Property Management Certifications
Real Estate property managers have a wide array of responsibilities that require skills that span disciplines such as finance, management, human resources, marketing and law. Obtaining property management certification will ensure that a property manager has the necessary knowledge in all these subject areas to perform their jobs at a high level of competency.
Certified property managers will benefit from industry recognition of their skills and knowledge which will increase their value to employers. Their commitment to their career will be apparent when searching for a new job or increased responsibilities in their current situation.
Property Management Certifications Available
There are two organizations that offer widely recognized property management certifications as described below:
Institute of Real Estate Management (IREM) – Three types of certification are offered:
- Certified Property Manager (CPM) – This is a universally recognized, comprehensive property management certification.
- Accredited Residential Manager (ARM) – This certification is specifically for those who manage residential properties.
- Accredited Commercial Manager (ACoM) - This certification is specifically for those who manage commercial properties.
National Property Management Association (NPMA) - There are three progressive levels of certification:
- Certified Professional Property Specialist (CPPS) – This certification is for those new to property management who work in a specific functional area.
- Certified Professional Property Administrator (CPPA) - This certification is for those who have worked in property management for at least three years and have experience in at least seven functional areas.
- Certified Professional Property Manager (CPPM) – Targeted at those who have worked in property management for at least seven years and have four years of managerial experience, this certification is the highest level.
Preparing for Exams
IREM
IREM offers exam preparation courses for each certification that are available as classroom courses, self-paced online courses or downloadable courses. These courses are the suggested preparation for those who already meet the education requirements for the given certification. For those without the required degree or certification, there are specific IREM courses that must be passed before taking an exam.
NPMA
NPMA offers certification exam review courses in a classroom setting and online. The classroom courses are exam review courses and are only offered a few times during the year in scattered locations that will typically require travel. Various online courses are also offered to help candidates prepare for the exams. NPMA also offers a one-week fast-track course for experienced property managers who want to gain certification quickly. It is assumed that candidates have studied the material in advance since only a quick review is provided, followed by administration of all the exams required to attain the CPPM certification. Manuals are available for purchase from the NPMA website and can be used as study guides.
Exam Content
IREM - The CPM, ARM and ACoM certification exams cover the following areas with a focus on residential property, commercial property or both, depending on the certification:
- Financial operations and asset management
- Human resources
- Legal and risk management
- Maintenance and operations
- Marketing and leasing
NPMA - These certifications are progressive and require the candidate pass all lower level exams prior to obtaining a higher level certification.
- CPPS – Two exam modules contain 50 multiple-choice questions each. These cover fundamental concepts of property management.
- CPPA – Two intermediate level exam modules contain 50 multiple-choice questions each.
- CPPM - Completion of a situational judgment written exam given over a 90 minute time-period assesses the test taker's knowledge and analysis skills in dealing with property management situations.
Obtaining Certification
IREM
- CPM - There are a number of steps required to obtain the CPM certification. First, an individual must either pass seven IREM courses, have a bachelor's degree related to real estate or property management or already have a relevant real estate certification. Then they must pass the CPM exam and meet the ethics requirements. Candidates must also submit an actual property management plan or pass a management plan skills assessment. Finally, they must document a minimum of three years of property management experience, submit three letters of recommendation and be interviewed and approved by a local IREM chapter.
- ARM, ACoM - These certifications require individuals complete specific IREM courses or have a bachelor's or associates degree in real estate or property management as well as have one year of relevant property management experience. In addition to passing a certification exam, they must meet the ethics requirements, submit three recommendations and be interviewed and approved by a local IREM chapter.
NPMA
- CPPS, CPPA, CPPM - Candidates for these certifications must be NPMA members, complete a work experience summary and pass the required exam(s) applicable to that certification.
Maintaining Certifications
IREM - The IREM certifications do not have any maintenance requirements.
NPMA - The CPPA and CPPM certifications require renewal every five years during which time certificate holders need to have participated in professional activities such as attending classes and seminars, attending NPMA chapter meetings or publishing an industry article. Alternatively, an individual can take a Certificate Continuance Examination to maintain certification.
Who Should Get Property Management Certification?
Residential and commercial property managers who are committed to their career, want to improve their job performance and obtain recognition of their abilities, should consider obtaining certification. Those who are considering a job change or who want to take on additional responsibilities should obtain certification to advance their standing in the eyes of employers.
About the Institute of Real Estate Management
The IREM is an affiliate of the National Association of Realtors and provides education, certifications, publications, conferences and membership to real estate management professionals.
About the National Property Management Association
The NPMA is a professional membership association that provides certifications, education, publications and membership to property managers.
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