Property managers oversee rental properties. They collect rent, show units to prospective renters, and schedule maintenance when needed. While a few states require that property managers be licensed, it is not necessary to obtain a professional certification such as the CPM to work as a property manager.
The CPM credential stands for "certified property manager." The CPM credential is awarded by the Institute of Real Estate Management, or IREM. To obtain the CPM credential, a property manager must be a member of IREM, must have at least three years of real estate experience, and must pass an exam.
Benefits of Certification
While professional certification is not a legal necessity for property managers, it can be a wise career step. The U.S. Bureau of Labor Statistics reports that professional certification can improve the employment opportunities of property managers. Certification can also improve earnings; the Institute of Real Estate Management reports that, on average, Certified Property Managers make 13 percent more than similarly-qualified property managers who are not professionally certified.
2016 Salary Information for Property, Real Estate, and Community Association Managers
Property, real estate, and community association managers earned a median annual salary of $57,040 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, property, real estate, and community association managers earned a 25th percentile salary of $39,910, meaning 75 percent earned more than this amount. The 75th percentile salary is $83,110, meaning 25 percent earn more. In 2016, 317,300 people were employed in the U.S. as property, real estate, and community association managers.