Why hiring a certified property manager makes sense
Real estate investors and property owners with growing or large portfolios face complex property management challenges that can exceed their capabilities or take time away from other key operational tasks. This when it makes sense to explore hiring a certified property manager. Certified property managers are capable of running a multi-property portfolio while also managing a team of assistant or on-site property managers.
Recognized industry knowledge and training
Hiring a certified property manager means you are hiring an experienced and highly knowledgeable professional to run your properties. The minimum requirements to become a certified property manager recognized by the Institute of Real Estate Management (IREM), include:
- A minimum of 3 years experience
- Completing 7 educational courses offered by IREM
- Passing the certification exam
- Submitting 3 letters of recommendation
- Candidate interview and approval
After earning the CPM designation, property managers must maintain their certification through continuing education.
Who should hire a certified property manager?
Owners of multiple commercial or multi-family properties are at the top of the list for hiring a certified property manager. These owners are likely to find the most value in a certified property manager who can run the operations of multiple properties. Certified property managers are trained to run financial, legal, social, economic, and physical operations of a property, and oversee on-site staff. They are also great for diversified portfolios, as most are experienced in running office, retail, flex, and multi-family properties. Hiring a certified property manager is not cheap. Their average salary is over $135,000 per year, so make sure they are a great fit for your organization.
Resources for hiring a certified property manager
Making an investment in a certified property manager is not cheap, and making the wrong hire can have consequences beyond their salary. The best resource for hiring a certified property manager is IREM’s directory of credentialed property managers. This tool lets you look up and verify current the status of an individuals certified property manager designation. If you are looking to hire an outside property management firm you can also find accredited organizations using the search tool.
Want even more of the latest property management news?
Follow us on LinkedIn or sign up for the Property Manager Insider Newsletter: