PERSPECTIVES
BY ANDREA MICHELS, AAMD IROC CHAIR ELECT
From Going It Alone to Growing Together
Owning apartments presents a viable avenue for selfemployment in the United States. While it entails significant effort, risk, and sacrifice, it can also be a solitary journey. Fortunately, approximately 25 years ago in Denver, the Independent Rental Owner’ s Council( IROC) was established by the Apartment Association of Metro Denver( AAMD). IROC provides the essential camaraderie, tools, and information that small business owners require for success. My family’ s experience exemplifies how IROC facilitated our business’ s survival and growth. However, before delving into how IROC was influential, I would like to share the origins of our modest beginnings.
In the 1970s, long before IROC gained widespread recognition, my parents began investing in apartment buildings. Upon gaining a comprehensive understanding of the associated responsibilities, they decided to establish an investment company jointly. Until their divorce in the 1990s, they operated as a formidable business duo, leveraging their complementary skills.
Following the college graduation of my sister and me and our subsequent relocation, the challenges of managing the company independently began to manifest for my mother. To acquire the necessary skills, such as utilizing Excel spreadsheets for expense and income tracking, she enrolled in computer classes at the local community college.
As new laws and regulations were enacted, my mother diligently read the Denver Post and the Rocky Mountain News to stay informed. To ensure accurate rent data, she meticulously collected information from newspapers, maintaining comprehensive notebooks filled with market data. Changes also prompted her to engage with owners of neighboring buildings to gain insights into the management of their apartments. Her exceptional networking abilities enabled her to gather valuable information and connect with tradespeople.
During this period, I briefly worked for the federal government before transitioning to private industry. My role as a senior business development manager selling sophisticated
security solutions to intercept contraband for the federal government provided me with the opportunity to attend trade shows and conferences. I nurtured important relationships and gained knowledge relevant to my industry.
While I was in the road-warrior phase of my professional life, my mother would call me to express worries about her business. I vividly recall some of the issues she discussed. One such example is that long before marijuana was legalized in Denver, my mother was resolute in prohibiting her tenants from cultivating marijuana plants in their apartments. She expressed her apprehension that her tenants were selling marijuana from her apartment building. As she actively combated marijuana on a local level, the technology I was selling was intercepting thousands of pounds of drugs being illegally imported into the US each year. While I worked with teams of professionals in technical specialities, finance, human resources, and business, my mom operated independently.
Phone calls of this nature persisted for several years before I finally comprehended the profound sense of isolation she must have experienced. The day arrived when I connected the dots between her situation and mine. By comparing my professional circumstances with hers, I had a moment of realization and suggested that she seek an association for apartment owners in the Denver metropolitan area.
Upon joining IROC, her business management practices underwent a significant transformation. At each meeting, she diligently
Where it all began— Andrea, her mother and sister, paired with the apartment building that became part of their family’ s story in the 1970s.
took comprehensive notes, meticulously filing them for future reference when issues arose. She consistently attended the annual Legal Handbook Seminar, which further enhanced her knowledge and expertise. When the AAMD introduced the standard six-page doublecolumned lease agreement in triplicate, she promptly ordered the updated version.
By networking with other small owners, they shared their unique challenges, forming a unified coalition of voices. This collective strength empowered them to effectively lobby at the state capitol to shape laws like those governing marijuana.
In 2012, after I experienced burnout from the corporate world, I relocated to Denver and began attending IROC meetings with my mother. The knowledge I acquired was invaluable because, even though I had achieved success in corporate environments and held an MBA, owning and operating multifamily residential properties presented a new industry to me.
IROC is a judgment-free community where members learn from experienced leaders and one another. I now consider it an invaluable, irreplaceable resource for people who own fewer than 250 units. Is joining a worthwhile use of time? Does participation provide real value? Can the membership fee benefit the bottom line? My answer to each question is an emphatic“ yes.”
Andrea Michels is Chief Executive Officer at Silver State Investments
4 | TRENDS SEPTEMBER 2026 www. aamdhq. org