September 14, 2015—More than 1,400 real estate management professionals from across the United States and Canada recently participated in a comprehensive study to help define the responsibilities and competencies for successful real estate managers. The analysis cuts across all property types in identifying the essential tasks and knowledge required of real estate property and asset managers.
IREM’s study highlights the critical tasks performed and the knowledge required by real estate managers of different property types.
The Institute of Real Estate Management (IREM) hosted a Webinar to discuss the research findings on August 13, 2015, and has since released free to Webinar attendees an Executive Summary of the survey, which reveals interesting highlights about the top-ranked tasks and knowledge areas.
The Webinar highlighted the critical tasks performed and the knowledge required by real estate managers of different property types. The 2015 IREM Real Estate Management Job Analysis Executive Summary identifies the professional competencies required by the real estate management industry and evaluates the relationship between property managers and asset managers.
Interesting statistics from the Executive Summary appear below.
Differences between apartment community managers and office building managers:
Research revealed marketing and leasing functions are considerably more important for apartment community managers than for office building managers.
More than 80% of apartment community property managers ranked “marketing leasable space” as important or very important (average importance rating of 3.22 out of 4). Only 40% of office building property managers ranked that task as important or very important (average rating of 1.75 out of 4).
Similarly, more than 80% of apartment community property managers ranked “implement a leasing plan for the property” as important or very important (average importance rating of 3.10 out of 4). Only 30% of office building property managers ranked that task as important or very important (average rating of 1.48 out of 4).
Increasing importance of soft skills:
“Communications” was the top-ranked knowledge area by 95% of respondents, in addition to other highly ranked soft skills including “problem solving” and “interpersonal skills.”
The Institute of Real Estate Management (IREM) is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. An affiliate of the National Association of REALTORS, IREM serves both the multifamily and commercial sectors, and offers several credentials, including CPM, ARM, ACoM, and AMO. Founded in 1933, IREM promotes best practices in real estate management, believing that good management matters, and well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants and customers.
