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IREM designations key to staying ahead.

As summer draws to close, our attention turns to the busy fall season. For many that means heading back to school. And the real estate industry is no exception.

For anyone looking to stay ahead of the competition in real estate today, education holds the key. And for a growing number of real estate professionals, that "key" is the one that bears the Certified Property Manager (CPM) designation.

While there are numerous designations available in real estate today, the CPM designation is one of the most respected in our industry.

For more than half a century the institute of Real Estate Management has awarded the CPM designation to professionals in property and asset management who aspire to the highest levels of excellence. Although there are approximately 50,000 property managers in the U.S. and Canada, only 9,000 have achieved the prestigious CPM designation.

What does it take to become a CPM? Experience, education and ethics.

In order to qualify for the CPM designation, candidates must demonstrate at least five years of effective property management experience, as defined by IREM, or three years if under the direct supervision of another CPM.

Education is the chief component of the CPM designation. Candidates must complete examinations for each of the three major courses in the CPM program. The courses, which are taught by experienced and trained CPM members, are a comprehensive and rigorous review of all aspects of property management - from long-term financial analysis and feasibility studies to the practical "nuts and bolts" of daily operations.

Finally, CPM members must successfully complete a seminar on ethics in property management. They must abide by the Code of Professional Ethics of IREM, and any violation of this Code could result in suspension or revocation of the designation.

For those interested in specializing in residential management, IREM offers the Accredited Residential Manager ARM recognition award. IREM also awards the Accredited Management Organization (AMO) designation to firms that meet its stringent criteria.

Attaining these designations requires a lot of hard work and a commitment of time that is difficult to make in today's demanding business environment.

But the rewards are many. Studies made by the nation's leading real estate search firm found that, all other things being equal, managers with the CPM designation earn an average of 10 to 15 percent more than those without it. Real estate investors choose managers who wear the CPM key three to one over those who don't.

More and more real estate is being owned by institutional investors. Although they are not geared to manage properties in-house, these astute investors will seek to hire firms with CPM and AMO designations. They will also staff themselves with asset managers with CPMs on their resumes.

This fall the Greater New York Chapter No. 26 of IREM is offering s full slate of courses at New York University. The courses include an ethics seminar, Leasing and Management of Office Buildings," "Successful Site Management" and "Introduction to Apartment Management." For those interested in attending these courses, please contact IREM Chapter Administrator Colleen Cugine at (212) 944-9445.
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Article Details
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Title Annotation:Career Development; Institute of Real Estate Management
Author:Becker, Hilary
Publication:Real Estate Weekly
Article Type:Column
Date:Aug 18, 1993
Words:513
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