Work with a designated professional
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 designated professional:
- Has a minimum of three (3) years of creditable property management experience
- Has gained additional professional knowledge through globally-recognized training
- Has met strong functions and portfolio requirements as per IREM regulations
- Will deal fairly with all parties and is committed to the highest standards of professional conduct
- Adheres to the REIC Code of Professional Standards and the IREM Code of Professional Ethics
Frequently Asked Questions
What are the primary responsibilities of a CPM?
Primary responsibilities can range from management of the physical site, personnel, funds and accounts, leasing activities and tenant services.
How do CPMs determine the steps they will take to achieve the owners’ goals?
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.
How can owners be confident that a CPM will hold themselves to a high ethical standard?
Owners should be aware that property managers who have earned the CPM 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.