The issues were identified in a meeting of more than 600 real estate professionals who convened to help define the future agenda for their profession. Thie meeting was done at a special session held during the annual Education Conference of the Institute of Real Estate Management (IREM), which recently concluded in Scottsdale, Ariz.
IREM called upon delegates to identify and prioritize the most critical issues facing today's real estate management professionals.
"As we address these strategic priorities, IREM is committed to helping our members and our industry colleagues around the world enhance their performance on behalf of the owners and investors and other constituents they serve." Says Fred Prassas, who was installed as 2006 president of IREM during the conference.
Consensus was achieved in defining specific needs underlying the four strategic issues facing the industry:
First, operational productivity and strengthening customer relationships through technology are among managers' priorities. As business pressures rise, real estate managers are looking for ways to utilize technology to create a sustainable competitive advantage.
Next, changing demographics and psychographics as well as declining profit margins are causing managers to focus more on attracting, developing, rewarding, and retaining qualified staff. This requires finding and developing the right people for all jobs as well as retaining them in the face of higher labor costs and competing career options.
Business competition also ranked as a high-priority issue as real estate managers deal with shrinking margins, intensifying competition, and growing owner demands. As well, they must consistently demonstrate the worth of the value-added services they provide to their clients and employers.
Finally, an increasingly critical issue is that of managing risk in a post 9/11 environment. Real estate managers must grapple with rising insurance costs, risk management, liability changes, and security concerns - both for the properties they manage and the businesses they run.
