Journal of Property Management

Magazine serving real estate managers.

Articles from Vol. 75, No. 3, May-June

2010 IREM and CCIM Capitol Hill Visit Day
AT PRESS TIME, THE 2010 CAPITOL HILL VISIT DAY WAS JUST AROUND THE CORNER, to be held in conjunction with the IREM Leadership and Legislative Summit beginning May 5, 2010. During this exciting and educational event, IREM and CCIM Institute members...
A Gateway to Greatness: Part Symbol and Part Architectural Masterpiece, the Gateway Arch Defines St. Louis
Few cities are lucky enough to have a landmark that has become a national icon. Enter the Gateway Arch in St. Louis. The 630-feet stainless steel monument has been a defining symbol of the city for the more than 40 years. As the nation's tallest monument,...
Bentall LP Applies State-of-the-Art Technology and Best Practices to Green Properties in Canada
Sustainable property management is currently at the forefront of industry thinking in Canada. The move toward more energy-efficient buildings has presented my organization, Bentall LP, with an opportunity to not only reduce energy costs, but to evaluate...
Collective Creativity
Here we are in the second quarter of the year and many of us are still proceeding with caution as the economic recovery continues to draw out longer than we hoped. But despite the difficulties facing most of our markets, I see many of us seeking out...
Condominium Associations Hit Hard by Foreclosures Consider Bankruptcy
With the recent proliferation of condo foreclosures and owners falling behind on their monthly assessments, many condo associations are struggling to find a way to pay their bills and vendors. They are even considering bankruptcy. [ILLUSTRATION...
IREM International Members Recommend Strategies before and after Disasters: Recently, Devastating Earthquakes in Chile and Haiti Have Heightened the Awareness of Emergency Preparedness for Property Managers around the World. Based on Their Experiences, Some of Our International IREM Members Shared Their Thoughts
JAPAN [ILLUSTRATION OMITTED] Japan is a very earthquake prone country, so being prepared for natural disasters is essential to property management. First, property owners should purchase earthquake insurance because fire insurance does not cover...
Know Your IREM Code of Professional Ethics: Maintaining Loyalty
SPANISH PHILOSOPHER, GEORGE SANTAYANA, ONCE SAID, "THOSE WHO CANNOT LEARN FROM HISTORY ARE DOOMED TO REPEAT IT." This famous quote reminds us that there are lessons to be learned from studying cases heard before the Ethics Hearing and Discipline Board....
Look to the Lease: Understanding Your Agreements Can Help Resolve Commercial Tenant Issues
THERE ARE NO BLACK AND WHITE RULES WHEN IT COMES TO DEALING WITH PROBLEM TENANTS. OBVIOUSLY MUCH DEPENDS ON THE MARKET and whether it is better to have a continually late paying tenant or an empty space. Often, the only hope landlords have to receive...
Mind the Gap: Unrealistic Expectations Can Often Lead to Mixed Consequences
IN THE 2006 FILM, NOTES ON A SCANDAL, CHARACTER SHEBA HART EXPLAINS "THE GAP" AS "THE DISTANCE BETWEEN LIFE AS YOU DREAM IT, AND LIFE AS IT IS." When it comes to property management, we have expectations about almost everything, from employee behaviors...
Monkey Moves: Unbelievable or Outrageous True Stories about Everyday Experiences in Real Estate Management
ONE DAY WE RECEIVED A CALL FROM A RESIDENT CLAIMING SOMEONE HAD ACCIDENTALLY LEFT A MONKEY IN THE ELEVATOR. When we first received the call, we thought the resident was joking around with us and did not take his call seriously (and no it was not April...
North to the Future: Alaskan Property Managers Focus on Cost Savings and Efficiency in a Downturned Economy
SINCE THE UNITED STATES BOUGHT ALASKA FROM THE RUSSIAN EMPIRE IN 1867, RESIDENTS OF THE LOWER 48 STATES HAVE VIEWED THE VAST EXPANSE AS A LAND OF OPPORTUNITY. The current economic downturn hasn't changed that attitude. "People with friends or relatives...
On the Rooftop: Maintain Your Building Roof with Regular Inspections and Maintenance
WHEN WAS THE LAST TIME YOU WERE ON THE ROOF OF ONE OF YOUR BUILDINGS? DO YOU THINK YOU COULD INVITE PEOPLE UP THERE AND HAVE A PICNIC? Or would your party have to dodge bottles, cans and trash, along with abandoned equipment, nails, tools and other...
Portable Power: New Devices Offer On-the-Go Connectivity and Storage
SONY NETBOOK It is hard to believe this 1.4 pound netbook holds so much hardware! The Sony Netbook features and Intel Atom Processor, 60 gigabyte hard drive, 2 gigabytes of RAM, built in GPS, a webcam, Verizon Internet, Wi-Fi, Bluetooth, an almost...
Relationship Advice: Good Ethics Can Help You Avoid the Pitfalls of Manager/vendor Relations
WHEN YOU DEVELOP A GOOD WORKING RELATIONSHIP WITH A VENDOR, IT IS A WIN-WIN FOR EVERYONE INVOLVED, PARTICULARLY FOR YOUR CLIENT. [ILLUSTRATION OMITTED] However, should a conflict occur, you will be presented with a true test. As a property manager,...
Risky Business: IREM Members and Experts Discuss the Importance of Property Insurance for Disaster Preparedness
Property insurance can make or break real estate management companies, depending on their coverage in the event of a disaster--whether it's a hurricane blowing in from the coast town, a flood unleashing its wrath or an earthquake rattling windows and...
Taking Action after Capitol Hill Visit Day: IREM Texas Chapter Leaders Meet with State Representatives
THIS MAY, IREM MEMBERS HAD THE GREAT OPPORTUNITY TO VISIT CAPITOL HILL IN WASHINGTON, D.C., FOR THE IREM LEADERSHIP & LEGISLATIVE SUMMIT (LLS), which gives attendees a chance to meet with congressional members and their staff to discuss important...
Top Billing: Automation and Integration Can Pay Dividends for Utility Billing at Multifamily Properties
AS RECENTLY AS 10 YEARS AGO, HARDWIRED BUILDINGS AND DOS-DEPENDENT COMPUTERS REPRESENTED STATE-OF-THE-ART UTILITY BILLING TECHNOLOGY FOR MULTIFAMILY PROPERTIES Data collection was slow, the wiring was vulnerable to inadvertent slicing, and proprietary...
United Front: Real Estate Managers and Municipalities Tackle Empty Storefronts by Working Together
Nothing indicates economic downturn like empty storefronts. [ILLUSTRATION OMITTED] [ILLUSTRATION OMITTED] Retail vacancy rates are closely tied to unemployment: As unemployment rises, retail vacancies spike as well. Such vacancies are not...
Update on the American Recovery and Reinvestment Act of 2009
Congress passed the American Reinvestment and Recovery Act (ARRA) on February 17, 2009 to create new jobs and save existing ones, spur economic activity and invest in long-term growth, and provide accountability and transparency in government disbursement...
What's on Your Bookshelf? Books a Great Resource for New Marketing Ideas and Strategies
RECENTLY, I TOOK A LOOK AT A FEW OF THE MILLENNIUM'S TOP MARKETING BOOKS FOR SOME THOUGHTS ON HOW TO GENERATE NEW BUSINESS AND GAIN A FRESH PERSPECTIVE ON THE INDUSTRY. Marketing books can often offer you some new concepts and ideas you may not have...