Celebrating a legacy

The Louise L. and Y.T. Lum fund was established in 1975 to recognize distinguished contributions to the real estate management profession. As the fund reaches its 50th anniversary, we sat down with Wing Tek Lum, son of Y.T. and Louise Lum, to reflect on the legacy behind the award, his family’s deep ties to IREM, and the enduring importance of recognizing the unsung heroes of the property management profession.

Their story speaks to commitment, humility, and the belief that real estate professionals working quietly and creatively behind the scenes deserve to be honored.

Your family has had a long relationship with IREM. Can you tell us about your parents and how they got involved?

My parents were based in Hawaii. My father, Y.T. Lum, was a second-generation Chinese American, born and raised there. My mother came from Shanghai. My father got his start managing our family’s commercial properties and leased fee-simple land. In those days, property managers and appraisers were few in number, and he became interested in expanding his work and professional knowledge. He became involved with some professional associations and became interested in earning designations. He was one of the earliest in Hawaii to earn his MAI (Member Appraisal Institute) designation from the Appraisal Institute, as well as his CPM from IREM. He helped found the IREM Hawaii Chapter.

He believed in professionalism and wanted to learn what others were doing. The local chapters were a tight-knit group of professionals. They met monthly at a local restaurant to share views and experiences related to property management and appraisals. 

He eventually started going to IREM’s national meetings—on what we called the mainland. But back then, it wasn’t just a quick flight. In the early days, they would travel by boat—a five-day trip to the West Coast. Then they’d travel further to attend the November meetings in Chicago. That’s how seriously they took it. They loved to travel, yes, but they also wanted to expand their professional lives and be part of that broader community.

That’s such a powerful image—your parents crossing the ocean to be part of something bigger. What impact did those meetings have on your father?

He got a lot out of those meetings. Not just the formal education, but also from talking with others and learning how people practiced real estate management and appraisal around the country. That exchange of ideas inspired him. He brought what he learned back to Hawaii, applied it in his work, and shared it with the local chapter. It wasn’t just about him improving; it was about raising the standards for everyone.

And they made a lot of friends. Both of them—my mother, too. That camaraderie was a big part of their involvement.

After your mother passed away, your father established several awards in her honor. Can you tell us about the origins of the Lum Award?

My mother passed away in 1963. My father wanted to honor her and give back to the profession. He started by establishing a fund with the Appraisal Institute. That grew into the Louise and Y.T. Lum Library, which is still a major resource for the appraisal community.

Then, in 1975, he created three more funds—one with IREM, one with the Counselors of Real Estate, and one with the International Right of Way Association. Each had a similar idea: to recognize the contributions of real estate professionals.

Your father was passionate about honoring “the guy in the trenches.” How does that philosophy tie into the formal award language?

That was really important to him. He felt strongly that, while scholarships and programs for younger professionals are critical, we also need to recognize the people already in the field doing the work day in and day out.

He would always talk about “the guy in the trenches.” Someone who maybe doesn’t serve on boards or teach courses, but who’s out there solving real-world problems. Fixing toilets, dealing with tenants, and navigating the day-to-day challenges that come with managing property. That kind of practitioner deserved recognition, too.

So yes, the official language speaks to distinguished contributions that advance education, ethics, and standards. My father’s heart was really in honoring those who were making a difference and inspiring others to follow that example.

Do you see the Lum family’s connection to IREM continuing into future generations?

Absolutely. My father was a CPM. My brother, Tantek Lum, became a CPM and even served as IREM’s national president in 1982. I’m a CPM, and my nephew, Jeffrey Lum, is as well. So we’ve had four CPMs in the family, across three generations.

We’ve all found value in IREM. For us, it’s not just about the credential—it’s a professional home. The local chapter in Hawaii, especially, has been a key part of our network and development.

As the award reaches its 50th anniversary, what do you hope people take away from its story?

This award isn’t just about my father. It’s really about the people like him—the people in the trenches. The practitioners who bring integrity and creativity to the work, solve hard problems, and help move this profession forward, even if they’re not in the spotlight.

If this award can continue to inspire people to recognize others in their communities, or even encourage the creation of similar funds, then that would make my father proud. That’s what he wanted—to quietly support the profession and shine a light on those who deserve it most.

Any final thoughts or hopes for the next 50 years of this award?

Just that it continues to uphold its purpose. And that we don’t lose sight of the fact that excellence doesn’t always come from the front of the room. Sometimes it comes from the back office, the field, or the maintenance closet.