1
Program Director Self-Study Report
For Program: Real Estate Property Management
Submitted by Frederick W. Prassas, CPM, MBA
Year: 2014
Planning and Review Committee
1.
UW-STOUT’S STRATEGIC PLAN
1.1 UW-Stout's Strategic Plan – Respond to the following:
1.1.1 Describe early and ongoing experiential learning opportunities to students
within the program.
The Real Estate Property Management program (previously Property Management)
held its first classes as a major in 2009 after over 25 years as a minor in the Hotel,
Restaurant and Tourism program. As such, this program has continued the tradition
of the HRTM program and UW-Stout of providing numerous experiential learning
opportunities.
Throughout the program, experiential learning opportunities are presented including
the following: Marketing comparison grids, marketing plans, rent surveys, lease
abstracts, brokerage sales packages, website development for property management
firms, oral arguments on appellate real estate law cases, oral presentations on real
estate development projects, development of shopping center tenant handbooks,
industry specific software simulations, development of long term and routine
maintenance plans for a property.
The premier courses that provide such opportunities are the capstone course, and coop. Capstone is a field experience program in which students analyze an
underachieving apartment community and make recommendations for improving is
success over a defined holding period. Numerous co-op employers are competing for
access to our students on a regular basis. At least one co-op is required for
graduation.
The program also has a student club dedicated to property management.
Participating students have the opportunity to attend local and national meetings,
participate in focus groups, and learn directly from experienced practitioners
throughout the year about various issues and techniques of property management.
1.1.2 Describe program initiatives employed to support and/or increase student
enrollment, retention and graduation rates?
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The number of majors in the program has nearly doubled since 2009, unofficially at 47
students. Industry literature consistently asserts that this profession has never been a
career of choice, but rather a career of chance – persons first find a job in the industry (or
it finds them) then, over time they become educated through professional organizations.
Hence, it is no surprise that students entering college have not likely considered this career
until after they arrive on campus and are exposed to its lucrative opportunities.
While there are no funds available for external marketing, significant efforts are expended
internally aimed at recruiting Property Management as a second major. A significant
factor that will increase enrollment is the completion of the Weidner Center for Residential
Property Management. The Center is the result of a grant of $1,000,000 from Dean
Weidner, a Seattle businessman which includes $12,000 of scholarships annually. The
expendable portion of endowment has been used almost exclusively for classroom
improvement, and will continue to be used mostly for that purpose through 2016. Then
funds will be considered for external marketing.
Students have, and continue to participate in the marketing program. The student club
engages in outreach programs to the real estate community informing them of the
program. The program has enjoyed a 100% employment rate, all being employed in jobs
relating to their major.
One issue that must be addressed is the resource investment necessary to grow the
program. Most classes are at or over capacity indicating the potential for more sections
and instructors. Since most students choosing this educational path do so when they are
Juniors or Seniors, there is a bottleneck from courses offered only one time per year.
Expanding the offerings of existing courses, and implementation of two new courses, will
help alleviate this issue and allow students to graduate within a shorter time frame.
1.1.3
Describe, provide examples and explain how the program intentionally
integrates diversity efforts, functions and contributes to the program in support
of Inclusive Excellence: “UW-Stout’s plan to intentionally integrate diversity
efforts into the core aspects of everything we do. Diversity is broadly defined
and includes, but is not limited to, race/ethnicity, gender, sexual orientation,
age and disability status.”
Diversity issues are infused across the curriculum and are especially focused upon in the
intro, ethics and marketing and leasing courses. Students are exposed to, and many
subscribe to, the Code of Ethics of the Institute of Real Estate Management in which
diversity is a cornerstone.
Two courses specifically address diversity issues: Ethical Decision in Property
Management employs a course licensed from the National Apartment Association in which
students participate in case analysis of diversity issues, and Principles of Property
Management (PM-381) in which students discuss diversity issues through a webinar on fair
housing from a leading industry expert.
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Three faculty members, including the program director for REPM, within the School of
Hospitality Leadership worked on a campus wide grant project through the Nakatani
Teaching and Learning Center called, “Infusing Diversity across the Curriculum”.
