Journal of Property Management

Magazine serving real estate managers.

Articles from Vol. 74, No. 1, January/February

2009 Irem Leaders
NEW IREM LEADERS TAKE THE HELM At the irem 2008 fail business and governance meetings in Chicago, new officers and regional vice presidents were installed. They will spend the next year serving and getting to know members. Readers can take this opportunity...
Amo Spotlight
To earn the ACCREDITED MANAGEMENT ORGANIZATION® (AMO) designation from IREM, a company must demonstrate a high level of performance, experience and financial stability, and have a CPM® in an executive position. AMO firms must meet high ethical standards...
Become an IREM® Ambassador
VOLUNTEER TO BE A SPEAKING AMBASSADOR FOR IREM AND ENJOY A GRATIFYING PROFESSIONAL EXPERIENCE. AS AN AMBASSADOR YOU WILL SERVE ON HIGHVISIBILITY SPEECH AND PANEL PLATFORMS, and appear before groups of prospective members, as well as organizations of...
Charting New Terrain
HOW FORECLOSURES & THE MORTGAGE CRISIS ARE TRANSFORMING THE RENTAL MARKET * by Diana MirelHOME FORECLOSURE FILINGS CONTINUE TO INCREASE AT UNPRECEDENTED RATES-AS OF SEPTEMBER 2008, ONE IN EVERY 475 HOUSING UNITS RECEIVED A FORECLOSURE FILING, ACCORDING...
Considering Community Associations
IREM MEMBER SHARES HIS STRATEGIES ON EVALUATING WHETHER TO TAKE ON MANAGEMENT OF THESE PROPERTIES.As is common for many of us well established in the real estate management business today, we entered the field by happenstance or because an opportunity...
Credit Crisis Keeps Commercial Property Deals on Hold
Although the current economic crisis hinges largely on problems in the housing sector, nearly all financing has felt the crunch. Further consolidation in the financial markets due to bank failures and closing of investment houses put all types of lending...
Emergency Economic Stabilization Act Signed into Law
IN EARLY OCTOBER 2008, Congress acted quickly to pass legislation in an effort to repair the U.S. economy. The Senate amended the "Emergency Economic Stabilization Act of 2008" bill and passed it by a vote of 74 to 25 on October 1, 2008. Two days later...
Fanning the Flames
Unbelievable or outrageous true stories about everyday experiences in property managementOne of the more memorable resident situations I remember happened in the fall a few years ago. My maintenance supervisor received a call from a resident stating...
Four Corners Forecast
Potential OpportunitiesExist for Real Estate Managers Despite Economic CrisisANYONE FORTUNATE ENOUGH TO VISIT THE FOUR CORNERS REGION (COLORADO, ARIZONA, NEW MEXICO AND UTAH) OF THE SOUTHWESTERN UNITED STATES CAN ATTEST TO THE PHYSICAL BEAUTY OF THE...
Getting Started with Sustainability
Green management begins with careful evaluationOK, YOU'VE GOTTEN ON BOARD AND HAVE DECIDED IT'S TIME TO ENHANCE YOUR PORTFOLIO'S SUSTAINABILITY. NOW THE QUESTION IS, WHERE DO YOU START, GIVEN THESE ECONOMICALLY CHALLENGING TIMES?Deliver a message to...
Hiring on High
Ethics is an essential part of the hiring process for property managersHIRING AN INDIVIDUAL TO WORK FOR YOUR COMPANY CAN HAVE A MAJOR IMPACT ON THAT PERSON'S PROFESSIONAL AND PERSONAL LIFE. IT IS ESSENTIAL THAT YOU AND YOUR COMPANY ARE COMPLETELY ETHICAL...
