Seeking a property manager to supervise your growing rental portfolio? Hiring a property manager can help unload many of the daily tenant and rental responsibilities of a landlord. This allows a landlord to focus on other aspects of the business, including investment opportunity areas, financial growth, and tax laws in their respective cities.
A property manager that’s certified in property management can be of value to your business. Having certification shows authority and expertise in the industry. The city in which your rentals are located may mandate that a property manager obtain a separate license in order to manage them. Make sure you check with your local real estate commission board for official regulations.
State-Issued Real Estate License
Property management companies (PMCs) are required by many states to have a real estate broker license. It’s especially necessary when the PMC is hands-on with rent collection, advertising, and marketing.
Depending on the state, property managers employed by a PMC may only need a real estate salesperson license rather than a broker license. Though, he or she could be required to work under someone with that type of credential.
Both real estate and broker licenses are awarded by the respective state government or real estate commission board. Check your state laws for course requirements and details.
Certified Manager of Community Associations (CMCA)
The CMCA is a valuable asset for property managers to have. It’s awarded by the National Board of Certification for Community Association Managers (NBC-CAM) and recognizes those who have mastered the necessary skills and knowledge to manage community associations, such as co-ops and condo associations. Education on new and updated rental laws for respective municipalities and states are essential for all members. It’s a requirement for them to keep their CMCA up-to-date.
Certified Property Manager (CPM)
Earning a CPM certification is an important credential for a property manager to have. The requirements to complete the course are comprehensive, and to qualify is an equally extensive process. To become certified, one must have fundamental knowledge in all areas of the business. Holding a real estate license or having documentation proving that a license isn’t required from your state is a must.
Residential Management Professional (RMP)
Ethic, professional conduct is expected of property managers. The National Association of Residential Property Managers (NARPM) offers certifications to prove just that. The RMP program and CPM program are similar in three ways:
- Must have a real estate license
- Minimum 2 years’ experience
- Managed 25 rentals in candidacy period
Certified Apartment Manager (CAM)
A property manager who works specifically on apartment rentals will benefit from having a CAM certification. These programs can be completed online as well as in a classroom setting. A cumulative exam is required to take at the end of the course for property managers to achieve accreditation.
You see, there are a lot of benefits to hiring a property manager to oversee your rentals. One with certified credentials means that they’ve been properly educated and trained, so they can be a real asset to assisting your tenants, communicating with contractors and vendors, and maintaining your properties efficiently. Of course, always remember to see how an external property manager fits into your budget before making the decision to hire. When you track expenses with Apartments.com, you will have a comprehensive overview of all your income and expenses, making it easier to make financial decisions regarding your rentals.
