What is the "CPM" certification in multifamily?
Mar 26, 2025
The Certified Property Manager (CPM) certification is a prestigious designation offered by the Institute of Real Estate Management (IREM). It's considered one of the highest standards of professional achievement in the property management industry, including multifamily housing.
CPM certification demonstrates a deep understanding of:
Property Management Principles: Effective management practices, financial analysis, and operations.
Legal and Regulatory Compliance: Adherence to fair housing laws, lease agreements, and other legal requirements.
Financial Management: Budgeting, accounting, and financial reporting.
Marketing and Leasing: Effective marketing strategies, leasing techniques, and tenant relations.
Maintenance and Operations: Property maintenance, repair, and operational efficiency.
Benefits:
The CPM will enable you to earn more. The average base property manager salary in the U.S. is $48k. For CPMs, the average is $118k according to IREM compensation studies.
Go farther in your career. Over half of CPMs hold senior-level management positions.
Expand your network. Generate business referrals. Meet future employees or employers and consult with other experts.
IREM membership.
Ability to showcase your credibility with a digital badge to add to your email, website, and more.
Requirements:
Becoming a CPM takes a minimum of 12 months to complete; however, on average individuals spend 18-24 months preparing for the certification.
Education: Completion of IREM's designated coursework (8 certification courses).
Experience: A minimum number of years (36 months) of qualifying experience in property management.
Exam: Passing a comprehensive examination.
Attendance: Attend at least two events with your local IREM chapter.
Costs:
While the cost averages approx. $8,000, the cost to become a CPM can vary depending on several factors, including:
IREM Membership: You'll need to be a member of IREM to pursue the CPM certification. Membership fees vary depending on your location and membership level.
Coursework: The cost of completing the required coursework can also vary based on the provider and your specific needs. Some courses may be offered online, while others may require in-person attendance.
Exam Fees: There are fees associated with taking the CPM exam. These fees can change over time.
