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Find quick, easy to access information on real estate management industry fundamentals and the latest news and trends on the IREM blog! Stay tuned for regular updates to keep up with what’s happening in the real estate industry and get practical tips for your career.
Real Estate Property Management Program Building on Strong Start
Schoolcraft College News featuring Jim Evans, IREM National Past President, IREM Michigan Past Chapter President
April 26, 2021
During the Winter 2021 semester, Schoolcraft College became the first area community college to offer a program in Real Estate Property Management, which involves the management of revenue-producing residential or commercial properties. This can include single-family homes, apartment complexes, office buildings, retail centers, medical facilities and industrial warehouses.
Students also learn about the management of safety and environmental issues related to residential and commercial properties and how to recognize and address maintenance problems. Considered a service industry, property managers work closely with both the property owners and the residents of the property.
A total of 12 students have started their journey, which can lead to a Skills Certificate, Certificate or Associate of Applied Science Degree.
One of the key core classes is RE 101, taught remotely by Dr. Redona Hall, a real estate broker and property manager. She earned her real estate license and property management certificate in 2009 and has experience managing residential and commercial properties. Dr. Hall’s credentials include GRI (Graduate REALTOR® Institute), CDPE (Certified Distressed Property Expert), SFR (Short Sale and Foreclosure Resource) and PTC (Property Tax Consultant).
In RE 101, students learn the benefits of hiring a property manager, landlord and tenant rights and obligations, tenant relations, marketing, federal and state laws, understanding leases and lease applications, managing the office and reports, and careers in property management.
The students are from a variety of backgrounds.
“Two of my students are under age 19 – the 18-year-old wants to learn about property management because her dad owns residential properties,” she said. “One is a retired dentist who owns a store. There is a mother and son who are considering property management for extra income.
“One student and her husband bought properties in Livonia, fixed them up, and sold them. Now they’re trying to decide if they want to buy again and manage the properties themselves or hire a property manager. Another student works in facilities management and is considering purchasing properties one day. Another student currently works for a residential property management company. The other student works for an architect firm.”
The RE 101 course provides a solid foundation from which to build.
“Although there are many facets to real estate property management, this introductory course provides an overview of property management and the role of the property manager,” Dr. Hall said. “In addition, to the chapter readings and homework discussion questions, we discuss textbook case studies and share real-world experiences.”
Enrollment also has brought an important networking opportunity. Susan Knowles, Executive Director of the Michigan Chapter of the Institute of Real Estate Management (IREM, of which Dr. Hall is a member), has graciously offered student memberships with the organization to all students.
Jim Evans, CPM(r), President/CEO, Bruce G. Pollock & Associates, The Condominium Group, Inc., Grand Blanc, Michigan, served as IREM president in 2012. He said it was a proud moment in a distinguished and ongoing career of more than 35 years and encourages students to take advantage of the IREM membership.
“IREM can really help bridge the ‘what you know’ to the ‘who you know,’” he said. “IREM puts you in front of the ‘who.’ You get all the resources we get as professionals as well as the ability to go to industry events and start interacting with people who one day will be your employers and colleagues.”
Evans added that the Real Estate Property Management program answers a true need in the industry.
“Property management has traditionally been something people fall into,” he said. “We’re trying to change that narrative because it really is a fantastic way to get a career started in real estate. When you’re in the property management industry, you truly learn the nuts and bolts from the ground up.”
And that’s exactly what Dr. Hall is teaching with this first group of students.
“Anyone with a goal to invest in residential or commercial properties should consider contracting with a property manager,” she said. “A property manager will be a vital part of their team as well as an important resource. The property manager plays a key role in keeping the property leased and enhancing the profitability of the owner.”
Learn more about Schoolcraft College’s Real Estate Property Management program.
Spring is in the air, lets monitor it!
Trevor Duke, Technology & Innovation Committee Chair
April 28, 2021
How to show tenants that things are better than they think.
