By Jim Alexander, member, IAMC board of directors;
chair, BCIR Task Group and vice president for business development,
St. Louis Regional Chamber & Growth Assn.

Benjamin Franklin once said, "the best investment is in the tools of one's own trade." IAMC's leaders have believed this from day-one.

We are very pleased to announce that, through its BCIR affiliate, IAMC is about to open a major vista of high-value educational offerings for its members. IAMC's board of directors, at its April meeting in Phoenix approved a collaboration between BCIR and the CCIM Institute to host its classes at Professional Forums. Further, BCIR has revised its curriculum so that candidates can fulfill the requirements for the CCIM designation on the way toward earning the BCIR Certificate.

Think about that. You can attend Professional Forums with their fine speakers, workshops and networking and, while you're there, also take technical classes provided by the best real estate training organizations out there. We are starting with the CCIM Institute's offerings because they have value for virtually everyone in the real estate field. Later, BCIR will likely strike similar agreements with BOMI and SIOR to offer their classes that are on the BCIR curriculum list at IAMC events.

Jim Alexander Source: http://www.stlcommercemagazine.com /archives/january2007/staff.html

Inaugural Professional Forum Class
The first course that IAMC will host is CCIM's "Lease vs. Own Analysis Using Excel-Based Tools." This is scheduled for September 13, 2008, from noon to 4:00 p.m. at the Skirvin Hilton in Oklahoma City, OK. Most students could take an early morning flight and arrive in time for class. For your convenience and to maximize the learning time, lunch is included. You can register online.

Let's take a look at the class' specifics. Our source is the CCIM Institute's Web site.

"Lease vs. Own Analysis Using Excel-Based Tools" [is designed to enable the student] to make informed decisions regarding leasing-versus-owning using the latest Excel-based [spreadsheet] technology.

"After selecting a specific property, a corporation ... may have to decide whether to buy or lease that property. Both options have advantages and disadvantages, and each has a different cost. However, comparing the respective costs of leasing and buying is not an indicator of which option to choose. For example, even if the cost of buying the property exceeds the cost of leasing, the final choice may be to incur the higher relative costs of buying in order to gain advantages of ownership.

"This course will explore the advantages and disadvantages associated with leasing or buying a property and will cover different methods used to compare costs. After completing the course, students will be able to:

• Recognize the critical factors, both financial and non-financial, that influence the lease-versus-own decision;
• Interpret the present values (PVs) of the cost of leasing versus the cost of owning;
• Calculate and interpret the yield (internal rate of return) of the differential cash flows after tax from leasing versus owning; and
• Understand the importance of the sales price point of indifference between the leasing and owning alternatives."

Collaborative Learning with your Peers
You could learn the principles taught in this class on the job, from a book, from a CD or online. But the best way is to take a class with your peers from an experienced instructor who is an expert in real estate finance and investment analysis. You'll learn the best techniques for solving the lease vs. buy problem. You'll hear how some people get it wrong and how to avoid the pitfalls. You'll be able to ask questions and hear your fellow students' questions.

There is no better way to learn financial techniques than in-person from an expert in a class with other students who are your professional peers. You'll get to know those in the class with you; you'll hear about the work they do. Later, when you're up against a tough financial analysis problem, you'll be able to call these people and ask for their advice.

The Instructor
The CCIM Institute must certify those who teach its courses. The lease vs. own analysis class to be offered at the Oklahoma City Professional Forum will be taught by Jim Rosen, vice president and director of leasing for Pace Properties of St. Louis. Before this, his career ladder included positions at the Midland Development Group and Midwest Investments for Regency Centers, a NYSE listed real estate investment trust.

CCIM and Professional Affiliation Experience
Rosen is thoroughly integrated in the CCIM network. He is a past president of the St. Louis CCIM Chapter, a member of its board of directors, and chairman of its Education Committee. He was selected this chapter's CCIM of the Year in 1997 and 2006.

At the national level, Rosen was selected the CI 101 Senior Instructor of the Year for 2002, and received the People's Choice Award (for the instructor with the highest student ratings) in 2004 and 2005. He was the Course Chairman for CI-103 in 2004 and the 2005 Course Chairman for CI-101. Rosen is a CI 101 and CI 103 senior instructor. He was a member of the planning committee for the 2003, 2004, & 2006 Instructor Training Seminars; is the immediate past chairman of the CCIM Institute's Education Committee, and is a past member of the Faculty Subcommittee and the University Alliance Task Force.

About CCIM
Founded in 1969, the CCIM Institute educates, certifies and serves recognized experts in the disciplines of commercial and investment real estate. An affiliate of the National Association of Realtors, the CCIM Institute (CCIM stands for Certified Commercial Investment Member) is comprised of elite commercial real estate brokers, developers, asset managers, corporate real estate executives, institutional investors, commercial lenders, attorneys, and bankers working in the nation's top real estate firms, law offices and financial institutions. Members are either designees or candidates.

About BCIR
BCIR, which stands for Board Certificate in Industrial Real Estate, is IAMC's certificate and professional education program for corporate real estate executives, real estate service providers, economic developers and students seeking a thorough background and skills in industrial real estate. BCIR is the most comprehensive real estate course series available for the industrial real estate industry. The program's primary objective is to enhance IAMC members' value to their organizations. BCIR is the benchmark for relevant training applicable to the practice of industrial real estate in a corporate environment.

My Challenge to You
I know that many of you have a to-do item you've been carrying on your personal lists for months, maybe years - to invest in professional education. Some of you are encouraged to do this by your companies; some have heard this suggested by your bosses. Whatever the motivation, stop procrastinating and get moving. Your organization, IAMC, is gearing up to help you satisfy this requirement. Register for "Lease vs. Own Analysis Using Excel-Based Tools." If you have questions, e-mail me at jalexander@stlrcga.org or Joel Parker on IAMC staff at joel.parker@iamc.org. We'll answer your questions. I believe you'll not find a more convenient way to accomplish your professional education goals than in conjunction with attending an IAMC Professional Forum.