Becoming a CPM (Certified Property Management)
- Thread starter JBagorio
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Hi Jason
Very few investors get the CPM designation. Generally some corporate property managers do... The advantages of it are increased credibility from having a designation, and the knowledge from the courses...
The disadvantages are the time to do the course work, the time to go to the courses (some can be done through DE), cost of the courses, the cost of applying, ongoing regular payments to REIC for maintaining the designation. An additional disadvantage is that very few investors know what the designation is or hire based on a manager having it.
Are you applying to a property management or related job at a larger company? Or are you looking to start a small property management business?
Try giving Brent Davies a shout who`s in your area for more info. I believe he`s done the course work for the program and can advise on any additional source of info in Alberta through provincial Realtor association but doesn`t have the designation.
Here are a list of the courses you need to take - note you also need to be approved for cpm program through work experience, etc.. There are different requirements for commercial, industrial or residential but assuming residential you`ll need to be managing at least between 100-300 units depending on the amount of locations the units are located in. From their website:
This will depend on your previous education. For those applying without an applicable professional designation or university degree, there are seven courses which make up the educational component of the program. These are:
* REIC 2600: Ethics & Business Practice
* REIC 2260: Real Estate Investment Analysis
* REIC 2350: Finance in the Real Estate Context
* MNT402: Property Maintenance & Risk Management
* HRS402: Developing Human Resource Strategies for Real Estate Managers
* MKL405: Marketing & Leasing Multifamily Properties or MKL406: Marketing and Leasing Office Buildings
* BDM602: Writing & Using Property Management Plans
Other components include the Certification Exam, successful completion of a traditional management plan on an actual property or Management Plan Skills Assessment (MPSA), and three years experience in managing real estate.
Very few investors get the CPM designation. Generally some corporate property managers do... The advantages of it are increased credibility from having a designation, and the knowledge from the courses...
The disadvantages are the time to do the course work, the time to go to the courses (some can be done through DE), cost of the courses, the cost of applying, ongoing regular payments to REIC for maintaining the designation. An additional disadvantage is that very few investors know what the designation is or hire based on a manager having it.
Are you applying to a property management or related job at a larger company? Or are you looking to start a small property management business?
Try giving Brent Davies a shout who`s in your area for more info. I believe he`s done the course work for the program and can advise on any additional source of info in Alberta through provincial Realtor association but doesn`t have the designation.
Here are a list of the courses you need to take - note you also need to be approved for cpm program through work experience, etc.. There are different requirements for commercial, industrial or residential but assuming residential you`ll need to be managing at least between 100-300 units depending on the amount of locations the units are located in. From their website:
This will depend on your previous education. For those applying without an applicable professional designation or university degree, there are seven courses which make up the educational component of the program. These are:
* REIC 2600: Ethics & Business Practice
* REIC 2260: Real Estate Investment Analysis
* REIC 2350: Finance in the Real Estate Context
* MNT402: Property Maintenance & Risk Management
* HRS402: Developing Human Resource Strategies for Real Estate Managers
* MKL405: Marketing & Leasing Multifamily Properties or MKL406: Marketing and Leasing Office Buildings
* BDM602: Writing & Using Property Management Plans
Other components include the Certification Exam, successful completion of a traditional management plan on an actual property or Management Plan Skills Assessment (MPSA), and three years experience in managing real estate.
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Adam sums up the CPM very neatly.
CPM are active property managers, and are generally well knowen within the industry. The general public does not know what a CPM is. After 25 years in the property management industry, only one perspective client continued looking elsewhere because I was not a CPM.
CPM are active property managers, and are generally well knowen within the industry. The general public does not know what a CPM is. After 25 years in the property management industry, only one perspective client continued looking elsewhere because I was not a CPM.
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- Dec 4, 2007
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Thanks Adam and Brent for your response!
Adam thanks for the thorough explanation of CPM. Over the Christmas break the idea came to mind and kept me pondering with the idea of extending my business to not only manage my own, but to also other properties. I believe to be able to attain this I have to be taking the course and the licence!?
Adam thanks for the thorough explanation of CPM. Over the Christmas break the idea came to mind and kept me pondering with the idea of extending my business to not only manage my own, but to also other properties. I believe to be able to attain this I have to be taking the course and the licence!?
