Congratulations IREM Golf Tournament Winners!

1st Flight: 1st Place –  High 5 Residential

2nd Place – State Systems

2nd Flight

1st Place – Austermiller Inc. 

2nd Place – Belfor Team #1

Team Putting Contest Winner – Ghertner & Co.

Women’s Longest Drive – Connie Watson

Men’s Longest Drive – Matt Davenport

Women’s Closest to the Pin – Brittany Funk

Men’s Closest to the Pin – Patrick Lancaster

The collapse of Silicon Valley Bank and Signature Bank of New York within days of each other recently caused financial headaches for many IREM® members and their clients. To prevent a wider crisis, the U.S. Department of the Treasury, and the Federal Reserve Board joined the FDIC to make all depositors whole at both banks, even those with deposits in excess of the standard FDIC $250,000 insured deposit limit. Industry observers have indicated that the underlying weaknesses that led to these individual bank failures are not widespread. 



But many members are left wondering: Is there anything we can do to help our clients and communities avoid exposure to similar risk in the future?

Even if you aren’t directly responsible for vetting or monitoring the banks that hold your property’s operating or reserve funds, there are some simple steps you can consider taking to proactively minimize risk for you and your clients. Tom Elmer, CPM® and instructor of IREM’s course Budgeting Cash Flow, and Reporting for Investment Real Estate (FIN402), CPM Capstone, and asset management courses, offers this advice:

• Be mindful of your client’s bank balances and consider diversifying deposits across several banks when balances exceed insured limits or distributing excess funds to the owner to relieve your company of fiduciary liability for those funds.

• Check the stock price and financial performance of your clients’ banking institutions. These often react to abnormalities in operations.

• Watch for announcements about your clients’ financial institutions (to monitor the above), and for news that the bank is embarking on potentially risky strategies, like over-concentrating in any single sector. “There is a fine line between bank innovation and taking unnecessary risk,” says Elmer.

Below are some additional resources to share with clients and/ or tenants of your property’s community who are directly affected by these bank closures.

Curated resources on the crisis


What other banks have failed? The FDIC maintains a list of banks that have failed since 2000. 



Are other banks at risk? The Federal Reserve Board has made funding available to other banking institutions across the U.S. to avoid further bank collapses.



How to avoid a scam in the wake of the recent bank closures: Tell your clients they can protect themselves against phishing scams. Let them know that the FDIC will not send unsolicited email notifications regarding their accounts.
If you have an account with one of the banks in question, you must file a claim with the FDIC Claims Portal. 



IREM is here to support you

.  As always, IREM is your partner in preparing you for both the day-to-day and the one-of-a-kind challenges you face as a property manager. IREM offers training in real estate finance for your team through IREM’s Asset Management Track of skill-based courses.

As a CPM^® and/or I/E IQ data submitter, you’re entitled to one free benchmark product that includes access to all metro areas for one asset class.

Additional benchmarks for other asset classes are available for purchase within the portal.

CLICK HERE TO GET YOUR I/E IQ BENCHMARK

New! IREM Skill Badge: Budgeting and Accounting

Own your numbers. If you want to maximize net rent revenue, reduce operating expenses, and raise net operating income (NOI), then Budgeting and Accounting is your skill badge. Sharpen your skills and learn how to create budgets, identify opportunities to increase cash flow, and report on the health of the asset.

Budgeting and Accounting Skill Badge advances your property and your team:

CLICK HERE TO REGISTER