1.1.4 Describe environmental sustainability initiatives embedded and supported by
the program: “UW-Stout’s attempt to make students, faculty, and staff more
aware of the importance of sustaining our environment through energy
conservation, waste reduction, and other measures that will not bring harm to
the environment, and to provide students with innovative research
opportunities in these areas.”
Environmental sustainability is not only a guiding principal of property management, it is
also good business. Similar to diversity, sustainability is infused in all aspects of the
curriculum. The issues are especially evident in the facilities, development and ethics
courses. The development course (PM-371) specifically covers LEED certification.
Students learn firsthand the industry’s commitment to environmental sustainability
through their internships, the capstone course and ongoing review of industry literature.
2. DESCRIPTION OF THE PROGRAM
2.1 Curriculum Design – Respond to the following:
2.1.1
State the approved program objectives.
The B.S. degree in Property Management program will provide a comprehensive and
challenging academic experience that will prepare graduates to be leaders in the property
management profession by meeting the following program objectives and learning
outcomes:
1.
2.
3.
4.
5.
Analyze major trends in managing both residential and commercial properties
including multi-family, office, retail and industrial buildings.
Apply accounting, human resource (including both gender and diversity issues),
marketing, and leasing skills to meet the objectives of property owners in
preserving and adding value to their properties.
Develop and apply strategies for attracting new tenants and retaining existing
tenants of properties under management.
Prepare and analyze budgets and financial statements to meet the needs of
property owners in how best to handle their real estate portfolios.
Apply the principles of property maintenance and risk management (including
environmental concerns connected with the ownership of real property) to
preserve and enhance the value of owners’ properties.
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6.
7.
Develop and enforce property operating procedures to insure owners’ properties
are achieving maximum net operating income all while acting in an ethical
manor.
Integrate the knowledge and skills obtained in the courses in the property
management curriculum through practical experiences in the property
management industry.
2.1.2
Describe processes and initiatives employed in determining the need for
program revision?
The program has an active and engaged advisory board consisting of practitioners,
academics and association executives. It is apparent that the board members have a strong
and positive attitude about the program and appreciate the faculty’s willingness to respond
quickly. Course and instructor evaluations provide additional input into the planning
process.
An Assessment in the Major (AIM) report is submitted every year which considers input
from various sources including students and graduates. Finally, the faculty are very
engaged with industry through ongoing contact with current industry practitioners,
business experience, personal investments and consultation.
2.1.3
Check all that apply regarding the program:
_X__Traditional, on campus program
___Offsite location
___Online program
2.1.4
Briefly describe the components of your program where students participate in
scholarly activity such as: research, scholarship, experiential learning and
creative endeavor. “programs are presented through an approach to learning
which involves combining theory, practice and experimentation” (UW-Stout’s
Mission Statement)
All courses integrate at least one element of scholarly activity. In the co-op component
students participate in research and experiential learning. Virtually all courses in the
program incorporate scholarly activities as noted earlier in 1.1.1 above.
2.1.5
Does your program currently have an accreditation or certification agency that
reviews the program? If so, which agency and to what extent does it influence
the structure of the curriculum?
There is no accreditation agency relating to this program area, however the curriculum is
reviewed by the Institute of Real Estate Management, Chicago, Illinois to confirm that it
meets industry educational content leading to certification. To the extent possible, the
instructors collaborate with professors at other universities that offer similar program
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components. UW-Stout, however, is the only institution in the country that includes
commercial and retail property management in its curriculum.
UW-Stout is the only university that has been given authority to administer two industry
certification exams: The Certified Property Manager (CPM) and the Accredited
Residential Manager (ARM). Upon completion of the B.S. degree program students (upon
payment of a testing fee for the capstone project and successful completion) will have met
all educational requirements of the certifications. Some additional field experience is
needed to complete the certification process.
2.2 Faculty/Academic Staff Expertise – Respond to the following:
2.2.1
List key instructors in the program. A key instructor is one who teaches at least
one required professional course in your program (this should be the combined
faculty of Key A and Key B who were surveyed by the PRC).
Douglas Kennedy, JD, SPHR; Frederick W. Prassas, MBA, CPM
2.2.2
What additional faculty/academic staff expertise is needed?
Additional faculty will be necessary to cover increased sections and new courses planned
for the future.
