In business, the right credentials can communicate your worth as a consultant or employee. While you may already specialize in property management, there are a few good reasons why getting your CERTIFIED PROPERTY MANAGER® (CPM®) designation is a step in the right direction.
Better Job ProspectsProperty owners know how complex and delicate the balance of keeping costs down, choosing the best tenants and keeping high occupancy can be. When they see that you have put in the work to complete the CPM® designation program, they are far more likely to trust you with their valuable properties, as a highly skilled and highly trained individual. Your pledge to uphold the REIC and IREM codes of professional standards and ethics will only boost perception from employers and peers.
Increased TrustAs a property manager, you may be responsible for millions of dollars in property and work with a staff of half a dozen people or more. Employers need to know that the person that they are hiring has the skills to run their properties efficiently while keeping residents or business tenants satisfied. On your journey toward becoming a CPM®, you will be required to take classes on subjects like ethical business practices and handling reserve funding, which will make you not only capable of handling financial aspects as a manager, but trustworthy to make the best decisions. A CPM® puts property owners' minds at ease.
Commercial real estate author Jordan Muela writes, "Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit."
Proven ExpertiseWith your CPM® designation, you will have documented proof that you have completed courses in areas such as:
- Leadership and Human Resources
- Mortgage Underwriting
- Leasing and Negotiating
- Real Estate Law
- Ethics in Business Practice
Higher EarningsCPM® members earn more. A compensation study report published in 2014 shows CPM®members earned, on average, around $105,000 per year between salary and benefits. By contrast, Payscale.com reports that the average annual income for senior property managers is just over $70,000.
The salary of a CPM® increases with experience and as they take on more responsibility, including managing larger teams. Compensation for CPM® Members typically increases with experience and higher levels of education. Generally, the more employees and the greater the portfolio a CPM® Member manages, the greater the annual salary and total compensation.
A Supportive Professional NetworkWhen you work with REIC to obtain your CPM® designation, you also become a member a massive group of like-minded professionals in real estate industries across Canada and worldwide. The importance of networking in the real estate industry is just as important as with any other career. Regular contact with people in real estate allows you to learn from the experience of your fellow professionals on both the local and national level. Plus, you can gain access to valuable members-only publications and online resources that can give you an edge over those who aren't on the inside.
Gaining your CPM® designation takes you to a new level as a business professional. If you would like to know more about this program, and REIC's flexible course options, please contact us today.