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Weekly UpdatesThe threat of a talent shortage within the real estate management industry looms on the horizon. According to the U.S. Department of Labor, the need for real estate managers is expected to increase by 15 percent during the 2006-2016 decade.
Along with a reduced number of property managers, our industry is facing high employee turnover, e.g., the multifamily sector is exceeding 30 percent turnover. As a result, securing a qualified workforce with the right mix of knowledge, skills, abilities and motivation will be challenging.
Given these projections, IREM and the IREM Foundation are committed to a long-term strategy of attracting young people to real estate management. Both organizations are focused on tapping into colleges and universities, and creating programs to raise awareness among students of the opportunities in the industry.
The foundation recognizes that part of attracting new entrants is to have a strong presence on campuses that have real estate education programs. The foundation board recently modified and added criteria in support of attracting college students:
George M. Brooker Diversity Collegiate Scholarship-The purpose of this scholarship is to increase participation of under-represented population groups in the real estate management industry. The foundation board approved funding of $40,000 for this program in 2008, an increase from $4,500 in 2007.
IREM Foundation Collegiate Scholarship Program--The purpose of this scholarship is to support students in pursuit of the study of real estate and to introduce them to career opportunities in real estate management. The foundation has allocated $40,000 for this program in 2008.
Scholarship applications are available through the foundation by contacting Kimberly Holmes, foundation administrator, at 312-329-6008 or kholmes@irem.org. Information regarding the scholarship program is available on www.irem.org.
Student and Academic Outreach Grants--The foundation recently approved requests from the Student and Academic Outreach Department to fund two initiatives:
1) Development of an intern guide--IREM has developed a framework allowing companies to post internships on wwwiremjobs.org at no charge. This program is now fully operational. To support this online internship job board, the foundation will fund the development of a high-level internship guide for real estate management companies, outlining the opportunities in hiring interns and offering suggestions for developing intern programs. This guide will be available as a PDF to download at www.irem.org and www.iremjobs.org. In addition, there are plans to mail the guide to AMO firms in an effort to stimulate their interest in sponsoring interns.
2) Expansion and redistribution of the Careers in Real Estate Management booklet--The foundation is funding the expanded Careers in Real Estate Management booklet. It is now available in hard copy to colleges and universities upon request, to chapters and others participating in career days, and to individuals upon request. A PDF of the booklet can also be downloaded at www.irem.org or www.getrealgetready.com. In addition, The foundation will fund the distribution of a "Careers in Real Estate" poster to college placement offices throughout the country.
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