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Weekly UpdatesIn the months prior to the 2007 IREM Fall Meetings, the officers for the IREM Foundation and IREM met to review and sharpen the focus of the Foundation. This work was a culmination of a strategic planning process for the Foundation that had begun in 2003, while the Institute proceeded through its own strategic planning process.
After a final briefing in August 2007, the Foundation Board of Directors adopted by unanimous resolution the following:
Updated Mission Statement
The Institute of Real Estate Management Foundation is committed to attracting and developing individuals for careers in real estate management.
1. The IREM Foundation is dedicated to partnering with the Institute of Real Estate Management to advance the real estate management industry.
2. IREM, through its strategic planning process, has identified workforce development as a significant strategic issue.
3. The IREM Foundation will support initiatives developed by IREM and delivered through its chapters in the areas of diversity, attracting new entrants, and expansion of industry knowledge.
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New Focus on Workforce Development
Recently, 2007 IREM President Bob Toothaker was interviewed by GlobeSt.com regarding the anticipated 5 to 10 year shortfall of qualified individuals in real estate management. "The Xers have expressed a perspective that doesn't embrace a profession such as property management, and since they're fewer in number, that contributes to the crisis," Toothaker said. "I think you'll see a number of those Xers, as they approach midlife, deciding to do something with more of a professional flair to it, and they may go back and get industry-specific education. Then, as we mentioned, there are military veterans and people switching careers. These are the players of tomorrow."
New Priorities for the Future
Most critical to the overall success of this partnership is the significant expansion of meaningful scholarship opportunities for the following:
* Diversity -- Expand the pool of diverse real estate managers by supporting programs targeted towards ethnicity, age and gender.
* Attracting new entrants -- Support students in community, undergraduate and graduate college programs. In addition, target support for displaced workers, career changers, and veterans re-entering the workforce. Ensure funding support for internship opportunities for all students.
The Foundation envisions this expanded scholarship program to be delivered in partnership with all IREM chapters, helping chapters grow in membership and service to their respective communities.
The role of the Foundation is to generate those funds necessary to accomplish its mission. Dues revenues cannot accomplish this shared mission. The Foundation's fund development program will include:
1. Continued individual IREM Member support
2. Coordinated fund development with chapters
3. Developing funding partnerships with real estate management firms
4. Establishing sponsor support opportunities with real estate management partners.
Updated Research Reports
During 2008, the Foundation will release two updated research reports: The Real Estate Management Office: Income, Expenses and Profits and Valuing a Property Management Company. These studies were last conducted in 1997 and 1998, respectively.
The Foundation has also provided funding for the updating of Careers in Real Estate Management. This publication is utilized not only in print, but is one of the most popular items downloaded from the IREM website. This publication will support IREM's efforts to attract new entrants into the property management industry.
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