IREM Leaders Discuss Real Estate Practices on an International Stage
The financial crisis resulting from the subprime meltdown and its impact on the real estate management industry was the key topic of discussion this fall when IREM leaders participated in events in Brazil, Poland and Germany.Speaking to an audience in...
Know Your Irem Code of Professional Ethics
Article 5: Relations with Other Members of the ProfessionEARLY IN MY CAREER, I WAS GIVEN EXCELLENT ADVICE BY THE OWNER OF A REAL ESTATE FIRM. SHE TOLD ME "DON'T BURN ANY BRIDGES AS YOU NEVER KNOW WHEN YOU MAY NEED THAT PERSON DOWN THE ROAD."This cliché...
Lay Down the Law
Handling lawsuits properly yields positive resultsBEING SERVED WITH A LAWSUIT CAN RUIN A PROPERTY MANAGER'S DAY; KNOWING HOW TO HANDLE SUCH LAWSUITS IS ESSENTIAL FOR A POSITIVE OUTCOME TO ALL INVOLVED.The first step is to determine who needs to be notified...
Navigating through Turbulent Times
SEASONED CPM® MEMBERS SEE SILVER LINING IN STRESSED ECONOMY * BY JANICE ROSENBERGTHE CURRENT DOWNTURN HAS NOT TAKEN IREM CERTIFIED PROPERTY MANAGERS (CPMS) BY SURPRISE. THEY KNOW THAT REAL ESTATE DECLINES ARE CYCLICAL. WHILE ECONOMISTS PREDICT A CONTINUING...
New Life for a Landmark
Redevelopment of Christman Building merges modern technology with historic charmDURING A 2006 WALK-THROUGH OF THE FORMER MUTUAL BUILDING IN LANSING, MICH., JAMES CASH AND STEVE ROZNOWSKI LOOKED BEYOND THE STANDING WATER, MISSING CEILING TILES AND PARTIALLY...
New Products
SHOWER SAVINGS MADE SIMPLE The Cleveland Faucet Group (CFG) has introduced a new water saving showerhead, designed specifically for the multifamily market. The showerhead flows at a rate of 1.75 gallons per minute (gpm), offering a 30 percent water savings...
Sound Maintenance Strategies for Asset Preservation
IREM Member Shares Her Company's InsightsTHE GOAL OF GOOD MAINTENANCE IS TO MINIMIZE THE IMPACT OF AGING OF BUILDINGS AND EQUIPMENT ON THE BOTTOM LINE, AND TO PROVIDE THE MOST EFFECTIVE USE OF THE PROPERTY AT THE LOWEST COST CONSISTENT WITH THE OWNER'S...
Taking out the Electronic Trash
IREM Member divulges methods for disposing of e-wasteIN A RECENT CONVERSATION WITH SOME PROPERTY MANAGEMENT PROFESSIONALS, ONE PERSON ASKED, "WHAT IS E-WASTE AND HOW DOES YOUR COMPANY HANDLE IT?"I had an answer ready as my company has recently begun...
Techniques for Tough Times
Don't Let the Recession Hamper Your Marketing EffortsWHEN TIMESARETOUGH, WEALLWANT TO SAVE MONEY. OFTEN THIS LEADS TO CUTTING BACK ON RESOURCES AND LIMITING OUR COMPANY'S MARKETING BUDGETS. ALTHOUGH PRUDENCE IS A VIRTUE, NOW IS EXACTLY NOT THE TIME TO...
Year of Opportunity
THIS NEW YEAR BRINGS WITH IT NEW CHALLENGES AND OPPORTUNITIES. THE CORE GOALS OF PROMOTING BEST PRACTICES, PROFESSIONAL EDUCATION AND ETHICAL BEHAVIOR WILL REMAIN THE INSTITUTE'S FUNDAMENTAL CORNERSTONE; we also must be positioned to make the most of...
You Be the Judge
Use self-judgment constructively and you'll be better for itI'M JUDGMENTAL. SURE, I TELL MYSELF I'M NOT. BUT I JUDGE CONSTANTLY. To assuage my guilt, I consider my judgment warranted. In what do I sit in judgment? Me.My disclosure is also tempered because...