How to Become a Certified Property Manager
Read for an overview on the steps required to become a certified property manager. Learn about the certification requirements and salary expectations for this field.
Certified Property Manager Overview
Property managers coordinate the operations and maintenance of real estate properties, including relationships with vendors and all relevant business operations with tenants. Among many other responsibilities, they are often in charge of hiring contractors for repairs, finding new tenants to replace departing ones, and collecting rent. The table below is an overview of the steps required to become a certified property manager.
<table border="1"><tr><td> <b>Typical Education</b> </td><td> Bachelor's degree</td></tr>
<tr><td> <b>Areas of Study</b> </td><td> Business administration, finance, real estate or related</td></tr>
<tr><td> <b>Training Required</b> </td><td> Complete training components for licensing and certification</td></tr>
<tr><td> <b>Licenses</b> </td><td> Depends on state</td></tr>
<tr><td> <b>Certification</b> </td><td> CPM (Certified Property Manager) is one option</td></tr>
<tr><td> <b>Key Skills</b> </td><td> Speaking, active listening, coordination</td></tr>
<tr><td> <b>Career Outlook (2020-2030)</b> </td><td> 3% (for all property, real estate, and community association managers)*</td></tr>
<tr><td> <b>Average Salary (2021)</b> </td><td> $51,148**</td></tr>
</table><p><i>Sources: *U.S. Bureau of Labor Statistics (BLS); **PayScale.com</i>
</p><h3 id="section---DoINeedToBeCertifiedToPursueACareerInThisField">Do I Need to Be Certified to Pursue a Career in This Field?</h3><p>Though certifications are not required, they can be an important tool for career advancement in this field. The Certified Property Manager (CPM) certification is available through the Institute of Real Estate Management (IREM). Other certifications available include the National Apartment Association's Certified Apartment Manager (CAM), and the National Association of Residential Property Manager's Master Property Manager (MPM). Certified property managers may have higher salaries or more employment opportunities than those who have not completed a certification program.
</p><h3 id="section---WhatIsTheProcessOfBecomingCertified">What Is the Process of Becoming Certified?</h3><p>The process of certification depends on your prior professional experience, degrees, and other relevant certifications. Each association's certification process is different, but generally involves both a training component and final examination. In the case of IREM's Certified Property Manager, the certification is composed of seven required courses, one examination, an ethics component (which requires the completion of an additional course and examination in professional ethics topics) and a management plan requirement (requiring the completion of one of two courses in management planning). Those with 20 or more years of professional experience, related licenses, or a bachelor's degree can apply to skip the seven course requirement.
</p><h3 id="section---WhatAreTheEducationRequirements">What Are the Education Requirements?</h3><p>Though college degrees are not required for obtaining a certification, many employers prefer applicants who hold a bachelor's degree from an accredited institution. Areas of study related to property management include business administration, finance, and real estate. For those without a bachelor's degree, many vocational training options with courses on real estate management are available.
</p><h3 id="section---DoINeedProfessionalExperienceToBecomeCertified">Do I Need Professional Experience to Become Certified?</h3><p>Professional experience is usually required to begin the certification process with all mentioned professional associations. The MPM certification is designed for those who have managed at least 500 units over a period of five years or more. The CAM certification requires at least 12 months of professional experience. The CPM certification requires at least 3 years of experience in a qualifying real estate role (check the IREM website for the most updated list of qualifying roles).
</p><h3 id="section---WhatIsTheSalaryPotentialAndCareerOutlookOfThisPosition">What Is the Salary Potential and Career Outlook of This Position?</h3><p>According to PayScale.com, the average yearly income for property managers is $51,148. The U.S. Bureau of Labor Statistics does not estimate earnings data for property managers independently, but includes them under the category for property, real estate, and community association managers. The BLS projected a growth in job opportunities for this field of approximately 3% between 2020 and 2030.</p>