It’s becoming increasingly difficult for property managers to stand out among the competition. The industry is large and growing, so more and more companies seem to be popping up. In order to be a successful property manager, you’ll want to fine-tune your skillset, and property management training is one of the best things you can do in this regard. Use this guide to learn what property management certifications to get (and how to get them) in 2020.
What Certification Do I Need?
Real Estate Broker’s License
In a majority of states, property managers need to acquire a Real Estate Broker’s License. This license is required for a lot of the activities that surround real estate, such as entering into lease agreements and listing property.
States require a certain amount of class time to acquire this license, which can range from 10 to 100 hours, depending on your location. Once that’s through, you need to pass the exam, and you’re set! You’ll have the right property management certification to get going.
Property Management License
In a small handful of states, property managers don’t need a Real Estate Broker’s License, but rather a Property Management License. These are the District of Columbia, Montana, South Carolina, and South Dakota. In Oregon, property managers have the choice of either obtaining a REBL or a PML.
The process of obtaining a property management license is quite similar to the aforementioned Real Estate Broker’s License. Upon completion of coursework (the length of which depends on your state’s laws), you’re required to complete a written exam. And then you’re good to go.
What If My State Doesn’t Require Any Certification?
In 6 US states, property managers don’t need any certification to carry out their work. These are Idaho, Maine, Maryland, Massachusetts, and Vermont. In Kansas, you won’t need any residential property management certification– you’ll only have to get certified for commercial property management. While this sounds like an advantage, it can work against the favor of many managers. The lack of formal accreditation means there’s a low barrier to entry and potentially many property managers out there who aren’t thoroughly brushed up on their skills.
It is strongly recommended that you pursue one or more property management certifications to set yourself up for success. Even if your state doesn’t require any certification, you should definitely consider a handful of these options. Here why:
Why Should I Consider Getting Certified?
Get More Property Management Clients
The ability to advertise your qualifications is priceless and can provide a massive boost to your property management business. Clients want to be assured that their hired manager knows the ins and outs of the property management industry and can handle any situation. Becoming a certified property manager is a fantastic way to learn marketable skills that sound great to every property owner. By staying up-to-date on modern property management techniques, technologies, and best practices, you become what every real estate investor is looking for.
Among a sea of property managers, the highly accredited one has the highest chance of finding the best (and the most!) clients. This can be a major boost to your career in 2020.
Brush Up on Your Skills
Obtaining new property management certifications will mean that you have to undergo a certain amount of class time and training. While this might sound like a burden to some, it should be approached as an opportunity.
The world of real estate is dynamic and ever-developing. There are countless trends, and it’s tough for any one individual to keep track of everything they need to know. Just a few years ago, we couldn’t have guessed that Airbnb would take off and become a viable investment strategy making way for the success of Airbnb property managers, for example. Continuing education via property management certification is a fantastic opportunity to hone your skills.
Advanced courses provide a great opportunity to learn and develop. They give you a chance to share and learn from the experiences of other professionals. Even if you believe you know everything, there’s certainly something to be discovered which can enhance your performance as a property manager.
What Property Management Certifications Should I Get?
Accredited Residential Manager (ARM)
This property management certification is offered by The Institute of Real Estate Management (IREM), a global organization specializing in property management education. The coursework is specifically designed for individuals near the start of their property management careers and provides many of the tools needed to excel. Candidates must have at least one year of experience in managing properties in order to qualify for this accreditation.
Certified Property Manager (CPM)
In the world of real estate, this property management certification is the benchmark of great managers. It’s offered by the Institute of Real Estate Management (IREM) and entails a broad curriculum that sets you apart from your competition in the property management market. To qualify, you must have at least three years of experience managing properties and a Real Estate Broker’s License. If you intend to be a property manager for years to come, your eyes should be set firmly on the CPM as your next career boost.
Residential Management Professional (RMP)
This property management certification is licensed by The National Association of Residential Property Managers. This is an especially great route to take since NARPM is globally recognized and accredited. To qualify for this certification, candidates are required to have managed upwards of 100 units in the previous two years. As such, this certification is well-respected and would look great on any property manager’s resume.
Master Property Manager (MPM)
One step above the RMP comes the MPM. This property management certification is the most prestigious one awarded by the NARPM, as candidates need to manage at least 500 units in the past five years before application. If you’re running a property management company, an MPM will be one of the biggest boosts you could ask for.
Being a property manager entails having to deal with a dynamic market. With changes happening every day, a formal education and certification can go a long way to keeping your edge. Whether you choose to get property management certification online or enroll in practical programs, you can’t go wrong. Obtaining a new certification can be exactly the boost you need for 2020.
Looking for other ways to boost your property management career? Then check out Mashboard.