IREM Panel: Construction Management

On April 24th, real estate students and professionals alike gathered at University of Denver’s (DU) Daniels College of Business to discuss property management’s role in construction at IREM’s three-part workshop. Prior to founding her company and focusing on development, leasing, and sales, Health Connect Properties’ (HCP) president and IREM panelist, Patricia Wassik, launched her real estate career as a property manager. Her 30 years of extensive experience in managing construction projects includes all types and sizes – with a particular focus on medical office space tenant buildouts.

When asked about the impact of her early career as a property manager on her success as a now broker and developer, Wassik said, “It’s like being in the weeds. You have to start with the minutia to be able to understand the big picture. As a property manager, you have your hands in the inner-workings of a building. This is crucial to then being able to step back and say, ‘This property should be valued at this price because of x, y, and z.”

IREM, the Institute of Real Estate Management, is one of many tools Wassik has used for her continuing education in property management. She encourages all HCP property managers to pursue the IREM designation.

The group’s goal in the partnership with DU’s School of Real Estate & Construction Management is to educate students on the full capacity of the property management career path. The panel discussed construction contracts, property management agreements, and lease obligations – all part of construction management from the initial contract all the way through the final punch walk.