Colorado Real Estate Journal -
Perhaps you have noticed those three- to four-letter designations on a business card or an email signature. What do they represent and why is that important to you? Here are the seven most prominent designations available for property managers and other real estate professionals: • CPM® (CERTIFIED PROPERTY MANAGER®) granted by the Institute of Real Estate Management (IREM®). • ARM® (ACCREDITED RESIDENTIAL MANAGER®) granted by the Institute of Real Estate Management (IREM®). • RPA (Real Property Administrator) granted by BOMI International. • CCIM (Certified Commercial Investment Member) granted by the CCIM Institute. • CSM (Certified Shopping Center Manager) granted by the International Council of Shopping Centers (ICSC). • PCAM (Professional Community Association Manager) granted by the Community Associations Institute (CAI). • CAPS (Certified Apartment Portfolio Supervisor) granted by the National Apartment Association (NAA). How does the CPM® designation compare with each of the other designations? To answer this question, I will highlight details for the designations and compare each to the CPM® designation. The ARM® designation is most valuable to those individuals specifically managing residential portfolios. The education is extensive, and some of the courses required for the ARM® designation earn credit towards the CPM® designation. This gives the ARM® designee a jumpstart on his or her way to commercial designation, if desired. The RPA designation is office buildingspecific whereas CPM® Designees deal with all property types, not just office, providing a broader base of skills for diverse property holdings. CPM® Designees have more stringent portfolio requirements to ensure a depth and breadth of knowledge and skills to build value of real estate assets.
Fifty percent of IREM® Members manage office buildings representing more than 10.4 billion square feet of commercial space. The CCIM designation is focused on leasing and real estate brokerage while CPM® Designees expand that focus to include financial analysis and physical property management to maximize ROI. CPM® Designees build asset value for the long term rather than completing real estate transactions for the short term. The CSM designation is shopping center specific. CPM® Designees manage shopping centers in addition to all property types. CPM® Designees have rigorous education requirements and, unlike ICSC, have an array of professional development opportunities at its key meetings that help them stay ahead of the curve. Twentynine percent of IREM® Members manage shopping centers encompassing 1.5 billion square feet of retail space. The PCAM designation is condominium and communityassociation specific. CPM® Designees have leading edge courses available to them that address the skills needed to manage condominiums and community associations most effectively. The CAPS designation is multifamily specific. CPM® and ARM® Designees fulfill significantly more demanding education and portfolio experience requirements. CPM® Designees also focus on managing properties as investments, not just operations. In addition to these differences, CPM® and ARM® Designees also commit to a rigorously enforced Code of Professional Ethics. This ensures the utmost care in managing properties and handling client funds. Since experience is also an important consideration and can vary greatly in terms of quality and quantity, IREM® credentials provide a measureable, third-party benchmark for comparison. Those who have earned the CPM® and ARM® designation have met specific requirements for education and experience including portfolio size and functions performed. The CPM® designation is known as the “MBA” of real estate management and covers everything required to manage properties successfully. CPM® Designees improve the bottom line by applying all of their experience, education and networking to maximize the value of real estate investments managed.