2.3
Facilities – Respond to the following:
2.3.1
Describe facilities and or capital equipment currently used and how it supports
or strengthens the program? What program specific facilities (unique
classrooms, labs, additional space involving minor construction) have been
requested and provided?
The program is housed in the School of Hospitality Leadership with the HRTM and Golf
Enterprise Management programs (traditional on ground, and online). In summer, 2014
construction began on a real estate property management lab: The Weidner Center for
Residential Property Management. A full year of planning and research came to partial
fruition in fall, 2014 as the Center was able to host its first classes.
This lab is a learning center that incorporates a friendly collaborative environment with
interactive technology such as Smart boards and wired internet service. The Center will
host all REPM classes and also will be available for student open lab time to work on
various software activities club projects and other professional endeavors. The room
features round tables with electronics, comfortable seating and a white board for every
table. Two of the boards use “Smart” technology. A video camera is also wall mounted to
permit video recording and remote sessions from guest speakers who may not be able to or
desire visiting campus.
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HERH 419 – Weidner Center (lab) for Residential Property Management
2.3.2
What added facilities needs (if any) such as unique classrooms, labs, additional
space involving minor construction exist in the program?
In order to complete the vision for the Weidner Lab, five additional “Smart” boards or
“Brightlink” projectors are needed along with a switching mechanism that will permit
multi-screen projections. Other minor improvement plans include new LED lighting and
some cosmetic updates to the exterior.
Finally, the lab needs a Director that is able to further the goals of the donor and advisory
board for marketing and continued enhancement of the program.
2.4
Resources for the Program – Respond to the following:
2.4.1 Evaluate the quality, relevance, and quantity of the library resources to support
the program. Include a brief statement as to how these needs have been met by
the library.
The library staff has been responsive to all requests for resources. In addition, the staff has
created and trained students in the use of course guides, a research tool customized for the
research needs of each course.
2.4.2 List any special resources used to meet program and/or student needs such as:
Learning Technology Services for curriculum materials development, ASPIRE,
Research Services, Advisement Center, Disability Services, Multicultural
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Student Services, etc.
Learning Technology Services worked closely with the program staff to design and
implement the learning environment created by the Weidner Center. Ongoing assistance
will be sought from LTS for faculty training on new technologies as they develop, and on
best practices in teaching methods to fully utilize the lab’s potential
2.4.3
Describe other resources (if any) needed to meet the program objectives?
The major resource needed is funds for external marketing. This program has received the
attention of key players in the industry who have commented that it is the best kept secret
in real estate. The program would benefit greatly from targeted marketing efforts
informing potential students of the benefits this program has to offer especially the
numerous and varied employment opportunities.
A second major resource needed is access to quality data on this program. Most of the data
provided from university sources – including direct surveys – does not use a representative
sample of students in the program.
For example, current statistics from the fact sheet indicate the program has 29 majors
enrolled with a total of 415 student credit hours. Taking into consideration double majors,
the actual number of students enrolled as majors is 46 with 618 student credit hours. The
FTE is therefore 41.20 rather than 27.67 as reported on the fact sheet. The program also
generates student credit hours through minors and concentrations in other majors.
The recent PRC survey of alumni sampled a total of 6 graduates from 2012 and only 1 in
2010. Earlier, when seeking statistics from Career Services in 2011, it was reported that
the program had graduated only 3 students.
The data is apparently provided by the Office of Policy Analysis and Research (OPAR) an
office of UW System created to provide financial accountability to the legislature. Data is
supplied to UW-Stout for further analysis by PARQ. The data provided to OPAR is
supplied from university records, but only after editing to meet OPAR’s criteria.
Unfortunately that criteria strips the double major students from consideration thus
understating the impact of the program
3.
Quality of the graduates of the program – Respond to the following:
3.1 Describe program graduate demand and/or anticipated changes or trends impacting the
future demand.
At the time this program was first proposed, CNN stated that property management was
one of the top ten jobs in America. Industry estimates have proven this true, and demand
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may be increasing at a greater rate than projected earlier. Social trends of the millennial
generation are focused on sustainability, flexibility, social space and technology. These
trends will likely create a shift in lifestyles for both housing and commercial development.
Further new buildings are becoming more sophisticated in technology and design, while
older buildings are retrofitting to compete with the demand features of newer buildings.
