Whether you’re just newly started or hoping to develop your property management career, you’re probably aware that you’ll need a license or certification. While some jurisdictions do not require formal licensure or certification, you may want to think about getting one or two to offer yourself validity and marketability.
Let’s look at the best property management courses and licenses available, who administers them, and how they might help you develop your career.
- Property Management Certificate Course—Penn Foster
- Vacation Rental Management Course—VRMA
- Certified Manager for Commercial Properties Course—BOMA
- Master Property Manager Course—NARPM
- Certified Apartment Management Course—NAA
- Certified Property Manager Course—IREM
1. Property Management Certificate Course—Penn Foster
Duration: 4-8 mo
Price: $479
Penn Foster’s Property Management Certificate Course is perfect for beginners due to its low cost, extensive course material, and lack of prerequisite experience.
The Property Management Certificate Course by Penn Foster is an exception to the standard that most property management courses demand at least a year of professional experience before you can apply. Penn Foster is a great place to start if you want a complete introduction to the field without having to spend time in the area beforehand.
The Property Management Certificate Course teaches the fundamentals of real estate law, property maintenance, tenant relations, and facility management. The course is entirely online and self-paced, as well as mobile-friendly. They do not, however, provide in-person training. Fortunately, textbooks and other learning materials are included in your tuition, so you won’t have to buy them separately.
This course is quite reasonably priced at $479 if paid in full. They do offer monthly payments, but you will wind up spending more. The course allows access to student support services and networking with other students.
2. Vacation Rental Management Course—VRMA
Duration: must complete the five online module program
Price: $450 for VRMA members/ $750 for non-members
The Vacation Rental Management Association (VRMA) provides the most specialized Vacation Rental Management Course because of its experienced panel of course designers, low price, and short hourly requirements to start the vacation rental business.
The VRMA Vacation Rental Management Certificate Program is created for vacation rental managers (VRMs) who want to expand their industry knowledge, improve abilities, advance careers, and acquire a competitive advantage in the professionally managed vacation rental market.
The course is divided into five parts, covering all you need to know to establish or expand your vacation rental management business. You’ll study business operations and planning, organizational management, marketing and promotion, guest relations, and owner relations.
The self-paced course is entirely online, ideal for busy property managers but not ideal for those who like to learn in person.
The Vacation Rental Management Course costs $750, but if you become a member, the price drops to $450. Property managers can join for as little as $420 per year. Following graduation, you will be required to submit $100 and 15 continuing education credits every three years to keep your certification current.
3. Certified Manager for Commercial Properties Course—BOMA
Duration: 30-course hours
Price: $1,170
BOMA is a known name in the commercial property management industry, so it’s no surprise that their course was named the best. The course will assist you to become an expert in commercial property management by delivering practical information and linking you to a global network of professionals.
The course includes commercial property management-specific topics such as accounting and finance, commercial lease management, risk management, property maintenance, property management, etc. It’s self-paced and entirely online, with a digital textbook and study materials included in the price.
You may be allowed to bypass the course and go right to the exam if you have a degree and some property management experience. To qualify, if you don’t have a degree, you must have four years of property management experience and 30 hours of verified commercial property management courses. BOMA’s course is precisely 30 hours long and covers all the educational criteria, so you’ll be prepared for the exam.
You will pay $1,170 for the course and the exam. It’s worth noting that the exam is available in-person or online, with a proctor watching you via webcam. Check out the CMCP Exam Information homepage to identify testing sites and learn about the technical requirements for online testing.
4. Master Property Manager Course—NARPM
Duration: 42-course hours
Price: Averages $2,000
The Master Property Manager (MPM) Course is ideal for those with considerable residential property management experience. This course dives deep into the technical information required to become an industry leader, distinguish yourself from your peers, and open the way for subsequent certifications.
The MPM course is the highest level of NARPM certification for experienced property managers who have managed at least 500 units in the previous five years. It elevates you to the top of your real estate management career in terms of credibility, making it the top choice for residential property management courses.
In addition to managing 500 units in the previous five years, the MPM course prerequisites include:
- NARPM membership
- Recommendation letters from three clients
- Recommendation letters from two MPM designees who your company does not employ
- Completion of 24 NARPM course hours
- Attendance at two national conventions or two-state or regional conferences sanctioned by the NARPM
- Successful completion of the NARPM Ethics course
- Completing some career electives, such as attending local NARPM chapter meetings or participating on a committee
To become an MPM, you must first obtain the Residential Management Professional (RMP) certification. The cost of that course is $795 for 18 hours of coursework. Following that, you can work for your MPM designation by completing additional 24-course hours.
The programs are held both online and in person. Each regional branch has its own seminars and lectures, which you may obtain by entering your zip code on their website. Non-member courses run from $45 to $265; however, you can obtain significant discounts if you become a member for $295 per year.