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Jason; I was a CPM and gave the designation up when I moved to BC. I started in the CPM program because I was the first person in Halifax to specialize in commercial leasing. This was the only program I could find that would teach me something about leasing.
Unless you are interested in becoming a Fee Manager (managing for others), I would not recommend going that route. It will take you five years, and numerous courses. However, the education and knowledge base is incredible.
If REIC or IREM allow it, take some of the courses that interest you, without taking all the courses required for the designation. Look on the IREM website. You will find many more courses listed on the IREM site than REIC, with many of those offered as home study or webinars. That is a far cry from the days when I did it, when we needed to go to major centers like Toronto, Chicago, etc, for week long courses.
Another option is to buy some of the books through their online stores. Although, I am unsure if you can get all of the information contained in the courses this way.
A couple other resource sites I can think of are: CCIM and BOMA. However, there is now a plethora of real estate designations around, if you just take the time to look for them.
But, now I go back to your goal. Are you interested in becoming a property manager, or furthering your knowledge?
Unless you are interested in becoming a Fee Manager (managing for others), I would not recommend going that route. It will take you five years, and numerous courses. However, the education and knowledge base is incredible.
If REIC or IREM allow it, take some of the courses that interest you, without taking all the courses required for the designation. Look on the IREM website. You will find many more courses listed on the IREM site than REIC, with many of those offered as home study or webinars. That is a far cry from the days when I did it, when we needed to go to major centers like Toronto, Chicago, etc, for week long courses.
Another option is to buy some of the books through their online stores. Although, I am unsure if you can get all of the information contained in the courses this way.
A couple other resource sites I can think of are: CCIM and BOMA. However, there is now a plethora of real estate designations around, if you just take the time to look for them.
But, now I go back to your goal. Are you interested in becoming a property manager, or furthering your knowledge?
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- Dec 4, 2007
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- 261
QUOTE (Dan_Eisenhauer @ Dec 29 2009, 07:20 PM) Jason; I was a CPM and gave the designation up when I moved to BC. I started in the CPM program because I was the first person in Halifax to specialize in commercial leasing. This was the only program I could find that would teach me something about leasing.
Unless you are interested in becoming a Fee Manager (managing for others), I would not recommend going that route. It will take you five years, and numerous courses. However, the education and knowledge base is incredible.
If REIC or IREM allow it, take some of the courses that interest you, without taking all the courses required for the designation. Look on the IREM website. You will find many more courses listed on the IREM site than REIC, with many of those offered as home study or webinars. That is a far cry from the days when I did it, when we needed to go to major centers like Toronto, Chicago, etc, for week long courses.
Another option is to buy some of the books through their online stores. Although, I am unsure if you can get all of the information contained in the courses this way.
A couple other resource sites I can think of are: CCIM and BOMA. However, there is now a plethora of real estate designations around, if you just take the time to look for them.
But, now I go back to your goal. Are you interested in becoming a property manager, or furthering your knowledge?
Hi Dan,
Thanks for the info. I did not know it will take 5 years… Regarding your question, it is a bit of both...mainly I was thinking on becoming a PM along side investing…if possible!? I have been managing some of my properties in the past 4 years (not to mention, doing very well at it) particularly the ones close to me. With that said I do enjoy both side of the game. I know that by being both I will be giving up time and effort in the investing side, but I figured it will add additional income to the business. Numerous times I have turn down offers from colleagues, family, and friends to manage their properties.
Why did you give your designation up? Is it because of the move? ..or something else?
Unless you are interested in becoming a Fee Manager (managing for others), I would not recommend going that route. It will take you five years, and numerous courses. However, the education and knowledge base is incredible.
If REIC or IREM allow it, take some of the courses that interest you, without taking all the courses required for the designation. Look on the IREM website. You will find many more courses listed on the IREM site than REIC, with many of those offered as home study or webinars. That is a far cry from the days when I did it, when we needed to go to major centers like Toronto, Chicago, etc, for week long courses.
Another option is to buy some of the books through their online stores. Although, I am unsure if you can get all of the information contained in the courses this way.
A couple other resource sites I can think of are: CCIM and BOMA. However, there is now a plethora of real estate designations around, if you just take the time to look for them.
