What education and certification are required for a hiring manager? In addition to a high school diploma, property management companies may require different levels of education and certification from their property managers. So let’s take a deeper look at these requirements below
Essential skills every property manager needs
Communication – The property manager is always in contact with someone, be it owners, tenants, sellers, or interested parties. Therefore, strong verbal and written communication is essential! This means that property managers send emails, respond to texts, make phone calls, and issue written notices on a daily basis.
Patience – Resolving disputes between tenants or calming the nerves of a nervous landlord requires patience and excellent de-escalation techniques.
Attention to detail – Managing rental properties involves sensitive information and legal documents. Therefore, attention to detail is key when completing contracts, sending notices, and complying with all applicable laws.
Organization – Property managers wear many hats and keeping all the different processes in order requires exceptional organization. In addition, processing leasing processes, maintaining turnover and accounting require time management and the ability to multitask.
Basic accounting – Keeping track of rent payments, calculating and recording late fees, or tracking expense reports means property managers need basic accounting skills. Although many software programs help property managers with simple accounting, some knowledge of best practices is essential.
What education and certification are required for a hiring manager?
In addition to a high school diploma, property management companies may require different levels of education and certification from their property managers. So let’s take a deeper look at these requirements below
Certified Property Manager (CPM)
Certified Property Manager or CPM is a highly recognized designation among property managers.
Complete a minimum of 3 years of consecutive employment in a qualified property management position.
Individuals must hold a real estate license or verify that they may not be licensed in their current position.
An individual must complete a minimum of 19 of the 36 CPM job requirement activities to qualify for credit toward CPM certification.
Complete all requirements within 12 months of enrolling in the course.
Individuals must also manage a minimum portfolio of rental properties based on the requirements below –
Residential – Apartments, Condominiums, HOAs, Mobile Homes, Mobile Home Parks, Single Family Homes, Hotels, or Motels. In addition, the portfolio size must reach or exceed 200 units in 1 to 4 locations or 100 units in 5 or more locations.
Commercial – administrative buildings, business, and commercial premises, industrial buildings, research, development, or self-storage centers. Additionally, portfolio size must meet or exceed 120,000 square feet at 1 location or 80,000 square feet at 2 or more locations.
Industrial – Large industrial space with one tenant. Portfolio size must also meet or exceed 200,000 square feet in 1 or more locations.
Master Property Manager (MPM)
The highest level of distinction an individual can achieve in property management is Master Property Manager or MPM. This requires a minimum of 60 months of continuous employment in property management. In addition, the successful candidate must meet all CPM certification requirements. In addition, the portfolio requirements are slightly higher. With a minimum unit count of 500 residential units on 1 or more sites or 100 units on 5 or more sites.
Those just starting out in the industry will likely need to apply and work with an established property management firm or realtor to help gain the necessary experience. However, building on these experiences with the help of industry certifications and courses can set individuals up for a rewarding career in a variety of positions.
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Designated Local Expert Network provides selected brokers & agents a surrogate identity for business branding that is truly unique, easily memorable, and confers market specialization consistent with deep expertise.
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