Journal of Property Management

Magazine serving real estate managers.

Articles from Vol. 75, No. 4, July-August

2010 IREM Leadership & Legislative Summit a Success
HELD IN MAY AT THE JW MARRIOTT HOTEL IN WASHINGTON, D.C., THE 2010 IREM LEADERSHIP AND LEGISLATIVE SUMMIT, featuring Capitol Hill Visit Day, was an exciting and educational event that gave IREM and CCIM Institute members the opportunity to meet with...
AMO Spotlight
EILEEN YESKO, CPM[R], IS SENIOR DIRECTOR OF HOUSING FOR LUTHERAN SOCIAL MINISTRIES OF NEW JERSEY, AMO[R], a provider of affordable housing serving over 1300 families, seniors and special needs residents across the state. Yesko is responsible for overseeing...
Apple of Your Eye? the iPad Offers Users a Mixed Bag for Business Use
THE IPAD IS CERTAINLY A HEAD TURNER. I'VE OFTEN BEEN STOPPED IN AIRPORTS AND IN MEETINGS BY CURIOUS PEOPLE. Inevitably, the question I get asked is, "What do you do with your iPad?" [ILLUSTRATION OMITTED] The iPad offers a variety of applications,...
A Proper Fix: Ensure Reliability & Owner Protection When Developing Maintenance Agreements with Contractors
MORE THAN EVER BEFORE, maintenance contracts are an integral part of managing real estate. The success of your maintenance management program will rest on your ability to contract for services with reliable vendors, and to make sure the program specifications...
Art in the Motor City: The Fisher Building Is an Architectural Treasure Defining the Detroit Skyline
IT'S HARD TO MISS THE MAJESTIC GOLDEN TOWER OF DETROIT'S FISHER BUILDING. CONSTRUCTED WITH APPROXIMATELY 325,000 SQUARE FEET OF MARBLE, IT IS THE LARGEST EXTERIOR MARBLE COMMERCIAL BUILDING IN THE WORLD. Add to that more than 150 different carvings,...
At Your Expense: Don't Overlook the Multitude of Hazards When Examining a Property's Financial Health
Years ago, one of my clients was involved in a potential property transaction in which he had to decide to either buy out the remaining partners in the ownership entity or attempt to have the partners buy him out. In trying to assess whether the management...
Budget Boost: Make Your Financial Planning Process Easier to Manage with Automation
Few business rituals cause more angst or generate more hours poring over spreadsheets than the annual budget. This complex process affects staff at every level of an organization--from the CFO to the regional managers, to the site managers--and usually...
Code Green: Adopting Sustainable Initiatives Is an Ethical Responsibility
WHEN WE THINK OF THE IREM CODE OF PROFESSIONAL ETHICS, WE TYPICALLY THINK OF CONFLICTS OF INTEREST; client, firm or employer loyalty; confidentiality issues; or our accounting and reporting obligations--not our obligations to the environment and to...
Creative Space: Property Managers Tackle Vacancy Rates by Exploring New Leasing Options and Cost Structures
THE STORM of increasing vacancy rates is a reality that every property manager must weather in today's retail and office markets. In the first quarter of 2010, office vacancy in the United States rose to 17.2 percent, its highest level in 16 years,...
Ethics Boards Active at 2010 IREM LLS
The Board of Ethical Inquiry reviewed three new complaints. Two complaints will be forwarded for hearing. The first complaint alleged conflict of interest for using a company vendor for a personal project. The second alleged stealing business by soliciting...
Hot Legislative Issues around the Country
The Legislative Forum at this year's Leadership and Legislative Summit in Washington, D.C., May 1-5, provided an opportunity for IREM Members to hear about various state legislative issues around the country. These issues heavily impact IREM Members...
I Love It When a Plan Comes Together
While meeting in Washington, D.C., May 1-5 for our Leadership and Legislative Summit, IREM adopted a new strategic plan. In and of itself, this is not remarkable. After all, IREM updates its plan every year. But what is remarkable is the approach IREM...
