The increasingly competitive real estate market has a consistent demand for certified property managers (CPMs). These are senior professionals, who unlike their unqualified counterparts, have been comprehensively trained on different real estate aspects and certified to manage rental properties. They are globally recognized as experts with the relevant leadership, analytical and administration skills required to effectively manage a wide range of real estate portfolios- including residential, industrial, commercial, mixed-use, condominium, and institutional.
Due to their expertise, they are largely preferred by property owners and developers. According to the Institute of Real Estate Management, 70% of CPMs hold the highest positions in their respective real estate companies. To join their league one has to be become a certified property manager by obtaining the requisite designation.
How to Become a Certified Property Manager
1.To become a Certified Property Manager, one has to first become a member of the institute (including a local IREM chapter) by applying for Certified Property Manager candidacy. The application form is obtained from the main IREM site, completed and submitted along with three confidential letters of recommendation from reputable individuals, and a non-refundable fee of USD $160. For it to be successful, the application must demonstrate that the applicant holds a valid real estate license. In areas where it’s not applicable, an individual is required to submit a validation proving that he/she is not required to have such a license. Additionally, each Certified Property Manager candidacy applicant has to agree to uphold the IREM code of professional ethics.
2.Each application is evaluated individually to determine their eligibility. Only service providers, suppliers, and vendors in real estate management are disqualified from attaining CPM candidacy. The rest of the applicants who meet the eligibility criteria (including 36 months experience in real estate management) are successfully approved as candidates to begin training immediately, at a cost of about $500 per year.
3.As a candidate, one has the privilege of choosing a preferred package among the four primary options according to his/her qualifying credentials:
Professional Experience Fast Track: This option is only available to professionals who have an experience of 20 years in real estate management. The request to enroll in the program is submitted along with an approval fee.
Real Estate Degree Fast Track: To enroll in this program, a candidate has to have an undergraduate or graduate degree with a minor or major in property management and/or real estate. Just like the previous package, the application has to be accompanied by a fast track approval fee.
Other Designations Fast Track: This Certified Property Manager option is open to candidates who have RPA, PCAM, CSM or CCIM designation. The application is made along with a fast track approval fee.
Complete Seven Course: Unlike the Fast Track programs this requires an aspiring Certified Property Manager to complete all the seven courses as stipulated in the schedule.
4. Along with the educational plan, candidates are further required to choose between two management plans. The candidate could either be assessed on his management on actual property or take a test assessing his/her management skills.
5. After a comprehensive course, candidates are required to pass the Certified Property Manager certification exam, attend ethics courses, and pass the corresponding exam.
6. Finally, to become a certified property manager, one is required to:
Have a candidacy period of at least one year, during which he/she should attend 2 IREM chapter events or meetings.
Submit a Certified Property Manager application, accompanied by a fee of $210
Get interviewed by the local IREM chapter
Be a member of the National Association of Realtors
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