News from the Chicago Chapter

The Year Ahead – Forecast on 2021

Colleen Needham CPM®, ARM®, CAM
IREM Chicago 2021 President-Elect

This year has been tough for many, and as real estate management professionals, we need to lean on each other in order to help solve problems we have never faced and inspire each other as we manage through our current and future realities.  

One of the challenges that we now face in the multi-family industry is how do we help our residents keep a roof over their head without compromising our balance sheet. The other is how do we make sure we are not causing a larger issue by allowing residents to put themselves farther into debt. It is a conundrum that we all must address.

With evictions on hold, many management companies are waiving late fees, offering rent deferments, and possibly covering credit card fees or bank fees to allow for no contact payments. The question then is: What is the true obligation of the management company?  Chicago, like many major metropolitan cities, struggles with this concern and how it will impact us in an unknown future. 

IREM Chicago members have come together to learn from each other and participate in virtual learning. The focus has been about sharing how we navigate new ways to be creative in how we manage our communities. Resident retention and gaining on our NOI is always an important factor in our industry. There is still growth in the City of Chicago, new apartments are coming online during 2020 and 2021. Amenities are being restructured, retail footprints are getting smaller, and rents are fluctuating to keep up with demand.  

Sharing what is successful and what has failed is how we will help our members and how they will help their peers push through this new age. I have been in awe of how property managers have been able to work fast when providing business solutions and services to their unique communities.  This has been more challenging due to the regular updates to the City’s COVID-19 guidelines to party size, the number of guests allowed in an apartment, travel restrictions and more.  It has been inspiring and I believe that IREM has provided the tools to help managers to truly perform outside their comfort zone.   

IREM has not faltered on its support by publishing constant updates on the pandemic and the process behing education for the ARM® and CPM® certifications. The same applies to the webinar platforms offered for the Regional Leadership Retreat and up 2020 Virtual Global Summit. They provide a backbone to allow the members from each state and country to feel supported and provide the information and resources needed for us to push forward. These events are not comprised of fluff or unneeded education; instead IREM leaders listened to members and the real estate community to provide learning and fun virtual atmospheres to keep us engaged and active in supporting one anther during a trying time. It’s a network of incredible people doing incredible work.

For a lighter and personal perspective, I am a huge craft beer connoisseur. When I travel with my Significant Other we plan trips that take us to many types of breweries. Over the years we have added finding unique and over the top doughnut establishments, local roasteries, and bakeries to our travel agenda.  Let’s just say that we make sure to eat healthy throughout the year to allow ourselves this indulgence! This summer we took a trip around Lake Michigan. He lives in Green Bay, while I reside in Chicago, and we both never thought to vacation in our “backyard.”  If you have never been up the west coast of Michigan, I highly recommend the trip for both the scenic beauty, as well as the beer and doughnuts.