Industrial Property - Training/Education?

Question

Is anyone aware of any training/education specifically geared toward managing (or simply understanding) industrial properties? The reason I ask is because my extended family owns an industrial park just outside a major metropolitan area. Examples of tenants/companies are towing companies, auto mechanics, fencing contractors, landscapers, etc. There are about 50 tenants. The current family member who manages it is nearing retirement. I have been approached as a replacement which I am weighing the pros & cons of. I work in residential real estate and have started to dip my toes in investing, but have no experience in commercial real estate. I do not have property management experience either.

I thought CCIM might have courses specifically geared toward industrial but do not see any. A quick google search did not turn up much. A basic property management course (or several) would certainly be helpful, but I'm wondering if any one knows of anything specifically tailored toward industrial, since I imagine this space is fairly unique. Any suggestions would be appreciated. Thanks!

I thought CCIM might have courses specifically geared toward industrial but do not see any. A quick google search did not turn up much. A basic property management course (or several) would certainly be helpful, but I'm wondering if any one knows of anything specifically tailored toward industrial, since I imagine this space is fairly unique. Any suggestions would be appreciated. Thanks!

Ian Lockwood · Answer

@Cole Bigbee & @Kristina Sparrow - Thank you both! I may reach out with questions in the future. Much appreciated! This transition that I referenced is still in the early stages so it could be 6-12 months away. But trying to educate myself in advance and understand what I could be getting into. To be continued!

Kristina Sparrow · Answer

Hi Ian. You could do a quick google search for industrial real estate conferences near you (although this will have to wait until we're let out of our houses...). I'm also currently asset managing a $600M portfolio of industrial assets and I'd be happy to answer any questions you have.

Cole Bigbee · Answer

@Ian Lockwood- Industrial is my primary focus. I'd be happy to help you in any way I can. Feel free to message me anytime.

Ronald Rohde · Answer

I did not find that to be true.

Ian Lockwood · Answer

Yeah I figured general property management courses would definitely be a good idea. I just expect a lot of them to focus largely on residential and multi-family but maybe I can find something like you described that dives deeper into industrial. The current PM would definitely train me, which will carry value, but I know he's been doing things the same way for a while now so I imagine there are better/newer ways to educate myself on.

Ian Lockwood · Answer

Great thanks! I'll definitely check out SIOR.

Ronald Rohde · Answer

There are general property management courses available through RE licensing as well. When I got my agent license, there was a very helpful textbook on Property Management, it included industrial and will give you keywords to continue down that rabbit hole. Can the current PM train you?

Joel Owens · Answer

Ian look at SIOR