All of these trends indicate a very positive future demand for students having the expertise
offered in this program.
3.2 Interpret the data provided by the Planning, Assessment, Research and Quality
(PARQ) office of the alumni follow-up surveys.
3.3 Interpret program specific surveys (students, faculty and advisory committee)
conducted by the Planning and Review Committee.
Graduates --Subject to the constraints indicated in 2.4.3, the alumni follow-up surveys
indicate a very positive perception of the program, and the career path taken by the
graduates.
– – students The student surveys of juniors and seniors yielded a 44% response rate Perhaps the most relevant Likert scale data can be found in questions 17 and 18 in which students were asked about the overall quality of the program and whether they would choose this major again the results of these hold of these questions scored4.9 out of 5 on the Likert scale. there was some constructive criticism about course content in the text comments generally the students indicated a high degree of satisfaction with the program Instructors – – Attitudes of instructors were similarly positive about the program. The concerns expressed about the facility have been reduced given the opening and partial completion of the Weidner Center. 4.
Program evidence of continuous improvement – Respond to the following:
4.1 Describe program strengths distinguishing it from similar programs. Describe and
explain program weaknesses?
There are only four traditional on ground programs of this nature in the U.S.
The program at UW-Stout is the only B.S. degree program that incorporates all disciplines
(multi-family, homeowners associations, industrial, office and retail) into its curriculum.
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As such the program has aligned itself with the Institute of Real Estate Management, a
professional organization of real estate managers that also promote and educate members
in all aspects of the industry. This organization, and affiliate of the National Association of
Realtors, is dedicated to advancement of the entire industry and has adopted college
students into its national meetings and programs. This is the only program in the U.S. at
this time that has authority to administer exams for professional certification from IREM.
The capstone course is the only college course that meets the final educational requirement
of the institute for certification.
While similar university programs are housed in real estate or business departments, this
program has the distinct benefit of being housed in the School of Hospitality Leadership.
The commitment to service that is infused within the school gives this program’s students a
perspective that is recognized and much wanted by employers.
The major weaknesses for the program are constraints on increasing enrollment, and lack
of meaningful data. The program needs to grow. In order for that to happen, additional
sections must be added to the existing offerings, enabling double majors to graduate with a
minimal added commitment of time. Until external marketing funds and retention of a
Center director can be accomplished, the program must continue recruiting from within
the campus. This means accommodating double majors as a significant tool of recruiting.
The program has two full time faculty members as noted in 2.2.1 above. In 2014 an
adjunct was added for one semester only to prevent a faculty overload. There are no
immediate plans to have adjuncts in the reasonably near future. Further, students would
benefit from perspectives beyond those offered by the two existing faculty, and that is why
numerous guest speakers are brought in to classes.
Finally, the program intends to work with the College of Management in compiling more
meaningful data. As noted in 2.4.3, the methodology used in collecting data for this
program does not provide a complete picture of the program’s impact and creates
restraints on future planning.
4.2 Submit evidence of program response to the concerns and recommendations from
previous program review.
None, this is the first program review
4.3 In the next seven years, what major improvements or changes are planned for
implementation to improve program quality?
Program revisions are being considered for 2015 which will fill gaps in the program both in
real estate and property management. A real estate appraisal course is planned for fall,
2015 which will fulfill the basic needs of students wishing to become Wisconsin real estate
practitioners. A multi-family issues course is also planned. Further, program revisions are
being considered to align the program courses more closely to other programs in the School
of Hospitality Leadership facilitating opportunities for students wishing to pursue double
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majors.
5.
Attachments - Include electronic links to the following:
5.1 Links of specific program information to be included:
 Current assessment in the major
 Program plan sheet
 Current assessment in the major
 Individual program facts
 Current program advisory committee
 Other items that may be helpful to PRC
 Other items requested by the consultant
CollegeofManagement
RealEstateProperty
Management
AssessmentReport
2014
UniversityofWisconsin‐Stout
Frederick W. Prassas, CPM 10/13/2014 2014 Assessment in the Major Assessment in the Major (Real Estate Property Management) Annual Update 1. PROGRAM OBJECTIVES Please list your program’s objectives or desired student learning outcomes below. The B.S. in Property Management program will provide a comprehensive and challenging academic experience that will prepare graduates to be leaders in the property management profession by meeting the following program objectives and learning outcomes: 1.
