U.S. credit crunch shifts emphasis to top-notch management skills for driving commercial property values

"As the sub-prime mortgage crisis in the United States depresses the commercial credit market, which until recently had fueled soaring real estate investment returns, emphasis now is shifting to improving operating results to drive property values," said IREM(r) president Regina Mullins, CPM(r). "Operations is replacing speculation as the stimulus for growing real estate values - and the lead players in this essentially back-to-basics scenario are the topnotch, professional managers of real estate assets who are hired by investors to do just that, to optimize ROI from operations." "Indeed," Mullins said, "protecting real estate assets and enhancing their value are what professional real estate managers have always been about. The fundamental mission of credentialed managers is to improve ROI by optimizing operating revenue and controlling expenses. And now that flipping properties no longer is as prevalent or feasible as it once was, owners and investors are looking to sustained long-term ROI growth as the key to increasing the value of their investments." "Professional, credentialed real estate managers," Mullins said, "do a lot more than just collect rents." She cites the full range of skills, experience and integrity that credentialed managers bring to the table to optimize ROI from operations, including: * Budgeting and financial management * Asset and risk management * Marketing and leasing * Human resources management * Physical property management * Business development and negotiation skills * Communications and resident/tenant relations skills * Ethical business practices "As well, they must have knowledge of increasingly competitive market conditions and complex technologies. Finally," said Mullins, "well-managed properties don't just appreciate in value but also improve the quality of life for the people who live, work and shop in them." IREM is celebrating its 75th anniversary this year. For seven decades, IREM has been the source for education, resources, information, and membership for real estate management professionals. An affiliate of the National Association of Realtors, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 U.S. chapters, eight international chapters, and several other partnerships around the globe, IREM is an international organization that also serves as an advocate on issues affecting the real estate management industry. Membership includes more than 18,000 individual members and 500 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager (CPM) designation, the Accredited Residential Manager (ARM) certification, the Accredited Commercial Manager certification, and the Accredited Management Organization (AMO) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. In addition, IREM offers associate, student and academic memberships.