The reason for establishing the Real Estate Investment Advisory Council (REIAC) was established to provide for the exchange of ideas, concerns, and experiences between people who conduct commercial real estate transactions within the structure of a nonprofit organization. A brief overview covering the History, Community Services, and Membership of REIAC follows.
History
REIAC was founded in Los Angeles in 1990. It has grown to include Los Angeles, San Francisco and Phoenix in the Western Region, and three additional regions. They include the Midwest Region (Chicago), the Northeast Region (Boston and New York City) and the Southeast Region (Atlanta). Each region has its own president and directors who are responsible for the meetings and activities within their geographic area, yet all regions share a common Purpose and Philosophy and abide by certain Policies and Procedures. To provide continuity among the different regions, there is a National Board of Directors. REIAC now has over 700 active members nationwide.
Community Service
To date, REIAC has raised over $500,000 for underprivileged children, UCLA Unicamp, Children's Healthcare Network of Atlanta, Habitat for Humanity, and the homeless. Other community activities include: authorship of publications addressing timely industry issues, (including support to the Journal of Applied Real Property Analysis or JARPA), helping women and minorities network within the group to promote their careers, and working with centers of higher learning (such the University of Southern California) to induct industry icons into the national archives at the USC Lusk Center Real Estate Hall of Fame and provide educational programs.
Membership Summary
REIAC membership standards are proprietary and determined by its directors. In general, membership is by invitation and limited to individuals that are in senior level management of well-established real estate investment entities who demonstrate the requisite experience, competence, and ethics within their respective fields and, additionally, have a desire to utilize their skills in a manner that will improve the community and the profession. Members may participate in the activities of any region and there are no geographic restrictions to membership. For example, someone based on the East Coast may be responsible for West Coast operations and may therefore choose to be a member of the Western Region.