2.
3.
4.
5.
6.
7.
Analyze major trends in managing both residential and commercial properties including multi‐family, office, retail and industrial buildings. Apply accounting, human resource (including both gender and diversity issues), marketing, and leasing skills to meet the objectives of property owners in preserving and adding value to their properties. Develop and apply strategies for attracting new tenants and retaining existing tenants of properties under management. Prepare and analyze budgets and financial statements to meet the needs of property owners in how best to handle their real estate portfolios. Apply the principles of property maintenance and risk management (including environmental concerns connected with the ownership of real property) to preserve and enhance the value of owners’ properties. Develop and enforce property operating procedures to insure owners’ properties are achieving maximum net operating income all while acting in an ethical manor. Integrate the knowledge and skills obtained in the courses in the property management curriculum through practical experiences in the property management industry. DESCRIPTION OF METHODS Indirect Assessment Methods Several commonly‐used indirect assessment methods are listed in the table below. Put an “X” in the 2nd column (Used in Program) for the assessment methods used in your program. Space has been provided for you to write in other indirect assessment methods not already listed. In the 3rd column, please identify which program objectives are assessed with each method. Indirect Assessment Method Used in Program Program Objective Assessed 2 2014 Assessment in the Major Office of Career Services Annual Placement Report PRC Student Surveys PRC Faculty Surveys PRC Advisory Board Surveys PARQ Alumni Follow‐Up Survey (general) PARQ Alumni Follow‐Up Survey (program specific) PARQ Alumni Follow‐Up Survey (employer) PARQ National Survey of Student Engagement (NSSE) PARQ Student Satisfaction Survey Co‐op/Internship Self‐
Assessments Retention rates (program facts) Enrollment by Segmented Groups (program facts) Graduation rates (program facts) GPA (program facts) Embedded course evaluations Retention, graduation rates Embedded review of common course BUACT 206 No Yes No Yes 1,2,3,4,5,6 1,2,3,4,5,6 No No No No No Yes 2,7 Yes 7 Yes Yes Yes Yes Yes 7 7 7 Yes 2 Please explain how these methods align with/measure student attainment of program objectives: Direct Assessment Methods Several commonly‐used direct assessment methods are listed in the table below. Put an “X” in the 2nd column (Used in Program) for the assessment methods used in your program. Space has been provided for you to write in other direct assessment methods not already listed. In the 3rd column, please identify which program objectives are assessed with each method. Direct Assessment Method Used in Program Program Objective Assessed ETS Proficiency Profile Standardized tests Locally designed quizzes, tests, and inventories Portfolio artifacts 3 2014 Assessment in the Major Capstone projects (research papers, presentations, theses, dissertations, oral Yes 1,2,3,4,5,6,7 defenses, exhibitions, or performances) Team/group projects and presentations No Oral examinations No Internships, clinical experiences, practica, student teaching, or other professional/ content‐related experiences engaging students in hands‐
Yes 2,3,4,5,6,7 on experiences in their respective fields of study (accompanied by ratings or evaluation forms from field/clinical supervisors) Service‐learning projects or experiences Authentic and performance‐based projects or experiences engaging students in opportunities to apply their knowledge to the larger community (accompanied by ratings, scoring rubrics or performance checklists from project/experience coordinator or supervisor) Formative and Summative Coop Student Yes 7 Evaluations by Employers Online course D2L discussions analyzed by class instructors ARM Certification exam Yes 2,5 CPM Certification exam Yes 2,5 Please explain how these direct methods align with/measure student attainment of program objectives: RESULTS INDIRECT ASSESSMENT 1. Job placement has been 100% for all students since the inception of the major. Wages reported by employers range from $36,000 to $42,000 depending on region in which the graduate was employed. This aligns directly with wage scales reported by IREM for a person with the ARM accreditation and one year of experience. This is an especially positive factor given the graduates have only their co‐op behind them for actual experience. 4 2014 Assessment in the Major 2. College of Management: All students enrolled in the Business Accounting (BUACT‐206) course are asked to complete a national assessment test to assess group performance regarding this common core course. The results of the study in 2013 indicate students in the REPM major. The overall mean scores of REPM students (67)were comparable to those of all COM students (67.77) 3. PRC Surveys: The program advisory board members indicate a high level of satisfaction with the program, and energetically provide input on future improvements. The Likert and text responses clearly show a board that is actively engaged with the program and feels their input is being heard and acted upon. Similarly, students indicate a high level of satisfaction with the program. Again, text responses show the high degree of engagement the students have with the program and the profession even after graduation. Note: See foregoing notes in the ‘Program Facts’ section for comments regarding the sample size for graduates surveyed. DIRECT ASSESSMENT 1. In the fall semester of 2013 eleven seniors were given the Certified Property Manager (CPM) exam developed by the Institute of Real Estate Management (IREM) an industry certification organization. (See Attachment 1 for more background on IREM). This exam was taken in conjunction with the capstone course (see below for major project of capstone). 70 % is a passing grade and 9/11 or 81 % achieved that standard in 2013. 5 2014 Assessment in the Major CPM Exam
