News from the Chicago Chapter

Overview of IREM Single Family Home Lunch ‘n Learn

By Tim Kramer, CPM®, ARM® 
Property Operations Specialist
Draper and Kramer, Incorporated

On Monday, October 29, 2018, I was fortunate to have the opportunity to speak to members and guests of Mainstreet Organization of REALTORS (MORe) at their Downers Grove facility to provide an overview of the “Managing Single Family Homes and Small Investment Properties” (SFH201) course offered by IREM. This opportunity came about when Teri Lind, IREM Chicago Chapter Association Executive, learned about IREM’s initiative for opportunities to engage with real estate professionals.  Leading this discussion provided a tremendous opportunity to work with Realtor® members and expose them to IREM education.  As I am completing the process in becoming an IREM instructor, I certainly was prepared to lead the presentation.

Renting single family homes has been a long-standing practice.  However, since 2008, the need for professional management of these assets has skyrocketed.  While several larger firms have been engaged in SFH management, much of the demand has been taken on by individual Realtors.  This is where IREM’s SFH201 course comes in.  The course was designed to bring professional property management theory and techniques to those who may already be real estate professionals, but have not otherwise been engaged in property management.  Some of the topics covered include: Ethics, risk management, resident retention, owner’s goals and objectives, financial analysis, and marketing and leasing.

The SFH201 presentation at the MORe offices was structured as “Lunch ‘n Learn” event that offered a preview of the SFH201 class.  An hour-long preview was developed by IREM that gave attendees a taste of what the 8-hour long SFH201 class offers.  The sold-out event was attended by approximately 100 eager-to-learn MORe members and guests.  The audience was very eager to learn about the class and gain knowledge they could use to improve their business and provide more (and improved) services to clients. 

Although the presentation itself lasted around an hour, that hour quickly turned into 90 minutes as questions were asked and experiences shared throughout the presentation.  In fact, for over an hour after the presentation was concluded, I worked with several attendees to answer specific property management questions and also provide more information on IREM and the benefits of Associate Membership.