||Certified Property Manager (CPM)
Experience is an integral component of the CPM designation. A total of three years (36 months) of experience is needed to become a CPM. Your experience for any given month qualifies if, during that month, you were in a real estate management position, managed a minimum portfolio, and performed a minimum number of functions.
CPM Candidates can chose to fast track the CPM designation by fulfilling the education requirement from 20 years (240 months) of qualifying real estate management experience - meeting the portfolio and functions requirements for all 240 months as listed below.Click here for more information about the CPM Fast Track options.
To qualify for CPM experience credit, you must manage a portfolio that meets minimum requirements, which varies based on the number of sites you manage.
Apartments, condominiums, homeowner's associations, mobile homes, mobile home parks, single-family homes, hotels, and motels
- 300 units at 1 site
- 200 units at 2-4 sites
- 100 units at 5 or more sites
Office buildings, retail buildings, shopping centers, multi-tenant industrial property, research and development (R and D) property, and self-storage centers
- 120,000 square feet (11,000 square meters) at 1 site
- 80,000 square feet (7,500 square meters) at 2 or more sites
Single-tenant industrial space
- 200,000 square feet (18,500 square meters) at 1 or more sites
Note: A site is defined as a geographically separate facility. If there is not a geographical separation, factors to consider for establishing individual sites are separate site offices, separate owners, and separate financial statements.
You can manage any combination of the property types listed above, as long as your combined portfolio meets the minimum requirement. If your portfolio contains a mix of residential, commercial, and industrial, use percentages to determine if you meet the minimum levels required. Also note that, as a general rule, managing raw land, a new property under construction and parking garages do not qualify for experience credit.
If, for any period of experience as a real estate manager you do not manage a minimum size portfolio, you would receive no CPM credit for that experience because you would not be functioning as a real estate manager per the IREM definition.
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IREM defines the activities performed by real estate managers according to 36 functions. In addition to managing a minimum size portfolio, you must perform at least 19 of the 36 functions in order for any period of real estate management experience to qualify for credit toward the CPM designation.
- Hire, manage, and evaluate site personnel and/or off-site management staff or contracted management firms, directly or through others.
- Identify staffing requirements and develop, or approve, job descriptions and/or develop and monitor, or approve, human resource policies, training and development plans, and diversity outreach initiatives.
- Identify, implement, and monitor, or approve, sustainable practices; including but not limited to energy use/conservation programs for the property.
- Determine which items or services are to be purchased for the property, prepare specifications, solicit and evaluate bids for contract services, negotiate or approve contracts, and monitor contracts.
- Oversee operation of building systems, supervise employees or monitor contractors who perform routine maintenance and repair work, and/or oversee planning and construction of tenant improvements and interior design.
- Design, implement, and monitor or approve, routine and preventive maintenance programs for the property.
- Establish or maintain and enforce the property's operating policies and procedures and occupancy/usage guidelines.
- Establish, maintain, and monitor adherence to, or approve, the property's record keeping system.
- Identify, analyze, and implement, or approve, capital improvement or replacement programs, including but not limited to maintenance or remodeling programs, resident/tenant improvements, and amenity enhancements.
- Perform regular property inspections and take appropriate action in accordance with established policies and procedures.
- Design and implement, or approve, resident/tenant retention, orientation, and property familiarization programs.
- Communicate routinely with occupants of the property concerning level of service and other management matters and/or investigate and resolve resident/tenant complaints.
- Administer the leasing and lease renewal process and/or negotiate or approve leases, including assessing the financial impact of the lease.
- Prepare, market, and show leasable space.
- Develop, implement, and monitor, a marketing plan and/or leasing plan for the property.
- Analyze market conditions and recommend or approve the property's rental rates.
- Design, implement, or approve life-safety and emergency preparedness programs for the property.
- Develop, implement, or approve a risk management program for the property to mitigate the property’s insurable risk and/or identify the property's insurable risks and recommend, secure and monitor insurance coverages.
- Recommend and/or initiate legal actions for violations of leases, contracts or governing documents, including but not limited to evictions and filing of liens.
- Ensure the property's compliance with government and environmental regulations.
- Process, and/or monitor, or approve property payables.
- Supervise property collections, including the handling of property receipts, journal entries, records of account, bank deposits, and delinquent accounts.
- Prepare, present, and implement annual property budgets, including capital expenditure budgets, or review, authorize, and monitor such budgets prepared by others.
- Prepare, analyze, and/or approve the property's financial and operating statements and variance reports.
- Approve major deviations from the budget, exclusive of emergencies.
- Identify and analyze the property's financial requirements and financing options, and/or replacement reserve requirements, and recommend funding sources to the owner.
- Estimate and monitor the market value of the property and assess the implications that estimates of value have on the owner; determine the reasonableness of assessed value
- Identify, analyze alternate uses of the property and implement or approve a plan to change the property's use (e.g., converting a residential building to commercial use).
- Identify, analyze, and propose property improvements relative to the future value and return on investment.
- Establish or maintain management controls and analyze the property's performance.
- Determine the goals and objectives of the property owner.
- Evaluate real estate tax assessments and recommend an appeal strategy to the owner when appropriate.
- Prepare a management plan for the property.
- Identify and recommend, or approve other sources of income for the property and implement programs accordingly.
- Acquire new clients, and/or establish and maintain client relationship(s).
- Fulfill the company’s contractual obligations; including, recommending, implementing, and managing modifications for management contracts and/or governing documents.
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