Survey Reveals Key Functions that are Most Time-Consuming for Real Estate Managers

05/10/2005 |

Financial matters, as well as maintenance and operations, rank high in IREM survey

 

An informal online survey of members of the Chicago-based Institute of Real Estate Management (IREM) reveals that more than half of real estate managers’ average work week is spent collectively on maintenance and operations, as well as financial matters. The respondents manage diverse property types and say that approximately 28 percent of their work week is spent on maintenance and operations, and another 28 percent is spent on financial matters.

Survey findings revealed that leasing and marketing occupy 20 percent with the balance of the work week being divided among legal and risk management (10 percent), human resources (9 percent), and other activities (5 percent).

Of all these responsibilities, respondents pinpointed legal- and risk management-related tasks as the most challenging. However, only 16 percent rated these job requirements as very or extremely difficult, and 39 percent felt they were not at all or not very difficult. Additionally, 60 percent of respondents considered maintenance and operations not at all or not very difficult.

The survey was completed by 482 IREM members, yielding a 95-percent confidence level in the data with a 4.4-percent sampling error.

This information was provided by the Institute of Real Estate Management. To find out more, contact IREM by calling (800) 837-0706 or visiting (www.irem.org).


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