Obtaining Certification in Property Management
There are many benefits to obtaining certification in Property Management. This prestigious designation will not only increase your chances as an employee, but also allow you to work in a variety of positions which are among the best paid in the real estate industry. Here are a few things you might not have known about CPM and how you can get one.
What is CPM?
The Certified Property Manager designation is considered by many to be the most valuable one in the entire real estate industry. This professional designation can only be obtained from the Institute of Real Estate Management (IREM). Even the most renowned real estate agencies in the United States, the National Association of REALTORS®, recognize CPM. In order to get a Property Management certification, you will need to take special courses, have professional affiliations and also pass a rigorous exam.
Getting the Property Management Certification
In order to get the CPM designation, you will first need to join the Institute of Real Estate Management. Although you will need to spend about 500 dollars per year, this is your only chance to get the certification. After you have joined the Institute, you will then need to find a local IREM chapter in your area. There, you will need to undertake a series of courses that are needed for the Property Management Certification.
The IREM lists about 10 courses that you will need to take before you can obtain your CPM. Some of the classes include marketing, ethics, management, human resources and more. You can either take courses that are held in classrooms, or you can learn from home, either online, or by conventional study.
The CPM Management Plan handbook
One of the most important things you will need to do is to study the CPM Management Plan handbook. You will need to complete it in order to get your certification. You can create your own management plan that is based on a real property or building, you just need to make sure that you will follow all the guidelines set by the IREM in the Management Plan manual.
Once you finish your plan and submit it to the IREM, they will assess it, and you will need to obtain a passing score. If you don’t want to make a management plan on an existing property, then you have the option to take the Management Plan Skills Assessment course, which is held over a period of four days. Once you finish the course, you will need to pass the exam which you can take in either an electronic or written format.
Obtaining the CPM
After you pass the management plan stage, the IREM will assess your eligibility by looking at your experience. You will then need to pass the CPM certification exam and then take the IREM ethics course and exam. The last stage will require you to provide 3 professional references to the IREM, after which you will obtain the prestigious certification in Property Management.