A CPM maximizes your return
With years of experience and comprehensive management expertise, a CPM can enhance the value of your real estate assets and make the most of your portfolio.
A CPM provides immediate solutions
A CPM has the ability to resolve complex issues quickly and efficiently.
If a tenant crisis or a series of operational setbacks should suddenly arise,
you can rely on a CPM.
A CPM competes successfully in your market
Whether your real estate investments are in one city or across the globe,
a CPM knows how to position your properties in their local markets.
A CPM protects your investment
A CPM must abide by the most stringent code of ethics, which requires
the utmost care in managing your portfolio. You can trust a CPM to
manage your investments with unquestionable integrity.
About real estate management and property managers - FAQs
Q: How would you define professional property/real estate management?
A: Simply put, professional real estate management is the administrative operation and maintenance of properties to meet the objectives of their owners. It also involves planning for the future of the properties by proposing physical and fiscal programs that will enhance the value of the real estate.
Q: What are the primary responsibilities of professional property managers?
A: Their primary responsibilities are: (1) management of the physical site, (2) management of on-site and off-site personnel, (3) management of funds and accounts, and (4) management of leasing activities and tenant services.
Increasingly, real estate managers are being called upon to take on asset management functions, shouldering an evergrowing degree of responsibility for financial and strategic tasks.
Q: Generally speaking, what is the primary goal that property owners—and therefore their property managers—
strive to achieve?
A: That goal is usually for the property to reach its highest and best use, meaning that it generates the highest net operating income (NOI) possible and is being used in the best possible way based on its location, size and design.
Q: How do professional property managers determine the direction they will take to achieve the owners’ goals?
A: They typically start by developing a management plan – an analysis of the current physical, fiscal, competitive and
operational conditions of a property expressed in relation to the owners’ goals. If these conditions are not compatible with attaining those goals, real estate managers generally use the management plan to recommend and support physical, financial or operational changes. Management plans also may be developed to evaluate the feasibility or practicality of plans owners have for their property.
Q: What are the typical components of a management plan?
A: Because of the unique aspects of each property, each real estate manager’s management style and each owner’s expectations, there is no definitive form for a management plan. But the typical components of a plan, in the following sequence, are:
• Regional analysis
• Neighborhood analysis
• Property analysis
• Analysis of alternatives, e.g. operational changes, structural changes and changes in use
• Cost-benefit analysis
• Conclusion and recommendations
Q: With ethical practices clearly an important part of professionalism in real estate management, how
can owners be reasonably confident that their property managers will hold themselves to a high
A: Owners should be aware that property managers who have earned the Certified Property Manager® (CPM®) designation conferred by IREM (through REIC in Canada) must abide by the strictly enforced IREM® Code of Professional Ethics and the REIC Code of Professional Standards. In addition to the fiduciary responsibility called for as the owner’s agent, the IREM® Code of Professional Ethics requires managers to hold proprietary information in confidence, to maintain accurate financial and business records for the managed property and to protect the owner’s funds. The Code also outlines duties to one’s employer, to former clients and employers, and to tenants and others; sets forth requirements for contracting management and managing the client’s property; and addresses relations with other members of the profession and compliance with laws and regulations.
Q: When owners and real estate management companies hire property managers, what types of questions should
A: When seeking a professional property manager, ask questions directed to learning about the real estate manager’s professional integrity, communication skills, analytical problem solving ability, and experience and reputation. Look for managers who have demonstrated experience in the areas of human resources management; physical property management; financial, risk and administrative management; communications and tenant/resident relations; and marketing and leasing. Holding a professional credential from a recognized organization such as REIC and IREM is one way to qualify potential managers.
Q: How can I find CPM® Members in my area?
A: Use the “Find a Member” online directory link (below) on the REIC website. The directory can be searched by location, designation, name, etc.
Connect with CPM Members