvement projects are key functions undertaken by real estate asset managers. This report addresses these topics to gain a better understanding of how asset managers use the quantitative skills and financial modeling techniques at their disposal to guide investment decisions, with specific attention given to:

• Factors that influence the complexity of financial analysis
• Analytical skills and financial competencies required of asset managers
• Analyzing versus approving leases and capital improvement projects
• Effectively managing leasing teams
• Practical considerations for property managers working with asset managers

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. It draws 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, assistant professor of property management and real estate at Virginia Tech.

Copyright: 2018
Format: Soft cover; 32 pages
ISBN: 978-1-57203-265-1

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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

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

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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

Income/Expense Analysis Reports give you the tools you need to plan, budget and forecast – and to stay one step ahead of your competition.

An essential tool for association management, this annual research report is the only one of its kind. Designed to assist condominium boards, managers, and developers, this report tracks utilities, maintenance, insurance, taxes, and amenities. Metropolitan, regional and national statistics are grouped according to association type (condominiums, cooperatives, and planned unit developments) and building type (high-rise, low-rise, or townhouse). This report provides managers, boards and developers with insights into each major area of project operation and enables them to make well-informed decisions about necessary replacement reserves, appropriate assessment levels, project budget and escalating expenses. This research study includes:

• Data from nearly 2,700 community associations nationwide
• Metropolitan, regional and national breakdowns
• Grouped according to association type and building type
• Analysis of over 25 expense categories
• Tracks utilities, maintenance, insurance, taxes, and amenities
• Hundreds of operating breakdowns
• Median monthly assessments
• Amenity package analysis

View for following Income Expense Analysis samples

• Sample Report
• Metro and Regional Sample Sizes
• Guidelines and Interpretations
• Regional Map

Softcover: 322 pages
ISBN: 978-1-57203-268-2

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There is never a dull moment in the life of a residential manager. From hiring new employees and balancing the budget, to overseeing construction projects and keeping the apartments leased, every day brings a new challenge and a problem to solve. There is no doubt that residential management is a complex and rewarding field.

The Field Guide for Practical Apartment Management provides managers with the tools and expertise necessary to professionally manage the day-to-day aspects of residential properties. It is a comprehensive guide book that will serve as an ongoing reference tool, and provides many forms and checklists for immediate, on-the-job application.

The Field Guide is organized into four parts that cover all aspects of managing multifamily properties.

Part 1: Human Resources and Relationship Management—putting the team together and managing those responsible for the property’s success.

Part 2: Finance—introducing the accounting and budgeting skills needed to meet the owner’s goals and objectives and providing a foundation for making day-to-day operating decisions.

Part 3: Maintenance and Risk Management—reviewing maintenance and risk management plans, as well as the tools and techniques for conducting inspections to protect residents, guests, and the owner’s asset.

Part 4: Marketing and Leasing—identifying appropriate marketing and leasing strategies and practices to find and retain residents.

The Field Guide for Practical Apartment Management is a comprehensive guide to apartment management, drawing upon the knowledge and experience of over a dozen recognized experts in the field.  The Field Guide is a must-read for everyone who manages apartments, whether they are new to the industry or seasoned veterans.

Copyright: 2015
Softcover; 448 pages

ISBN-10: 1-57203-224-3 
ISBN13: 978-1-57203-224-8

This useful glossary contains definitions for over 2,000 terms encountered in real estate management.

Includes:

• Lists of acronyms, abbreviations, and mathematical formulas
• Laws that impact real estate operations
• Terminologies from other disciplines such as accounting, finance, contracting, insurance, and risk management

IREM, 2003
Softcover, 200 pages
ISBN: 978-1-57203-087-9

For definitions of technical terms related to building systems, equipment maintenance, and the building trades, check out The Real Estate Manager's Technical Glossary.