Why a CPM® is an Asset in Property Management
Holders of the Certified Property Manager® (CPM) designation are educated by the Institute of Real Estate Management (IREM) and have the experience to preserve and enhance the value of your real estate assets. As the social and economic factors affecting all types of investments become more complicated, the need for highly trained, experienced and professional property and asset managers becomes more apparent.
People who manage real estate must understand and be able to deal with the diverse factors which impact investments: the state of the economy, local and national legislation, tax regulations, energy and operating costs, local market conditions, monetary policies, controls and ordinances, public policies and attitudes, population changes, and consumer trends, to name a few. CPM members receive training in and have experience with these elements of our complex society and environment.
As the number of institutional and foreign investors increases, the demand for well trained, competent property and asset managers increases. IREM’s members have recognized this need and have focused their attention on providing the type of management services sophisticated institutional investors require. IREM’s educational programs are designed and continually upgraded to meet its member’s needs and their client’s requirements. CPM members enroll in courses to broaden their educational background and to give them the knowledge and tools to cope with today’s complex problems and issues. Your assets may include cash, stocks, bonds, real estate and others. They should also include a CPM.
History of Success
CPM members of the Institute of Real Estate Management have been serving the investment community for over 50 years. IREM’s consistent growth is indicative of the value of the CPM designation to real estate professionals. Public relations audits reveal that 92 percent of the appraisers, mortgage bankers, corporate real estate officers and institutional investors interviewed are aware of the CPM designation.
CPM members manage approximately one trillion dollars worth of the nation’s real estate assets, including 12.8 million residential units and 9.2 billion square feet of commercial space. They manage a variety of investment properties, and the typical member’s portfolio includes more than one property type (apartments, office buildings, shopping centers, federally assisted housing, condominiums, cooperatives, retail strip stores and industrial properties). Whatever the size or type of your real estate investments, there is a CPM member prepared to manage it for you.
Holders of the CPM designation are well versed in a variety of real estate specialities, enabling them to exercise informed judgments for investors. Surveys reveal that 32.5 percent of IREM members spend time in brokerage, 29 percent are involved in real estate consultants and counselors.
The majority of CPM members hold positions of high responsibility and leadership in their companies, serving as owners, partners, officers or directors. IREM’s educational programs emphasize the development of executive abilities, so that CPM members possess all of the skills and knowledge essential to effective leadership and management. They practice the art of combining day-to-day property management with the broader asset management considerations to achieve the owner’s financial goals. If there is a higher use for a property or a way in which a property can produce a better return, they can make recommendations to the owner which will develop the property to its fullest potential.
Expertise through Education
Education is a critical component of the CPM program, as evidenced by its membership qualification courses which form the backbone of the CPM program.
The courses leading toward the CPM designation are:
- The 300-series courses, which provide the foundation for a sound operational knowledge of property management.
- Course 400, whose focus is on the financial decisions that face property managers. This is an executive-level course for the property manager who plans to be involved in fiscal policy decisions.
- Course 500, which sharpens the student’s understanding of property management principles and procedures. It ties these concepts and applications into real-life situations. Attendees leave Course 500 not only with enhanced technical knowledge, but also with an in-depth understanding of how, when and why procedures are applied.
The course leading to the ARM designation is:
- Course 101, Successful Site Management or Course 103, Housing Management Training for Non-Profits. Every ARM must successfully complete one of these courses, which are specifically geared to residential management, dealing with day-to-day problems.
IREM education does not stop with achievement of the CPM designation. CPM members are encouraged to enroll in graduate level programs designed to sharpen the professional, administrative and leadership skills of the experienced property manager. These executive level courses provide sophisticated training in asset management, managing the management office or firm and advanced management practices and techniques.
In order to qualify for the CPM designation, Candidates must demonstrate at least five years of effective property management experience as defined by the Institute.
CPM members must abide by the Code of Professional Ethics of the Institute of Real Estate Management. Any violation of this Code subjects the CPM member to possible suspension or revocation of the designation.
Community of Professionals
In order to retain the designation, a CPM members are required to maintain membership in the Institute of Real Estate Management and the local Board of REALTORS®. Membership provides CPM members with the access to a community of established professionals as well as a wide range of services which contribute to professional practice and expertise.
IREM supports a flourishing research program, which supplies each CPM member with timely information on such subjects as computer applications in property management and comparisons of operating income and expenses nationally.
CPM & ARM members provide you with the expert services of a well-rounded management professional. Their rigorous training and experience assure you of top-notch performance in the investment field. If your portfolio includes real estate, your most valuable asset is a CPM member.