A Certified Property Manager® (CPM®) is a professional who has earned an internationally recognized designation awarded by the Institute of Real Estate Management (IREM®). IREM® is an organization whose roots are 75 years old, beginning in the United States as an affiliate of the National Association of Realtors®. It is international in scope, and is world renowned for its emphasis on professionalism, knowledge, and ethics.
In the property management business, a Certified Property Manager® is one who has the expertise and experience to manage approximately 91 different types of property. He can handle any property from a single dwelling to large multi-family complexes to any type of commercial venture. Often, a CPM® handles multiple properties in both residential and commercial venues at the same time.
The CPM® is an expert in taking a property which is losing money, then devising and implementing a plan to turn the property into a money-making venture. Both his real-life experience and the education he receives to earn his certification makes a Certified Property Manager® very useful to anyone wanting to maximize an income-producing property. A property manager who has earned certification is an IREM® member who is dedicated to, and held to, a high code of ethics and a commitment to continue his education throughout their working life. A lapse in either can mean the loss of certification.
The widely acknowledged expertise and high integrity of a Certified Property Manager® makes him an excellent candidate for any one person or group with an investment in income-producing property. In fact, in real estate management, about 70% of those who hold the highest management positions are Certified Property Managers®. In the United States, all federally funded housing units must be managed by a property manager who is certified.
A Certified Property Manager® is capable of doing much more than overseeing the day-to-day operation of an investment property. He is trained to plan for the future, whether an investment in a specific property has a short-term goal of a few years or a long-term goal of multiple years. His skill set includes social expertise, legal knowledge, financial analysis, administration, asset management, and a strong understanding of economics.
By the time a property manager has earned the title of Certified Property Manager®, he has an average of 18 years experience in real estate management. Worldwide there are from 8,000 to 9,000 people who have earned this designation. It shows dedication to the career and knowledge of the industry.