How to Become a Property Manager and Understand CPM

Have you ever thought about dabbling in real estate before? Do you have the drive and the passion to become a property manager? If the answer is yes on both accounts, perhaps it’s time you consider taking a career in Property Management and becoming a CPM.

What Is a CPM?

In real estate terms, CPM stands for Certified Property Management. This title is usually given to experienced property managers who have a background in managing assets and have the knowledge of maximizing the value of any type of property. As a result, title holders have more potential to do more and earn more. In the US, CPMs can earn up to two times the average salary of a property manager.

Who Is the CPM For?

Earning the title of a Certified Property Manager takes time, effort, and dedication. While interested parties can easily apply, it’s best suited for individuals with a background in real estate who want to learn more about managing any asset class and maximizing property values.

That said, if you seek to upskill by adding advanced asset and financial management capabilities to your daily operations, enhance your portfolio (whether it be in commercial, residential, or a combination of both), and gain knowledge that transcends the asset class, the CPM is a certification you need to boost your career in real estate.

Besides giving you credibility in the industry, you can also learn to speak the language of owners, residents, tenants, and investors to increase your chances of succeeding.

How To Become a CPM

Before you can apply, however, you will need to obtain a total of three years (or 36 months) of real estate experience to earn your CPM title. The experience only counts if you’ve been in a real estate management position, performed the minimum functions or property management services, or managed a portfolio. If you meet these standards, then you can apply and earn your CPM.

The process for obtaining your CPM can be divided into four steps: enrolling, learning, testing, and graduating.

Enrolling

The first step to becoming a member of the Institute of Real Estate Management (IREM) and obtaining a CPM is enrollment. Simply complete an online form and pay the enrollment fee to start your journey to becoming a CPM candidate.

Learning

After enrollment, you’ll become a CPM candidate for 12 to 18 months. During these months, you will enter the learning phase of your journey where you will need to complete eight courses.

These courses cover the core competencies specific to property management. To learn more about what these courses entail, below are some highlights you can familiarize yourself with.

• ETH800: Ethics for the Real Estate Manager

This course teaches you how to respond to specific ethical challenges that may have a major impact on your reputation and the success of your business. But contrary to popular belief, being ethical in the field of real estate is more than just following a set of laws. It’s also meeting the standards and real-life expectations of the profession.

Through this course, you can learn to understand and resolve ethical dilemmas by developing sound strategies and implementing them in your career.

• FIN402: Budgeting, Cash Flow, and Reporting for Investment Real Estate

Want to know how to maximize the potential of your property’s financial future? Well, look no further. In this course, you can master the essential budgeting and accounting skills you need to meet your and your owner’s goals, improve your NOI, and leave an impact on the value of your property.

Explore true-to-life scenarios that can give you a clearer picture of what your financial future will look like and learn to be prepared for any opportunities or challenges that you may encounter.

• MKL404, 405, or 406: Marketing and Leasing Strategies for Retail, Multifamily, and Office Buildings

Since you may want to specialize in a specific type of property, you can choose between retail, multifamily, or office buildings.

In retail (MKL404), you can learn how to create the perfect balance for retailers to drive traffic and improve sales.

For multifamily properties (MKL405), you can discover how you can properly position a rental property to dominate the marketplace and hit your target audience.

Finally, for office buildings (MKL406), you can figure out the ins and outs of commercial spaces by understanding their basic characteristics and top-selling qualities.

• HRS402: Leading a Winning Property Management Team

While you may have the notion that succeeding in property management is a one-man job, it’s not. You need to form a team that can help you reach your goals and stay on top of the industry. Fortunately, this course will teach you everything you need to know about recruiting, selecting, managing, and evaluating a team that can help you succeed.

Through this course, you can develop your leadership skills and attract the best talent to elevate your career in real estate.

• MNT402: Managing Maintenance Operations and Property Risk

Every once in a while, you will encounter some hiccups along the road. Whether that’s righting a setback in the property’s operations or addressing potential risks, you need to be proactive to increase your property’s performance.

In this course, you will get in-depth knowledge on how to make a plan, execute a risk management program, and realize the importance of inspections. Only then can you preserve the quality of your property and maximize its value for the owner.

• ASM603: Financing and Loan Analysis for Investment Real Estate

To increase your income and build your value, you need to understand financial concepts, such as fluctuations in the real estate market and revenue creation. That’s why this course is dedicated to giving you the financial knowledge you need to thrive. From lender perceptions and loan structures to loan calculation and analysis, you’ll get an in-depth understanding of essential concepts to protect the finances of your property.

• ASM604: Performance and Valuation of Investment Real Estate

In this course, you’ll receive the necessary skills and tools you need to determine your asset’s performance. In doing so, you can enhance your portfolio’s long-term financial outlook and secure your business’ future.

• ASM605: Asset Analysis of Investment Real Estate

Dive deeper into asset management by understanding real-world scenarios that can help you deliver returns for your owners and investors.

Through this course, you can improve your financial acumen to win new business and strengthen relationships with your clients. By conducting cash flow analyses, analyzing alternatives, and making informed recommendations, you can develop an investment management plan to boost your sales.

Testing

Once you’ve completed the courses, it’s time to demonstrate your newfound knowledge and skills through the CPM Capstone. This is a two-part assessment that will determine your eligibility for the CPM certificate.

Graduating

Finally, you will receive the official CPM certificate and pin one to two months after you complete the tests. With these on hand, you can now begin your journey in real estate as a Certified Property Manager and reap all the benefits.

Expand Your Career in Real Estate

Earning a CPM designation is only one step to boosting your career. The next — and perhaps more vital — step is to create a property management strategy. Fortunately for you, there’s a simple way to do so.

With ExactEstate, you can develop plans and organize your business in a convenient one-stop platform. Our system allows you to work smarter, strengthen client relationships, and convert leads. With this in your arsenal, you can easily streamline day-to-day operations and focus on increasing your profits.

Learn how you can benefit from the best property management software by setting up a demo today!