There are several reasons why a landlord may decide to hire a property manager. These reasons can include limits on time available to manage the property, and the landlord does not live near the property. After hiring a property manager, the property manager becomes responsible for taking care of the rental property. Property managers are therefore the most important piece of a landlord’s rental business as well as the biggest potential liability. As a landlord, you want to ensure your business is in good hands so before you hire an individual or a business to manage your property, make sure you ask for references and conduct research to see if they have the experience, knowledge and track record that you need in a rental property manager or management company.
One important characteristic to look for in property managers is which and how many property management related licenses or certifications they have. In addition, some counties may require that individuals pass a test or pay a fee if they want to manage properties in their area. Below is a list of different certification’s or licenses that experienced property managers may have.
Certified Manager of Community Associations CMCA: The Community Association Managers Certification Board awards internationally accredited certifications in property management. Individuals with their certification manage condominium associations, homeowner’s associations, commercial associations and more. Not only do property managers who want their certification need to pass an exam, but they also need to continue to acquire continuing education credits to keep the certification.
The National Association of Residential Property Managers: The national association of residential property managers has several programs and certifications. Their Residential Management Professional (RMP® certification certifies the manager’s ethical and professional standards. In order to attain this certification, a property manager must have a real estate license, two years of experience and manage at least 25 rental units. They also offer the Master Property Manager (MPM®): Certified Support Specialist (CSS), and the Certified Residential Management Company (CRMC).
Certified Apartment Manager - For managers that specialize in apartment management the CAM certification demonstrates that individuals have the knowledge and the ability to manage rental apartments. Managers must take courses and pass a test in order to receive CAM certifications.
Certified Property Manager (CPM): This certification offered by the Institute of real Estate Management requires extensive experience. You must have 3 years of qualifying experience, take seven required courses or have commensurate experience (e.g. a undergraduate or graduate degree with a major or minor in real estate or property management, pass a management plan, pass a test, attend an ethics course with an exam, have 3 letters of recommendation, pass a year long candidacy period and fulfill other requirements.
Real Estate license & Realtor Membership: Some localities require property managers to have a real estate or broker's license.
If part of the reason why you want to hire a property manager is that you feel that you do not have the time to manage your properties, you may find that a small investment in a new rental property system could give you the extra help you need. Advances in rental property software are enabling landlords and even property managers to become more efficient in running small and large rental property portfolios.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.