If you want to advance your career or future in property management then you should not have these Must Have Certifications in Property Management.
Some property management qualifications are excellent, while others are necessary, depending on your work and ambitions. Additionally, even though some jurisdictions don’t demand any formal qualification or licensure for property management, you might want to think about getting one or two to make yourself more credible and marketable.
Let’s discuss the available qualifications and licenses for property management, who issues them, and how they might advance your career.
5 Important Types of Certifications in Property Management
#1: Organizations Managing Property
Various certifications are connected to a particular real estate or property management association. These organizations are many, and each offers a specific set of credentials.
Simply put, a property manager gains influence by becoming a member of one of these groups. Once you enroll and finish their certification programs, you can promote yourself as having acquired knowledge and experience in the area. You may also utilize the organization’s badge or logo on your website and marketing materials. Additionally, you’ll get other advantages, such as being featured in the organization’s directory, that provide a competitive edge in the property management industry.
The following are several reputable organizations in the sector:
- The Institute of Real Estate Management (IREM): This is a worldwide association with about 20,000 members. They provide property managers with globally recognized training, certification, professional development programs, and networking opportunities.
- The National Apartment Association (NAA): More than 93,000 businesses worldwide are members of the NAA. It provides guidance, training, and support for apartment operators and owners with a strong emphasis on philanthropy.
- National Association of Residential Property Managers(NARPM): This is a global organization of real estate experts who manage single-family or small residential properties. Their credentials are acknowledged all around the world. A report on the shape of the property management industry is released annually during NARPM’s Annual Convention.
- The National Association of Realtors (NAR): NAR provides chances for professional development and real estate professional training and certification. After passing the NAR’s certification program, more than 200,000 members are granted the right to use the title realtor.
- Community Association Managers International Certification Board (CAMICB): To develop and implement rules of conduct for community associations, CAMICB was established in 1995. It has 20,000 members now and is a well-known organization in the community association sector on a global scale.
These five organizations issue most of the certificates for property managers. They can find the best certifications and support for your needs by visiting their websites or contacting a member.
Let’s look at the property management certifications and the licenses required to become certified.
#2: Essentials in Property Management
The minimum requirement is often a property management license, so let’s start there. Additionally, you can become a Certified Property Manager (CPM), which is not necessary but strongly advised.
License for a Real Estate Broker or Property Manager
Most states require a real estate broker’s license or a property manager’s license to manage rent, negotiate leases, and officially list properties.
States grant licenses for real estate brokers. Only 11 states do not need you or your business to get a real estate broker’s license. Oregon needs either or both, and three of those states (Washington, D.C. as well) require a property manager’s license.
Both licenses include coursework, classes, passing an exam, real estate sales experience, and ongoing education to keep the certification current. Additionally, depending on the State, real estate license holders must be at least 18 or 21.
Note: Most states don’t require a license if you intend to work in community associations. For those that do, there are various requirements. Therefore it’s crucial to know the laws in your State. You can find these specifics in databases and independent organizations like the Community Association Managers International Certification Board and the Homeowners Protection Bureau.
Certified Property Manager (CPM)
IREM states that the base pay for property managers in the United States is, on average, $48,340. The average CPM pay is $118,383 per month. Although no state mandates this qualification, it is the industry benchmark for property managers and is widely accepted.
To become a certified property manager, you must first fulfill the prerequisites. One, manage a portfolio of properties for three years and hold a real estate broker license to graduate. Two, finish a management ethics course and the other seven required property management certification courses before you can take either of the two examinations.
#3: Certifications to Advance Your Profession
Various property management credentials can further your career or raise the profile of the management firm where you work. Which certifying organization best suits your professional objectives will determine which certification route you should pursue.
Residential Management Professional (RMP)
NARPM offers this certification.
The RMP and IREM’s CMP certifications are highly comparable. It has about the exact requirements and has the same level of recognition in the property management community. It also serves as a springboard for earning NARPM certificates that are even more renowned.
You need to be a real estate broker, have a license, and have experience managing 100 units for over two years to qualify for an RMP.
Master Property Manager (MPM)
NARPM issues the certification.
The highest position within NARPM that a single member can hold is MPM. You can apply to have your company become a Certified Residential Management Company once you have earned an MPM.
To be eligible for an MPM, you must have obtained your RMP and managed 500 units for at least five years.
Accredited Residential Manager (ARM)
IREM offers the certification.
Property managers who are just starting can benefit from ARM certification by learning the skills necessary to advance in the field. Before moving on to a CPM, it would be the first step.
You must have 12 months of real estate management experience to qualify for an ARM. Additionally, you’ll have to take the test, finish the required courses, and take the ethics class.
Certified Apartment Manager (CAM)
NAA is the issuing organization.
Only individuals who manage apartment rentals are eligible for the CAM certification.
Candidates must have at least a year of on-site management experience, finish the curriculum, and take the exam within 12 months of announcing their candidacy to become a CAM.
Certified Manager of Community Associations (CMCA)
CAMICB issues the certification.
Community association managers who have this accreditation make 20% more money than those who don’t, according to the CAMICB.
To get this certification, candidates must apply, pass the exam, and finish the coursework (which you can avoid if you have five or more years of experience managing communities).
#4: Company Credentials
Company certificates might improve the reputation of your entire team in addition to individual qualifications.
Certified Residential Management Company (CRMC)
NARPM is the issuing body.
Your business can apply to become a Certified Residential Management Company if you or one of your employees has earned an MPM.
NARPM must conduct an on-site audit within three years of applying before granting certification. Additionally, your business must have 500 unit years of experience (one unit year equals managing one unit for a year).
Accredited Management Organization (AMO)
IREM offers the certification.
This renowned company accreditation certifies your profession’s knowledge, similar to the CRMC.
To acquire an AMO, IREM lays out a very long list of conditions for your business: having a CPM holder on the executive team is one of them. To learn more, go to their AMO page.
#5: Credentials in Property Management
Continuing education certificates also help you maintain your competitiveness in property management. All property management companies’ various continuing certification programs offer a range of subject matter from marketing to ethics. They comprise:
- Certificate for Apartment Maintenance Technician (CAMT): This training teaches Cost-effective maintenance for new maintenance professionals.
- Certified Apartment Leasing Professional (CALP): In this course, you learn leasing techniques, including attracting customers, running leasing demonstrations, handling objections, and screening potential tenants.
- Certified Apartment Supplier (CAS): New salespeople can take this course, while seasoned professionals can learn more about how to run apartment communities.
- Independent Rental Owners Professional (IROP): This program is for landlords who personally own and manage one or more apartment buildings. They study how to prepare rental units, screen and keep residents, manage budgets, arrange taxes, perform preventative maintenance, use energy efficiently, and more.
- Specialist in Housing Credit Management (SHCM): Management professionals can learn the requirements of the Low-Income Housing Tax Credit program with the assistance of the Specialist in Housing Credit Management (SHCM) certificate.
- Credential for Green Property Management (CGPM): After choosing a green mark-to-market restructuring, the CGPM gives management businesses and owners a way to fulfill initial and ongoing HUD Office of Affordable Preservation (OAHP) training responsibilities.
- Certified Support Specialist (CSS): Any administrator in your office who wants to learn more about their industry should get this certification.
Starting with a real estate broker’s license is wise if you’re new to property management. After acquiring it, you can consult with your employer or other property managers to ascertain the ideal property management credentials and certifications to meet your business goals.
If you are an experienced property manager, consider your objectives as well as the goals of your business. Next, decide which certifications and organization will best suit you.
Are there any other certificates worth mentioning that help you maintain your competitiveness? Comment and let us know!