Typically, we see some attrition during Spring and Summer at the buildings, as occupants use the great weather, and wealth of outdoor activities to justify maybe leaving a little earlier Friday, and maybe not coming in early Monday. This year, we are optimistic we will see MORE people in the buildings in late Spring than we did in January!
As vaccinations are progressing quickly, and the most vulnerable are now immune, people are more confident to get back to work. Though there are still a few roadblocks (and gubernatorial diktats), the tenants will need to be encouraged to poke back into buildings just like Punxatawny Phil may need to be coaxed out of his hole. Due to the media, and the fearful narrative, the onus is on the building to show that the building is safe.
Tenants have heard lots of negative press about viruses in the air, specifically indoor air, and have misconceptions about how commercial systems differentiate from residential systems. I believe that explaining these items will get tenants back in buildings quicker. Commercial buildings have superior filtration, are serviced at regular intervals, and are built to bring in lots, and lots of fresh air. There has been considerable research into commercial indoor air quality in the past, and pre-Covid, the ASHRAE standard. Finally, though managers know that our buildings have the cleanest air, and for that reason are arguably the best place to be (indoors) for minimizing risk from airborne viruses, we need to educate tenants. I will keep this post as non-technical as possible, if you have any follow up questions, or would like more supporting info for a topic, please reach out.
First of all, filtration. Before Covid, can you remember how often you changed out your filters at home? Maybe you have some yearly reminder or have a service plan with a vendor, but I have yet to find a residential home, even in that of the most diligent engineer that changes filters as frequently as recommended (60-90 days). Commercial filters are changed often, typically quarterly.
Residential systems, unless in high end homes with ERV/ Air Exchange systems do NOT typically have any exchange of air, they are simply heating or cooling the air in the home, and the fresh air seeps in through the building envelope, or the opening and closing of windows and doors. This is fundamentally different from any commercial setup! Office buildings are constantly bringing in fresh air. Researching this in the last few months, we have found that all units are bringing in thousands, some nearly tens of thousands of Cubic Feet of air per Minute (cfm), and that volumes air being changed over much more frequently than expected. Though hard to summarize here, ASHRAE guidelines have some formulas to determine recommended air changes (determining cfm/sqf, and cfm per person) and we have found that every building is exceeding the minimums by far. Management staff should not be scared of measuring these numbers, as most buildings, including older ones, are designed in ways that far exceed these metrics.
Beyond the basic guidelines of “if you bring in this much air, and filter it this way”, management can track further data points to telegraph to tenants how many facets of their air is within “healthy” ranges. Either using their buildings existing HVAC controllers, or buying (affordable) IAQ measuring devices , such as from Airthings, Wellstat, or Kaiterra, you can easily create a colorful, human readable dashboard to show tenants what the Co2 levels are, humidity (a big one for Covid), and other simplified representations of the building operations, can make this data approachable to tenants and guests.
Covid has occupants hyper vigilant of their surroundings, and the best way to put them at ease is to present the data they are looking before they ask for it. The simple act of collecting this data gives management the opportunity to review any systems that are not in spec. By exhibiting the data, trust will be gained that there is nothing to hide, and everything is on the up-and-up.
Rebranding Must Serve a Larger Mission
Posted by [email protected] on Mar. 20, 2018 / Careers & Talent Management / Subscribe
Rebranding Must Serve a Larger Mission
March 02, 2018 | John Salustri
Rebranding Must Serve a Larger Mission
IREM 2018/19 President Don Wilkerson takes a look at the mission of rebranding in his February column for NREI (http://www.nreionline.com/property-management/rebranding-must-serve-larger-mission). In it, he points out that new logos and reworked corporate names are springing up nationally as marketers and decision-makers attempt to dress their companies or organizations in a new and more modern style. He cites a recent article in Forbes that called the new emphasis on corporate brand a nod to “the increasingly transparent and accessible world driven by social media.”
“In all cases of rebranding,” he writes, “there is a menu of three elements that go into the process, and organizations choosing to update their image can go for any or all of the choices. Let’s take them one by one.”
