Each year the first quarter at IREM is devoted to compiling the income and expense data from our properties so that real estate professionals such as advisors, appraisers, consultants, developers, lenders, managers, and owners can use these reports to budget, forecast, and plan what their target market is doing. Without this data, real estate professionals are behind the times.
Irem has diversified and now collects data on conventional apartments, federally assisted apartments, condominiums, cooperatives, office buildings, puds, and shopping centers. Each grouping has over one hundred line item variables such as income streams for gross rent, parking space charges, common area maintenance charges, condominium fees, and per square foot rental fees. Expenses include all items in financial, maintenance, and management areas. These expenses are further broken down to small, medium, and large buildings with actual unit or square foot numbers.
The majority of our owners in the Boston Chapter submit their information. All information such as actual buildings and locations are kept confidential.
Information on how to receive this data in one of its three forms is located on our Website with a link to the national website. The three forms available are a soft cover, downloadable PDF and an Interactive Online lab. Access is available twenty-four hours per day seven days a week. If you are already an IREM member and provide documentation to properties, your cost is zero. If wish to purchase all five types of books there is a 15% savings.
Colleen Costa, CPM, ARM, is the 2015 IREM Boston president and president and principal of CPC Management, LLC, Kingston, Mass.