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How
to Earn Your Property Management Certification
Property Manager Certification
If
you are a property manager, having the right property management
certification can do wonders for your career. Find out which will be
the perfect property manager certification for you and learn how to
achieve it step by
step today.
What
is Certified Property Manager CPM?
While
property management certifications come in all shapes and sizes, few
enjoy the recognition and prestige of a Certified Property Manager
CPM title. It is the only property manager certification that is
recognised by the National Association of Realtors, the largest trade
association in North America with over 1 million members.
The Certified Property Manager designation is awarded by the Institute
of Real Estate Management IREM. IREM is a well established
property management association that offers property managers
education, information and resources.
Becoming a CPM is often a lengthy and tedious process with many hours
of education involved but it is a premier property management
certification especially in the U.S. and Canada - CPM members are
regarded as real estate experts and over 70% of them do hold an upper
management position.
What
are the Requirements Before You Can Apply as a CPM Candidate?
Before you
can even apply as a CPM candidate, there are several
work and educational requirements that you will have to meet.
- You will
need to have at least 3 years of property management
experience.
- The number
and size of rental properties that you have managed must
also meet their minimum portfolio requirements
- You have to
hold a real estate license or show that you do not require
one
- You will
have to be affiliated with the National Association of
Realtors NAR
- You will
have to uphold and follow the IREM Code of Professional Ethics
Given
these strict requirements, not everyone will be able to qualify
as a CPM candidate but you can always turn to Part 2 of this
Certified Property Management Guide for other well recognised
property management
certification with lower requirements and less guidelines.
Steps
You Must Take to Become a Certified Property Manager CPM
If you do meet all the above
requirements, then you can go ahead and apply for the CPM property
management certification. You will be charged an
application fee for signing up.
You will
also have to become a member of IREM and join the local IREM
branch (known as a chapter) for your city. You will have to be
interviewed and approved by your local IREM before you can become their
member. There is also a yearly subscription fee that comes with an IREM
membership.
Once you are approved as a CPM candidate, you will have to submit 3
reference letters of recommendations to IREM. The next
step is to study and complete a set of 7 compulsory courses for CPM. If
you have the relevant real estate certification or degree, you may be
exempted from this step. We will give more details on the courses in
Part 2 of this guide.
Moving on, you will be tested on your management planning skills for
rental
properties and pass an exam on ethics for real estate managers. Once
that is done, you will have to cross the last hurdle of the CPM final
exam.
Are you ready
to uncover more details for CPM courses and find out what are the
other top rated property manager certifications you can earn?
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