June 18, 2019
Thinking About Property Management Certification?
As the market gets more and more competitive, many property managers are looking towards improving their credentials to stand out from the competition. Property management certification helps property professionals to gain skills and become experts in their field.
Why Invest in Yourself
Some people worry about the cost and the time, and while it’s true that certain designations can take years to achieve. However, the benefit of investing in continual learning is an investment in your career.
The return on investing and improving your skills is significantly higher than any career investment you could make. People who continue to learn and build their skills enjoy increased lifetime earning power. It also leads to more opportunities and helps safeguard against unemployment. Of course, there is also the enormous sense of satisfaction that comes from personal growth and success.
Why PM Companies Should Invest
Many firms are helping their employees invest in themselves by covering the whole amount or partial amount of property management certification. Study after study shows that employees who continue to learn are more productive and engaged in their work and more likely to stay with their company. Property management companies that invest in their people are seen as more desirable employers of choice, and can better attract and retain more talent.
Where to Get Certified
Depending on whether you work in commercial side or on the residential/apartment side of the industry, there are several national organizations that offer a variety of property management certification courses. Most states require a real estate broker’s license to become a property manager. Some states require additional licensing. So, be sure to look into local and state requirements. And, note that this is not a definitive list, there are numerous excellent certification programs out there.
Residential /Apartment Property Managers
The Institute of Real Estate Management offers certification to help build knowledge related to budgeting, marketing/leasing strategies, managing maintenance programs, asset analysis and other much-needed skills and abilities. The CPM certification is an internationally recognized symbol of ethical leadership.
The National Association of Residential Property Managers (NARPM) offers certification for:
The RMP property management certification is aimed at managers who have run a minimum of 100 units over the last two years. It helps you enhance your skills and stand out in your profession. As a member of NARPM, you’ll be listed on their website by designation.
The MPM designation is for property professionals looking to become true leaders and professionals in their field. To apply, you must have managed a minimum of 500 units in the last five years.
NARPM offers additional training for maintenance and support people. See all courses here.
if you are in the apartment business, the National Apartment Association has its own Education Institute (NAAEI) that dedicates itself to broad-based learning to help nurture high-quality professionals and develop tomorrow’s leaders. Here you’ll find:
Aimed at people who have a minimum of six months’ experience, this program covers everything from qualifying prospective residents to securing and processing lease renewals.
This certification requires the successful completion of seven NALP courses.
For newcomers as well as well-established apartment property managers, the CAM certification helps deepen the skills and knowledge required to more effectively manage an apartment community. It covers a variety of topics from occupancy rates to maximizing net operating income.
For property professionals looking to fast-track their career, this certification covers attracting, retaining and engaging high-potential employees, creating capital improvement plans and setting and reporting on KPIs. The course work totals about 40 hours and the program requires a minimum of 24 months employment as a multi-site supervisor or be either a CAM, ARM or RAM credential holder in good standing.
Commercial Property Managers
BOMA (Building Owners & Managers Association) has launched a new commercial property management certification program. Intended for commercial managers in the early stages of their career, the program helps build a strong understanding of the responsibilities of the role.
The Institute of Real Estate Management offers this program aimed at newcomers to the commercial property field. There are various course options, but all are aimed at equipping managers with the skills to better perform their daily tasks and help drive the value of their buildings.
The final word on the subject is this: if you are on the fence about property management certification, jump down onto the yes side. Ongoing education is the best investment you can make in yourself or your people.
Of course, if you need help running your business more efficiently through technology, be sure to check out our pricing and book a demo.