Introducing IREM iCon! the New Fall Conference Promises a Unique and Fun Experience for Members
It's new. It's fresh. It s all about you. IREM iCon is more than a conference; it is the ultimate culmination of all the learning and networking experiences you encounter every day as a member of the Institute. Whether you attend an IREM course,...
IREM Foundation Awards Members for Distinguished Contributions
THE IREM FOUNDATION HONORED STEVE EASTON, CPM[R], WITH THE 2010 LLOYD D. HANFORD, SR. DISTINGUISHED FACULTY AWARD AND BEVERLY ROACHELL, CPM, with the 2010 Louise L. and Y.T. Lum Award, at the 2010 IREM Leadership and Legislative Summit in May. [ILLUSTRATION...
IREM International Members Discuss Utility Billing: The Process of Utility Billing Can Vary Greatly by Nation. Based on Their Experiences, Some of Our International IREM Members Shared Their Thoughts on Utility Billing in Their Respective Countries
SOUTH KOREA Tenants pay the utility expenses separately from the rental fee in Korea. Commercial and residential properties use different billing systems. The main difference is how expenses are managed and how they are billed to individual units....
Know Your Code of Professional Ethics: Complying with Fiscal Property Lines
AS PROFESSIONAL PROPERTY MANAGERS, WE STRIVE TO MAINTAIN AND ENHANCE OUR CLIENTS' PROPERTIES IN A MANNER CONSISTENT WITH THE OWNERS' GOALS AND OBJECTIVES. On a daily basis this means dealing with tenants, vendors, contractors, guests and invitees,...
New IREM Strategic Plan Pinpoints Critical Issues for Property Managers
WHEN IREM ADOPTED A NEW STRATEGIC PLAN AT GOVERNING COUNCIL IN MAY, a commitment was made to focus on 10 critical industry issues for real estate managers. Not surprisingly, the current economic crisis is a theme that resonates through many of these...
Path to Possibilties: IREM Members Navigate Tough Job Markets by Expanding Lines of Business & Skill Sets
NAVIGATING A CAREER IS NEVER REALLY EASY, BUT DOING SO IN A DOWN MARKET IS EVEN TOUGHER. The national unemployment rate reached 9.9 percent in May, following the elimination of more than 8.2 million jobs during 2008 and 2009, according to the U.S....
See the Light: Save Big on Energy Costs by Reducing Light Use in Parking Lots
About three parking spaces exist for each vehicle in the United States. That much pavement is the equivalent of an 1100-lane highway from New York to San Francisco. Parking lot lighting is so commonplace that we seldom think about its costs. Nearly...
Sublease Security: Keep Landlord and Lease Protections in Mind When Subleasing
IF YOU ARE A REAL ESTATE MANAGER REPRESENTING A LANDLORD IN TODAY'S TOUGH MARKET, YOU MAY HAVE WITNESSED TENANTS EXPERIENCING FINANCIAL HARDSHIP, STRUGGLING TO PAY RENT, OR REQUESTING CONCESSIONS. Many tenants have turned to subleasing for relief....
Tried and True Prepare for the Market Turnaround by Employing Proven Business Initiatives
IF YOU'VE EVER SEEN THE TV REALITY SHOW "UNDERCOVER BOSS," YOU KNOW THE PREMISE INVOLVES CORPORATE CEOS WORKING ANONYMOUSLY ON THE FRONT LINES TO FIND OUT HOW THEIR COMPANIES REALLY WORK. [ILLUSTRATION OMITTED] For Joe DePinto, CEO of 7-Eleven,...
Where There's a Will, There's a Way: IREM Members Champion the IREM Foundation Giving Program, Legacy of Leaders
EVERYONE NEEDS A WILL. Everyone who owns property, has investments or savings, has dependents, and wants to remember a charity, needs a will. Thousands of charitable organizations are helped each year by bequests. Bequests, gifts of life insurance...
Yes, Virginia: Virginia and West Virginia Real Estate Markets Remain Steady
VOTED THE BEST STATE FOR BUSINESS FOR THE FOURTH STRAIGHT YEAR BY FORBES MAGAZINE IN SEPTEMBER 2009, Virginia should perhaps change its longtime motto, "Virginia is for lovers," to "Virginia is for businesses," to explain its real estate market's resiliency...