Property Manager Training and Certification

Property Manager Training and Certification

Get Your CPM Certificaton

Thinking of becoming a property manager or starting a property management business? It’s a good time for a property manager career (10% growth according to BLS), as it’s in demand as the rental property markets expand .

According to salary.com, yearly income from property manager jobs range from $48,000 to $88,000. And with a CPM designation, your professional brand image will jump in perceived value and you could find many career doors opening.

Chart showing pay rate levels across the USA courtesy of Salary.com

For a young professional just out of school, a CPM designation offers substantial career building value.

The greater experience and relevant skills and education you possess, the higher is your potential salary — salary.com

Whether in the US, Canada, UK, or Australia, training and certification gives you a large set of career skills and assets. You can add specific courses, learn how to use property management software, and add value in terms of marketing, accounting, and tenant management.

Must You Have Certification and Licensing?

Is many jurisdictions, states, provinces and countries across the globe, you may only need a real estate broker’s license. This allows you to legally manage leases and collect rents.

However, if you plan to manage a block of apartments, or a larger portfolio of residential properties, you not only need training, you’ll likely be required to achieve certification and licensing. Managing a large collection of residential or commercial properties isn’t easy.  Obtaining certification is a wise decision for the sake of confidence and competence that you can handle the demands ranging from mechanical operations to regulatory and legal matters.

“70% of those who hold the CPM® designation hold the highest management positions in their offices (owner/partner/officer/director).”

If you have extensive experience or a real estate related degree, you may qualify for IREM’s fast track program. To get the CPM® certification designation, you must gain 3 years of experience and manage a property portfolio of properties.  IREM demands that you practice at least 19 of the 36 functions they’ve categorized.

To attain the CPM® designation, the candidate must join IREM, which costs about $500 a year, and join the local IREM chapter for the city in which the candidate lives. There is also a fee to become a CPM® candidate.  To achieve the CPM® designation, a candidate must pass about 10 required courses given by IREM, including marketing, human resources, asset management and ethics and complete a management plan on a subject building. Most courses can be taken in a classroom setting, on-line or via home study. IREM also examines the candidate’s experience and asks for 3 professional references.” from IREM

Property Management Training

Regardless of which country you’d like to practice in, there are requirements in work experience and education that usually precede you gaining a professional level property manager license.

When property management training is the goal, most will cite IREM as the top organization providing training (USA and Canada) and certification.

The Institute of Real Estate Management (IREM®) membership is often a requirement for licensing for many jurisdictions. IREM offers in-class and online training. Their CPM designation is designed for larger property portfolio managers, and if you’re serious about business success, you need to evolve to manage larger portfolios.

The requirements and training required is extensive, yet the salary and career advancement opportunities make it well worth it for those who gain licenses.

Good luck in developing your skills and gaining the licenses you’ll need to establish yourself as a key figure in your organization.

Training and Certification Resources

https://www.nar.realtor/education/designations-and-certifications/cpm
https://www.car.org/education/designations/pmc/
https://info.reic.ca/cpm-designation/
http://www.arla.co.uk/training-qualifications/lettings.aspx
https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/agents-representatives
https://www.irem.org/File%20Library/International/CPMApplicationIntl.pdf

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