Building Blocks

A new course teaches the fundamentals of property management

By Janet Perez

In an effort to provide comprehensive training and preparation for entry-level and up-and-coming property management professionals, BOMA International and BOMA Greater Phoenix are bringing to the Valley an education course called Foundations of Real Estate Management.

The course provides an introduction to commercial real estate, covering topics in administration and management, building systems and operations, accounting and reporting, and contract administration. It is primarily designed for junior and assistant property managers and administrative personnel with less than five years experience.
“It’s a comprehensive, five-day (course) on what property management is. It’s good for someone who is an assistant. This is a great way to learn what managers do,” says Betsy Ewbank, property manager and an owner of Inverness. “As someone who is now training a fresh-out-of-college person to be a property manager, I know they come out of college, they go get their real estate license, but that doesn’t teach them how to be a property manager. So in addition to my training them, this course is going to give them a little more detailed, overall look at property management, whereas I am teaching them a little bit at a time.”

Building engineers and supplier members are also being encouraged to take part in the course in order to gain a better understanding of real estate management functions and issues. In addition, veteran professionals can go through the program as a refresher or to fill gaps in formal training. Ewbank, a BOMA member with 15 years experience as a property manager under her belt, plans on taking the course.

“You can’t remember it all the time. You’ll never remember all of it all of the time. So the refresher course is great,” she says. “It’s stuff I’ve taken before, but that doesn’t mean it’s not going to cover different things from another perspective.”

Foundations of Real Estate Management was originally developed by BOMA/Atlanta to address the shortage of new, young talent in the real estate industry. BOMA International agreed to revise, update and repackage the curriculum so BOMA chapters around the country could utilize it.

BOMA leadership believes the course is critical because most new property professionals do not have real estate degrees, yet they must still understand the basics of commercial real estate management. On-the-job training often does not meet that need because it can be inconsistent and sporadic at best. Ewbank discovered that when she was attempting to hire new employees at Inverness.

“A lot of applicants stated to me that they were having a hard time getting into property management because nobody wanted to take the time to train them,” she says. “Companies want you to come in having the experience. Well, you don’t get that experience from getting your real estate license. This course just gives you a little bit more of a knowledge base. It’s still not working in the field, but it’s giving you a lot more information that you’re not going to get in real estate school or sitting at your desk answering phones.”

Foundations of Real Estate Management offers a curriculum that brings students up to speed quickly, supplements on-the-job training and connects students to a peer network. The 26-hour curriculum is divided into five modules:

Real Estate Administration concentrates on the most important aspects of property management. Classes in the module include A Day in the Life of a PM, Valuation and Asset Management, Tenant Relations and Tenant Retention, Contracting for Goods and Services, Leasing and Marketing, and Insurance and Risk Management.

The Well-Versed Property Manager delves into more complex issues with courses on Emergency Preparedness, Tenant Improvements, Accounting and Reporting, Operating Expense Recoveries, Due Diligence, The Business Plan, and Safety and Environmental Issues.

Building Operations I and II focus on critical issues in building operations with classes such as Heating and Cooling the Building; Domestic Water, Electrical Distribution; Work Orders; Fire Alarm and Fire Sprinkler Systems; Preventive Maintenance; Elevators and Escalators; Roof Systems; Solid Waste Management; and Recycling, Janitorial Services, and Landscaping.

Putting It All Together rounds out the course with Pest Control, Parking, Security, and a hands-on property investigation and reporting exercise. Students will also meet with local BOMA leaders, learn about other BOMA programs and services, and discuss real estate career opportunities.

Building tours are also included to reinforce the learning. The tours give students the opportunity to learn real-world approaches by visiting some of the best-run properties in the area.

“There are a lot more people coming into the industry. The course is a great way to see if it’s something you’re interested in. It’s a great thing for a receptionist, an assistant property manager, and I think it’s a great refresher for those of us doing it,” Ewbank says. “I would have loved to have had something like this when I started. I jumped straight out of college, straight out of real estate school and right into an assistant job and really had no idea what a property manager did day to day.”

For more information on Foundations of Real Estate Management, contact BOMA/Greater Phoenix at (602) 200-3898 or e-mail mark@bomaphoenix.net.

www.invernessllc.com