Passed
Failed
The average score for all students taking the exam was 73.9%. The emphasis of this tool is on the commercial side of the industry. The exam measures professional competency in the following areas: Financial operations and asset management Human resources Legal and risk management Maintenance and operations Marketing and leasing 2. At the same time 11 seniors were given the Accredited Residential Manager (ARM) exam also developed by IREM. Again, 70% is a passing score and 11/11 or 100% of those taking the exam passed with an average score of 82.00%. 6 2014 Assessment in the Major ARM Exam
Passed
The emphasis of this tool is on the residential side of the industry. The exam measures professional competency in the following areas: Ethics Human resources Financial operations Legal and risk management Maintenance and operations Marketing and leasing The raw data for the exams in included as Attachment 2 3. Capstone Project Performance The capstone course (PM‐470) as its major project requires students to write a business plan assessing an existing multi‐family property. The business plan (called a management plan within the industry) explores all aspects of an investment property resulting in a professional opinion of the opportunities, challenges and recommended course of action for the subject property. The management plan is a document generally 60 to 100 pages in length and is known internationally as the signature work product of the Certified Property Manager (CPM). For a fee, students have the option of 7 2014 Assessment in the Major having this report graded by a certified IREM grader. A passing grade from IREM will count towards one of the educational requirements of the CPM certification. This project measures competency in the analysis of data in the following areas: Quantifying owner investment goals Regional market data Neighborhood (competing properties) market data Financial operating data Valuation of property and owner equity Comparable rent analysis Physical condition of property Analysis of improved competing properties Cost analysis of improvements Impact of possible improvements on rent and operating expenses Pro‐forma operating statements to analyze financial performance with a variety of capital improvements Recommended course of action and proposed revised operating plan The report is graded for the course on a scale of 500 points. 70% is passing (see scoring sheet included). In fall semester, 2013 eleven students submitted a management plan in partial fulfillment of the requirements of the capstone course. Grades ranged from 39.00 percent to 98.00 percent. 10 of the eleven students or 91 percent passed the project. 3. All students who complete internships are given a final performance appraisal by their internship employer. The rating scale is based on a 1‐5 ranking, with 5 being outstanding. Here are the results from the last three years: Fall 2013 – Summer 2014 4.68 (12 students) Fall 2012 – Summer 2013 4.55 (15 students) 8 2014 Assessment in the Major Fall 2011 – Summer 2012 4.50 (6 students) 4.25 (6 students) Fall 2010 – Summer 2011 4.8
4.7
4.6
4.5
2011
4.4
2012
4.3
2013
2014
4.2
4.1
4
Intern Rating
INTERPRETATION This assessment is being done on the fifth year of the existence of the major. Prior to this, different metrics were used. However, the ability to use industry certification exams with our students only became possible in the spring of 2012 and represents a far superior metric. The initial results are very satisfactory with a large majority of students passing the certification exams that were taken. With a lower average score for the CPM exam v. the ARM exam, more emphasis can be placed on the commercial side of the industry going forward. However, it needs to be kept in mind that this is the more complex side of property management as compared to residential. Both the internship and placement results continue in a very positive direction. Similarly, the capstone results are indicative of the students’ improving level of sophistication and ability to demonstrate critical thinking put into action. Our students do well in hands on settings. 