But, now I go back to your goal. Are you interested in becoming a property manager, or furthering your knowledge?
Hi Dan,
Thanks for the info. I did not know it will take 5 years… Regarding your question, it is a bit of both...mainly I was thinking on becoming a PM along side investing…if possible!? I have been managing some of my properties in the past 4 years (not to mention, doing very well at it) particularly the ones close to me. With that said I do enjoy both side of the game. I know that by being both I will be giving up time and effort in the investing side, but I figured it will add additional income to the business. Numerous times I have turn down offers from colleagues, family, and friends to manage their properties.
Why did you give your designation up? Is it because of the move? ..or something else?
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- Oct 10, 2007
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Hi JNB
The requirements to be a property manager for others vary by province... I think in your area (Alberta) you need to be a realtor or broker unless a part owner of atleast XX% of the property... So you`ll also need to check with your provincial realtor`s association.... I think the CPM designation is independent of this... Ie even if you have the CPM designation if you don`t meet the other requirements it could be illegal for you to operate a PM company in Alberta...
I`d also add - Managing for other people is a lot less desireable than most people think... I strongly recommend you don`t get into it
QUOTE (JNB @ Dec 29 2009, 03:40 PM) Thanks Adam and Brent for your response!
Adam thanks for the thorough explanation of CPM. Over the Christmas break the idea came to mind and kept me pondering with the idea of extending my business to not only manage my own, but to also other properties. I believe to be able to attain this I have to be taking the course and the licence!?
The requirements to be a property manager for others vary by province... I think in your area (Alberta) you need to be a realtor or broker unless a part owner of atleast XX% of the property... So you`ll also need to check with your provincial realtor`s association.... I think the CPM designation is independent of this... Ie even if you have the CPM designation if you don`t meet the other requirements it could be illegal for you to operate a PM company in Alberta...
I`d also add - Managing for other people is a lot less desireable than most people think... I strongly recommend you don`t get into it
QUOTE (JNB @ Dec 29 2009, 03:40 PM) Thanks Adam and Brent for your response!
Adam thanks for the thorough explanation of CPM. Over the Christmas break the idea came to mind and kept me pondering with the idea of extending my business to not only manage my own, but to also other properties. I believe to be able to attain this I have to be taking the course and the licence!?
- Joined
- Oct 10, 2007
- Messages
- 4,730
Hi Jason
Check with REIC but you might already have some of the years experience you need... or depending on how many you manage you might not even be able to apply as a cpm candidate at all...
Additionally... Its not free extra money... Its work.... and if you already have the type of income needed to purchase multiple investment properties your probably not going to be making much more per hour of work doing PM work on a small scale....
QUOTE (JNB @ Dec 30 2009, 02:43 PM) Hi Dan,
Thanks for the info. I did not know it will take 5 years… Regarding your question, it is a bit of both...mainly I was thinking on becoming a PM along side investing…if possible!? I have been managing some of my properties in the past 4 years (not to mention, doing very well at it) particularly the ones close to me. With that said I do enjoy both side of the game. I know that by being both I will be giving up time and effort in the investing side, but I figured it will add additional income to the business. Numerous times I have turn down offers from colleagues, family, and friends to manage their properties.
Why did you give your designation up? Is it because of the move? ..or something else?
Check with REIC but you might already have some of the years experience you need... or depending on how many you manage you might not even be able to apply as a cpm candidate at all...
Additionally... Its not free extra money... Its work.... and if you already have the type of income needed to purchase multiple investment properties your probably not going to be making much more per hour of work doing PM work on a small scale....
QUOTE (JNB @ Dec 30 2009, 02:43 PM) Hi Dan,
Thanks for the info. I did not know it will take 5 years… Regarding your question, it is a bit of both...mainly I was thinking on becoming a PM along side investing…if possible!? I have been managing some of my properties in the past 4 years (not to mention, doing very well at it) particularly the ones close to me. With that said I do enjoy both side of the game. I know that by being both I will be giving up time and effort in the investing side, but I figured it will add additional income to the business. Numerous times I have turn down offers from colleagues, family, and friends to manage their properties.
Why did you give your designation up? Is it because of the move? ..or something else?