What Does ARM Mean in Property Management and How To Become One?
Property Management
Looking for ways to advance your business or career in property management? One key is becoming an accredited residential manager (ARM). With this certification, you’ll learn and prove the skills and techniques necessary for the best apartment management and other residential management services.
Whether you’re a property owner, manager, or staff or simply interested in apartment management services, read on to see the crucial role of ARM in property management and how you can become one.
ARM and Its Benefits in Property Management
With the ARM certification, you acquire the major competencies to properly manage various residential properties. These include financing, handling risks, maintaining properties, leasing, addressing resident-related matters, and working on retention. You also have to maintain accessibility and smooth communication with the residents.
The ARM certification is especially beneficial to residential managers early in their careers. Whether offering apartment management services or catering to residents of single-family homes, multi-family homes, mixed-use properties, and condominiums, being an ARM gives you a competitive edge in the market. It’s proof that you’ve mastered the abilities expected of residential managers, from resident relations to risk management.
One major advantage of becoming an accredited residential manager is higher earnings. On average, property managers in the U.S. take home around $48,340. Meanwhile, an ARM enjoys an average salary of $66,813. In a survey from Indeed, 82% of job seekers noted that their ARM certification helped them make more money.
Another benefit of earning an ARM certification is achieving greater heights in your career. According to the Institute of Real Estate Management (IREM), 92% of accredited residential managers take on supervisory roles, handling at least six employees. Moreover, over 70% of job seekers shared career advancement as their major reason for securing an ARM certification.
The ARM certification allows you to widen your connections, opening more opportunities for the residential property you own or manage. You’ll learn from the experts and meet potential employers or partners.
The ARM certification is perfect if you want to adopt the languages investors, residents, and property owners speak. Whether you’re a real estate manager in the U.S. or outside, you can earn an accredited residential manager certification.
Requirements for ARM
To be qualified to acquire an ARM certification, you need at least 12 months of experience in residential real estate management. This includes 30 rental single-family homes for residential properties, 45 units of single-room use and dormitory, and 60 units of homeowner and condo associations.
Minimum requirements for mixed-use properties include 30 units for homeowners and condo associations, 15 units for rental multifamily, 15 units for single-room use and dormitories, and 10,000 square feet for non-residential properties.
Regarding function requirements, you should have performed 14 out of the 29 IREM-established functions. Some of the important experience requirements include the following:
- Conduct routine inspections on residential properties and perform proper actions while following the set standards and policies.
- Establishing or helping review, update, and implement the properties’ operating procedures and policies and the guidelines for occupancy.
- Taking part in tracking, establishing, or developing human resource policies, training plans, employee requirements, and other significant initiatives.
- Choosing or suggesting specific services or items that properties can purchase, negotiating or approving contracts, approving invoice payments, and tracking the performance of contractors.
- Determining, enforcing, or approving sustainable methods, such as energy-saving programs.
- Creating, tracking, implementing, or helping develop property marketing and leasing plans.
- Establishing risk management programs to control insurable risks for the property.
- Determining and assessing properties' financing options and financial requirements and suggesting funding sources to the property owner.
How To Become an ARM
The steps to becoming an ARM include finishing certification courses, completing the ARM certification exam, finishing your ARM application, and finally getting the designation of an ARM.
Complete Two Certification Courses
First, you need to take the ARM certification courses. These include ethics training and learning the main competencies to offer the best apartment management, including other residential properties.
While these two main courses need to be completed, you have other options to complete the ARM exam. Examples include courses on managing maintenance operations and property risk, leading a winning property management team, and cash flow, budgeting, and reporting for investment real estate. The course can be taken online or in the classroom.
Pass the ARM Certification Exam
After completing the certification courses, you can take the ARM certification exam. It’s an open-book exam wherein you must answer a 100-item multiple-choice questionnaire. Among the subjects covered are leasing, budgeting for residential properties, marketing, legal and risk management, and human resources.
Finish Your ARM Application
Given that you’ve passed the ARM certification exam, you can apply for accredited residential manager certification. You only have to complete a form and settle the $80 application fee. You only need to pay $40 if you're already a member.
Note that the application requires you to provide documents showing that you have acquired at least one year of experience in providing residential, mixed-use, or apartment management services.
Moreover, you must strictly follow the code of professional ethics the releasing organization sets. Abiding by the code also means you’re practicing what it means to be a real estate manager, including staying professional and trustworthy.
Become an ARM
Completing your application means you’re one step closer to becoming an accredited real estate manager. IREM’s thorough review of your application usually takes 30 to 45 days. If you’ve been approved, you’ll receive an official ARM certification. Afterward, you can enjoy the benefits of becoming an accredited residential manager. To help increase your credibility, display your ARM certification in your social profiles, business cards, email signatures, and other relevant platforms.
Other property management certifications that you can apply for from the Institute of Real Estate Management are certified property manager (CPM) and accredited commercial manager (ACoM). An accredited management organization (AMO) suits real estate management firms.
Maintain Your Competitive Advantage as ARM
Your journey doesn’t end with learning how to become an ARM and offer clients the best apartment management services. Apart from continuing to practice the code of ethics, it’s also best to keep enhancing your knowledge and skills by attending property management conferences. These meaningful events allow you to learn straight from well-known professionals in the real estate industry, expand your network, and get your name recognized.
Using reliable property management software like ExactEstate will also help your business grow while saving time, money, and other resources. Request a demo from us today to see how we’ll help you achieve business success smartly and efficiently.
