Certified Property Managers (CPMs) 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.
- Why a CPM is an Asset
- History of Success
- Executive Ability
- Expertise through Education
- Community of Professionals
Why a CPM is an Asset
Certified Property Managers (CPMs) 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 intense, 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’s 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. Many of 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 members’ needs and their clients’ requirements. Many CPM’s 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’s have been serving the investment community for 50 years. IREM’s consistent growth is indicative of the value of the CPM designation to real estate professionals. During the 1970’s, membership in the Institute of Real Estate Management grew 137%. Public relations audits reveal that 92% of the appraisers, mortgage bankers, corporate real estate officers, and institutional investors interviewed are aware of the CPM designation.
CPM’s manage approximately 250 billion dollars worth of the nation’s real estate assets, including 6 million residential units and 3 billion square feet of commercial space. CPM’s manage a variety of investment properties, and the typical CPM’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 investment, there is a CPM prepared to manage it for you. CPM’s are well versed in a variety of real estate specialties, enabling them to exercise informed judgments for investors. Surveys reveal that 42% of the CPM’s spend time in brokerage, 31% are involved in real estate development, and 32% also act as real estate consultants and counselors.
The majority of CPM’s 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’s possess all of the skills and knowledge essential to effective leadership and management. CPMs practice the art of combining the 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 the property can produce a better return, CPM’s can make recommendations to the owner which will develop the property to its fullest potential.
Expertise Through Education
The CPM designation rests on the solid foundation of a sophisticated multifaceted educational program. In order to earn the CPM designation, candidates must successfully complete three examinations in IREM’s specially designated education courses. Courses at the first level are directed toward marketing, leasing and managing either residential, office or shopping center properties. Emphasis is placed on the day-to-day operation of well-run properties, providing practical skills essential to successful management. These courses give future CPM’s insight into the long-range management of real estate as an investment. Upon successful completion of a first level course, candidates are required to complete “Managing Real Estate as an Investment,” an executive level course emphasizing the analytical aspects of managing and owning real estate as an investment. A comprehensive management plan is utilized to illustrate how skilled management practice can maximize financial yields. The final course in the membership qualification series is devoted to preparing long-range management plans, one of the most important ingredients used to formulate investment strategies. Candidates are taught to analyze property in terms of its physical condition, management requirements and environment and to prepare a long-range plan, which will give sufficient information to the investor to determine the future strategy for the property. As in the first level courses, candidates may elect to study a residential building, office building, or shopping center.
IREM education does not stop with achievement of the CPM designation. CPM’s 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.
All IREM courses are designed and taught by experienced, carefully selected, and trained CPM’s. Courses-are continually updated to guarantee that techniques and methodology presented are proven and current.
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.
CPMs must abide by the Code of Professional Ethics of the Institute of Real Estate Management. Any violation of this Code subjects the CPM to possible suspension or revocation of the designation.
Community of Professionals
In order to retain the designation, a CPM is required to maintain membership in the Institute of Real Estate Management and the local Board of REALTORS. Membership provides CPM’s with 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 CPM’s with timely information on such subjects as computer applications in property management and comparisons of operating income and expenses nationally. CPMs also have access to a full library of current IREM books and periodicals, including the JOURNAL OF PROPERTY MANAGEMENT, IREM’s bi-monthly publication, which features articles on the newest developments in the property management field. In addition, IREM holds an annual Education Conference and two National Meetings to provide CPM’s with a forum to exchange ideas and benefit from each other’s experience. IREM’s commitment to ongoing education is foremost among its goals as a professional association.