As a private, nonprofit association, membership is offered through invitation only. Ordinarily, the process is initiated when an existing member invites a prospective new member to one of our conferences or events. Afterwards, if the candidate desires to become a member, he or she applies for membership to the Board of Directors. This requires submitting an application with an attached resume or biography tracking the person's professional experience and education. Prior to the next meeting, officers of REIAC convene to approve candidates for membership, which includes an assessment of whether the prospective candidate meets all of the requisite criteria to become a member. Upon approval, the new member is invoiced for annual dues.
To be a full member, the individual must be directly affiliated with a "principal" entity. This excludes brokers, third-party property management companies, service providers, vendors, accountants and law firms. (The only exception to this is provided below, for select Advisory Committee Members, Affiliate Members and Sponsors.) We define "principals" to include:
The entity represented by the individual must be involved in significant real estate investment activity, with a portfolio of acquired assets and/or discretionary capital to invest in the amount of at least $50 million.
The individual's responsibilities should involve real estate transactions in one or more of the following areas:
The individual must have at least 10 years of working experience in the commercial real estate industry and must hold a senior position within his or her respective firm or entity. Typically, this would mean starting at the Vice President or Director level. The reason behind this seniority requirement is that junior associates and analysts are not generally engaged in the same activities as are the more senior members. And, these more junior individuals are eligible for already established organizations more suited to the younger, less experienced professional. It should be noted, however, that REIAC does have active programs in place to encourage and fund the professional development of graduate and postgraduate real estate students at several colleges and universities.
The individual must have a solid reputation in the industry for dealing in good faith and maintaining the highest standards of conduct.
REIAC has an Advisory Committee and a special provision for Affiliate Membership, which may include a few select individuals and sponsors who do not meet all membership criteria. These individuals, who are voted into the Advisory Committee or are accepted as Affiliate Members by the Board of Directors, provide insight, guidance and financial and/or human resources to REIAC and assist in the maintenance and funding of operations and the development of high-caliber events.