9 2014 Assessment in the Major DISSEMINATION Not only will these results be shared with the faculty in the program but our advisory board as well will have the results shared with them at our next meeting in the spring of 2014. In addition, since offering the industry certification exams is a pilot project, the overall results will be shared nationwide through the Institute’s college outreach programs. IMPROVEMENTS IMPLEMENTED THIS YEAR In summer, 2014 construction began on a real estate property management lab: The Weidner Center for Residential Property Management. A full year of planning and research came to partial fruition in fall, 2014 as the Center was able to host its first classes. This lab is a learning center that incorporates a friendly collaborative environment with interactive technology such as Smart boards and wired internet service. The Center will host all REPM classes and also will be available for student open lab time to work on various software activities and other professional endeavors. This lab was funded by a donation from Dean Weidner, a Seattle businessman as part of a $1,000,000 endowment that includes $12,000 of scholarships for students in the program. The program added its first adjunct instructor in spring, 2014. The program curricula meets the requirements established by the Wisconsin Real Estate Examining Board for pre‐license education. This means a student who has completed the required credits may sit for the salesperson exam without further education. In spring, 2014, through the efforts of the student club, a pre‐exam review session was held that was attended by 12 students. 4 students took and passed the exam and were able to utilize their new licenses in their summer employment. The remaining students indicated they plan to sit for the exam in the near future. PLANS FOR IMPROVEMENT Program revisions are being considered for 2015 which will fill gaps in the program both in real estate and property management. A real estate appraisal course is planned for fall, 2015 which will fulfill the basic needs of students wishing to become Wisconsin real estate practitioners. A multi‐family issues course is also planned. Further, program revisions are being considered to align the program courses more closely to other programs in the School of Hospitality Leadership facilitating opportunities for students wishing to pursue double majors. Classes in the program are now at near full capacity. A decision will need to be made within the College of Management if it is worthwhile to invest in expansion of the program through creation of additional sections of core courses such as the introduction and capstone courses. 10 2014 Assessment in the Major The program has nearly doubled in size since its introduction in 2009, and with the new lab and curriculum, is well positioned for strong future growth. PROGRAM FACTS The program fact sheet is included in this report along with relevant exhibits. Reviewers should note that the program fact sheet does not represent the enrollment or student credit hours of the program. In fact, most of the data provided from university sources – including direct surveys – does not use a representative sample of students in the program. For example, current statistics from the fact sheet indicate the program has 29 majors enrolled with a total of 415 student credit hours. Taking into consideration double majors, the actual number of students enrolled as majors is 46 with 618 student credit hours. The FTE is therefore 41.20 rather than 27.67 as reported on the fact sheet. Also, a recent survey of alumni sampled a total of 6 graduates from 2012 and only 1 in 2010. Earlier, when seeking statistics from Career Services in 2011 it was reported that the program had graduated 3 students. The data is apparently provided by the Office of Policy Analysis and Research (OPAR) a body formed to provide accountability information to the Wisconsin legislature and this data is supplied to UW‐Stout for further analysis by PARQ. The data provided to OPAR is supplied from university records, but only after editing to meet OPAR’s criteria. Unfortunately that criteria strips the double major students from consideration. In the future this program will seek assistance from the College of Management in obtaining meaningful data that will assist the School of Hospitality Leadership and the program in planning its curriculum and student loads. 11 2014 Assessment in the Major EXHIBITS About IREM: The Institute of Real Estate Management (IREM®) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An affiliate of the National Association of Realtors®, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 77 years. IREM is the only professional real estate management association serving both the multi‐family and commercial real estate sectors and has 80 U.S. chapters, 13 international chapters, and several other partnerships around the globe. Worldwide membership includes nearly 18,000 individual members and over 535 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager® (CPM®) designation, the Accredited Residential Manager® (ARM®) certification, the Accredited Commercial Manager (ACoM) certification, and the Accredited Management Organization® (AMO®) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. IREM also offers CPM® Candidate, Associate, Student, and Academic memberships. All members are bound by the strictly enforced IREM® Code of Professional Ethics. Collectively, CPM® Members in the United States manage nearly $2 trillion in real estate assets, including 11.4 million residential units and 10.4 billion net square feet of commercial space. 12