5. Certified Apartment Management Course—NAA
Duration: 40 hours
Price: $1,017 for non-members, $865 for NAA members
The Certified Apartment Management (CAM) course includes a wide range of fundamental topics for apartment management. It educates students on industry fundamentals, financial management, legal requirements, property maintenance, management, inspection, and other critical topics such as developing relationships with residents. Students have one year to complete the 40 hours of coursework divided into eight modules. They must also establish that they have actively maintained apartments for at least a year before the exam date.
You can purchase the course modules separately or as part of a whole program. The course is delivered online through Visto, the NAA’s e-learning platform partner. Exams are available at your local NAA affiliate or online, where a proctor monitors them via webcam.
Non-NAA members must pay $1,017 for the entire course, but you can purchase each module separately for $135. The exam cost is included in the course price; however, you will have to pay more if you need to retake the examination. For NAA members, the training is only $865; membership rates vary depending on how many units you manage, with an average of roughly $3 per unit yearly. To keep your CAM qualifications, you must complete six continuing education credits each year, which costs $100.
6. Certified Property Manager Course—IREM
Duration: Average of 18 to 24 months for 8 courses and capstone
Price: Averages $7,500 to $8,500
For property managers with prior experience, the Institute of Real Estate Management (IREM) offers a thorough, expert-level Certified Property Manager Course that helps graduates receive promotions and roughly double their salary.
The CPM Course covers advanced topics such as real estate investment, ethics, and leadership. You can skip seven of the eight compulsory courses if you already have a degree, specific qualifications, or more than 20 years of property management experience. The courses can be accessed both in-person and online. The Capstone test and certification is a two-part final exam and certification. The majority of students finish their courses between 18 and 24 months.
This is one of the most expensive property management courses, with tuition ranging between $7,500 and $8,500. IREM members may be eligible for a discount on some courses. You should also be aware that you must continue to pay yearly dues to keep your CPM designation.
To graduate, you must have 36 months of qualifying real estate management experience; hence, this course is suitable for persons already in the profession.
What Is the Best Property Management Course?
The Property Management Certificate Course is the best course to study if you are ready to enter the profession of property management. You will learn property management principles and create a mindset that will help you understand the leasing process in this course. You will also learn to detect and manage the risks of managing rental properties. This course will teach you how to lease out a rental property and become an expert landlord by teaching you the procedures and best practices. Improve your selection criteria to discover tenants who will pay their rent on time and not damage the property.
Is It Expensive to Take a Property Management Course?
Yes. While single courses might cost as little as $45, courses that include certifications or designations can cost anywhere from $479 to $8,500. Prices for courses vary depending on the level of specialty, the format (online or in-person), and the provider.
What Are the Best Property Management Courses Online?
The best property management courses allow students to use modern tools and technologies to practice their abilities in real-world circumstances. Students should not feel like they are back at school behind a desk but rather that they are in an actual workplace working on real-life assignments.
Here are other best property management courses to consider:
- Property Management for Homeowners (Udemy): This course is ideal for aspiring landlords who want to learn the ins and outs of the property management industry. You will learn how to choose quality tenants, write a contract, and maximize your investment. At the end of this program, you will have all the resources you need, such as tenant applications, property inspection forms, and a customizable lease, in one spot.
- Fundamentals of Residential Property Management (Udemy): If you are ready to start your property management career, this is the place to start. Learn the ins and outs of residential property management and how to handle an apartment complex or rental property like a pro. Learn the principles of residential property management, the intricacies of the leasing process, the value of preventative maintenance, and the notion and impact of Fair Housing Laws.
- Marketing for Residential Property Management (NARPM): This 6-hour training offered by NARPM will assist you in developing an efficient marketing strategy for your property management business. This session is very hands-on, and you will be required to write or define your mission statement and narrow down your primary marketing goal to drive your business in the right direction. You will also study how to create a branding strategy, identify the most successful media and advertising channels, and analyze marketing results for your organization.
- Developing Rewarding Owner Relationships (NARPM): Another excellent course offered by the NARPM is Developing Rewarding Owner Relationships. It is for property managers and brokers who wish to leverage the power of relationship-building to drive business success. Even if you have demanding clients, you will discover how to develop solutions that satisfy both parties. This course digs into the four stages of client relationship development: the owner as a possible client, securing the client and property, servicing the client, and terminating the client relationship.
Is Taking an Online Property Management Course Helpful?
Yes. Taking property management courses before entering the job market has numerous advantages. Taking a property management course can offer you the skills you need to succeed at work. Lessons in property management teach students how to budget, promote, and manage day-to-day operations. It will also help you gain access to better roles and higher pay by acquiring the promotions that come with such positions.
Is It Required to Take a Property Management Course for Property Managers?
Yes. Although certification is not necessary for every state, it might help you gain a competitive advantage when applying for property management positions. Typically, states will require you to complete some real estate education courses and pass a real estate licensure exam before you can practice.