IREM’s Income/Expense Analysis Frequently Asked Questions:
1. Do I have to be an IREM to submit to the Income/Expense Analysis?
No. Anyone who manages property is welcome to submit to the Income/Expense Analysis.
2. What are the benefits of submitting?
Anyone who submits to the Income/Expense Analysis will receive a free individual building report for each building they submit. If they submit by April 1st, contributors will receive a free I/E book for the property type(s) which they submitted (conventional apartments, office building, condominiums, or shopping centers).
You will also be benefitting the Income/Expense program by increasing the data pool and broadening the scope of information received.
3. Can I receive a report even if I don’t submit?
Each IREM CPM Member is eligible to receive one free I/E report each year, independent of whether they submitted to the I/E. This needs to be requested each year to keep receiving the books. I/E reports can be requested by logging in to the IREM website and clicking the Income/Expense Choice link from the blue menu bar on the left side. Or the books can be ordered by calling the IREM direct line. The deadline to request your copy is June 15, 2014.
4. Is there a minimum threshold for building size?
Yes. Residential- 12 units
Office- 5,000 sq feet
Retail/shopping- 20,000 sq feet
5. I already submitted to BOMA’s EER. Do I have to go through the whole rigmarole with IREM, too?
No. If you already submitted your property information to BOMA, you can forward your pdf print out to firstname.lastname@example.org. Your information will be accepted and you will still receive the individual property report and I/E book. Note that IREM accepts BOMA reporting, but BOMA does not accept IREM reporting. Thus, it is best to complete the BOMA reporting first and then forward the pdf to IREM.
6. I manage almost 300 buildings. Must I add them all individually?
If you manage many buildings, you do not have to submit them one-by-one. IREM recommends that anyone with over 10 buildings submit through data import. To set up data importing, contact Matt O’Hara at email@example.com or (312) 329-6025.
Any further questions may be directed to firstname.lastname@example.org or (312) 329-6025.
Submit today at http://ie.irem.org!