Welcome to the July/August edition of JPM! In this issue, we’re going to start off with a quick refresher of the fundamentals. As professional real estate managers, we are driven to meet the goals and objectives of the property owner. That’s Real Estate Management 101, right? But how do we do it? Throughout this issue, we’ll explore ways that property managers can meet and exceed owners’ goals and expectations, as well as identify new opportunities to drive value.
The theme of this edition is financial management. In addition to managing the physical site, one of our primary responsibilities is to apply financial controls to manage funds and accounts. And whether math was our favorite subject in school, excelling in our profession means being good with numbers. In fact, we can observe an emerging trend of real estate managers increasingly taking on asset management functions, further expanding their toolkits.
With each beautiful summer day that passes, we move a little closer to everyone’s favorite time of year: budget season! All kidding aside, the administrative operation and maintenance of properties are just a couple of the many ways we meet the goals and objectives of property owners. Successful real estate management involves diligently planning a property’s future by developing and implementing operational and fiscal programs to enhance the asset’s value. Join Sal Dragone, CPM, ARM, CCIM, as he takes us on a deep dive into the world of budget forecasting.
Bringing to life the untapped potential of a struggling property can also be an exciting and rewarding opportunity to drive value. Last summer, IREM launched a new certificate program on how to manage distressed properties. In one feature, instructor Regina Mullins, CPM, CCIM, explores the unique circumstances that go into managing these often-misunderstood assets.
Around the world, IREM members manage different types of assets in different geographies. Managing a residential building in a city center may require a different approach than managing a property in a more rural setting, yet the fundamentals remain the same. In “Rural spotlight,” IREM Federal Housing Administration Board Member Barbara Jaco, CPM, highlights these differences and similarities as she shares her passion for managing affordable rural housing in the U.S.
One of the advantages of holding IREM certification is the level of professionalism that the designations signify: There is no way to earn certification without first meeting strict requirements in the areas of education and experience and pledging to adhere to a code of professional ethics. This unwavering commitment to professionalism is supported by IREM’s Membership & Credentialing Committee. The committee ensures we remain aligned with the times and places in which we’re living and managing. In the Committee Central column, you can read how IREM’s Membership & Credentialing Committee continues to move our organization closer to the more “normal” end of our new normal.
Last year we switched gears and entered a whole new world of remote gatherings when the 2020 IREM Global Summit became the 2020 Virtual IREM Summit. This year, we’re back in person as we head to the desert oasis of Las Vegas for the 2021 IREM Global Summit. Read all the exciting details for this year’s Summit. I look forward to seeing you there!
Until Vegas, I’ll catch up with y’all in the next issue of JPM!
A look inside this issue of JPM