Evening star., 1933-07-08
ACCURATE REALTY
: DATA ARE SOUGHT:
Management Institute to Fos'
ter Efficiency in Methods
Throughout U. S.

CHICAGO, July 8-EXecutive de-
tails will be completed this week for
the new Institute of Real Estate
Management of the National Associa-
tion of Real Estate Boards. brought into
being at the associations annual con-
vention. just closed in Chicago.
The new institute, authorized by the
board of directors at the request of the
property management division of the
association after more than a year Of
discussion, is formed to establish a more
accurate knowledge of the factors
which affect the income-producing
power of improved real estate and to
foster efficiency in management
methods. 1t plans to collect data on
the operation of various types Of
properties on such basis that costs
and returns may be compared between
like properties in various cities or in
the same city. To this end it intends
to set up for its members units which
they will be asked to employ in record
ing of their own experience with specific
properties. This will make possible a
factual study on a national scale.
Management Experience.
The new body will be a clearing
house of management experience. 1t
looks toward the establishment of a
code of ethics ard standards Of practice
for real estate management. Findings
of the new institute, which will take
the place of the associations property
management division, will be open to
the use of all real estate boards in the
associations membership and to all
realtors
The institute in its bylaws sets up
certain clear and effective standards of
practice in real estate management to
which all applicants for membership
must subscribe. 1t requires detailed
initial inspection of the methods of
business employed by the managers and
management agencies applying for
membership, with particular relation to
the safeguarding of the clients in
terest. and subsequent periodical audits
and inspections to insure that the
managers or management agencies are
living up to membership requirements.
Formation of such an institute at
the present time is especially important
in view Of the fact that tremendous
changes in real estate. ownership have
been taking place. New owners are in
many cases absentee owners. Financial
and other institutions have come into
the possession of large blocks of real
estate in cities over the country. for the
management of which they have no
adequate present equipment.
Wcrk to Be Accomplished.
The new organization is constituted
TO accomplish in its own field a work
similar to that which is now being
done in the field of real estate appraisal
by the American Institute of Real
Estate Appraisal of the National AS
sociation of Real Estate Boards, estab-
lished one year ago at the Cincinnati
convention of the association. Mem
bership in the latter institute is limited
to persons who have passed a very
eXact:ng examination as to their pro-
fessional experience and their under
standing of appraisal principles and
methods
Officers of the associations new
Institute of Real Estate Management,
who take office at once, are Kenneth
Cotton Brown. Chicago. Ill, president,
and L. V. Du Bois, Cincinnati, Ohio,
vice president.
The governing council is composed
Of Delbert S. Wenzhck. St Louis, Mo;
Henry N. Lorish. Chicago, Ill: J. B.
Gillespie, Nashville, Tenn; Kenneth
Cotton Brown. Chicago. Ill; L. "
Du Bois, Cincinnati, Ohio; Howard E.
Haynie. Chicago, Ill; w. c. Fielder,
Newark, N j.; Kenneth S. Keyes,
Miami. Fla, and A. S. Kirk, Des
MoineS, Iowa.