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 fall 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...
Become an IREM[R] Ambassador
VOLUNTEER TO BE A SPEAKING AMBASSADOR FOR IREM AND ENJOY A GRATIFYING PROFESSIONAL EXPERIENCE. AS AN AMBASSADOR YOU WILL SERVE ON HIGH-VISIBILITY SPEECH AND PANEL PLATFORMS, and appear before groups of prospective members, as well as organizations...
Charting New Terrain: How Foreclosures & the Mortgage Crisis Are Transforming the Rental Market
HOME FORECLOSURE FILINGS CONTINUE TO INCREASE AT UNPRECEDENTED RATES--AS OF SEPTEMBER 2008, ONE IN EVERY 475 HOUSING UNITS RECEIVED A FORECLOSURE FILING, ACCORDING TO REALTYTRAC. WITH THE MORTGAGE AND CREDIT CRISIS MAKING HEADLINES EVERY DAY, real...
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 came our way. THIRTY-FIVE YEARS AGO, I WAS WORKING AS A STOCKBROKER IN LOS ANGELES WHEN AN...
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 Management
One 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 that his apartment had a small fire. The supervisor asked the resident if he had used the...
Four Corners Forecast: Potential Opportunities Exist for Real Estate Managers despite Economic Crisis
ANYONE 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 AREA'S LANDSCAPE. Scenic locales like Monument Valley, Mesa Verde and Canyon...
Getting Started with Sustainability: Green Management Begins with Careful Evaluation
OK, 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 senior property management executives focusing...
Hiring on High: Ethics Is an Essential Part of the Hiring Process for Property Managers
HIRING 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 THROUGHOUT THE HIRING AND TRAINING PERIODS TO ESTABLISH A SOLID...
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...
JPM Articles Translated for International Members
IREM translates one article from each issue of Journal of Property Management into multiple languages to serve our members throughout the world. You can find the translations of the article "Managing Properties in a Fast--Paced World," by Shannon Alter,...
Know Your IREM Code of Professional Ethics Article 5: Relations with Other Members of the Profession
EARLY 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 cliche aptly applies to how you conduct yourself with your...
Lay Down the Law: Handling Lawsuits Properly Yields Positive Results
BEING 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 of the lawsuit. Typically all parties...
Navigating through Turbulent Times: Seasoned CPM[R] Members See Silver Lining in Stressed Economy
THE 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 ECONOMIC DOWNTURN, EXPERIENCED PROPERTY MANAGERS SEE PLENTY OF BUSINESS...
New Life for a Landmark: Redevelopment of Christman Building Merges Modern Technology with Historic Charm
DURING 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 DEMOLISHED WALLS AND RECOGNIZED A POTENTIAL FOR GREATNESS. "We saw that...
Sound Maintenance Strategies for Asset Preservation: IREM Member Shares Her Company's Insights
THE 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 SHORT--AND LONG-TERM GOALS. As the property...
Taking out the Electronic Trash; IREM Member Divulges Methods for Disposing of E-Waste
IN 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 to address the e-waste issue by recycling ink jet...
Techniques for Tough Times: Don't Let the Recession Hamper Your Marketing Efforts
WHEN TIMES ARE TOUGH, WE ALL WANT 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 DRASTICALLY REDUCE YOUR MARKETING EFFORTS. ...
To Earn the Accredited Management organization[R](AMO) Designation from IREM, a Company Must Demonstrate a High Level of Performance, Experience and Financial Stability, and Have a CPM[R] in an Executive Position. AMO Firms Must Meet High Ethical Standards and Other Stringent Requirements, Proving Their Value to the Industry
DALE NUSBAUM, CPM EMERITUS, IS PRESIDENT OF MCLENNAN PROPERTY MANAGEMENT COMPANY, AMO, IN PARK RIDGE, ILL., WHICH MANAGES COMMERCIAL, INDUSTRIAL AND RESIDENTIAL PROPERTIES, INCLUDING HOMEOWNER ASSOCIATIONS. He is responsible for the firm's operations...
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...
You Be the Judge: Use Self-Judgment Constructively and You'll Be Better for It
I'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 I know I am not alone. People who are reflective...