Name changes are the most obvious, the column observes. Wilkerson points to vehicle-maker Datsun, which 30 years ago changed its small-car brand to Nissan to unify its identity. “Even Google began life as BackRub (as in: ‘Let’s BackRub this’),” he says. “Most recently, Coach—the handbag maker—announced its new name: Tapestry, a nod to its diversifying acquisitions.”
A second element of rebranding is an upgraded logo to reflect a new and forward-facing mindset, Wilkerson states, pointing to both new and old-line companies that have made that statement, including Apple Music, Converse, YouTube, Google and Audi. “The thinking,” he writes, “is that a new logo creates excitement, freshness and, in the case of the above, increased sales.
“But the logo is also an important statement of relevance,” he continues. “So it is not surprising that rebranding is a game any organization can play. Associations in all industries are getting into the act as well, with modernized logos if not all-out name changes to reflect a focus on a new—and, yes, younger—audience. For instance, the Consumer Electronics Association, a name that calls to mind palm pilots and desktop computers as big as suitcases, has now become the jazzier Consumer Technology Association, a subtle but important differentiation.”
Closer to home, Wilkerson points out that SIOR in 2016 unveiled a new logo, calling it “a commitment to the future.” A new website, research offerings and greater digital support for its members were all part of that commitment. “This year, the Institute of Real Estate Management is joining that chorus,” he says.
Promising to elaborate on that, he first points out the above-mentioned commitment to the future. “Therein lies the most important element of a rebranding initiative,” he explains. “The effort is nothing more than window dressing if there is no mission to propel it forward, no commitment to realign corporate strategies and methods of operation that put into action a new organizational mindset.”
He says examples are evident in the multifamily, office and retail properties we serve. “These properties are being rebranded in large part to remain competitive in a rapidly shifting marketplace populated increasingly by a clientele with a new suite of needs.”
For instance, the column continues, “multifamily assets are offering ample room for socializing, full-access wi-fi or 24/7 package pickup; office settings offer concierge services to relieve employees of mundane and distracting personal chores that can range from dry cleaning to car maintenance. Such spaces also provide work environments that accommodate with equal ease socialization, collaboration and heads-down activities.”
Retail too is rebranding to remain relevant and keep abreast of competition, he observes, listing such innovations in customer experience as highly customizable special promotions to instore services such as magic mirrors and remote checkout.
“Much like SIOR, IREM is living this new direction,” says Wilkerson. “This year marks the introduction of a new suite of services and a new focus on attracting the best and brightest among the new entrants to the industry. And while our name remains the same, reflecting the groundwork laid over the past 85 years, we have fashioned a new logo that heralds the importance of what lies ahead.
“For IREM, the logo was the culmination of a nearly year-long intentional process that began with in-depth conversations with key stakeholders. We listened when they shared their excitement for unconventional and edgy ways to increase appeal of a career in property management with IREM there to guide them. The new logo is a contemporary visual depiction of IREM as a champion of the property management professional--from college students to industry veterans across both commercial and residential portfolios. When combined with the other elements of IREM’s rebranding, it demonstrates a bold, revitalized commitment to and passion for good management.
“Rebranding, properly executed, is much more than a flashy design or a catchy name,” he concludes. “It is a serious reflection and response to changing market dynamics. There is no company or organization within the commercial real estate space that is not faced with the challenges of those shifting dynamics. The key to their ongoing vitality, the key to their success, lies in their response.”
Complete Article- Rebranding Must Serve a Larger Mission
About the Author
John Salustri is editor-in-chief of Salustri Content Solutions, Inc., a consultancy focused on enhancing the web and print content of clients around the nation. He is a regular contributor to JPM Magazine and a frequent blogger for IREM’s website. Prior to launching SCS, John was founding editor of GlobeSt.com, the industry’s premier real estate news website, where he managed the daily output of 25 international reporters, and prior to that, he was editor of Real Estate Forum Magazine. John is a four-time winner of the National Association of Real Estate Editors’ Award for Excellence in Journalism.
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