Licensed real estate property management firms obtain significant benefits by seeking the optional CRMC® designation. This acronym stands for “Certified Residential Management Company.” (This designation, not to be confused with Certified Regulatory Compliance Manager in the financial services field, remains available to companies which adhere to National Association of Residential Property Managers best practices.) It indicates the firm has undergone an intensive six-step process to enhance and automate property management in a systematic way. Only the most elite sector of the realty property management marketplace obtains this coveted title.
The process of undergoing challenging peer review forces realty management firms to closely assess their business models. With the assistance of their mentor, managers seek to find ways to create more robust administrative processes. They also endeavor to automate services when feasible. This type of careful analysis yields significant rewards over the long term. Many property managers maintain their firms benefit enormously as a result.
Some areas which undergo review include human resources, customer relationship management, and information technology, including both hardware and software. This type of systems analysis offers enduring benefits. It addresses a common complaint within the property management industry: managers overwhelmingly express concern their employees may not always adhere to the most efficient standardized management processes.
A Comprehensive Peer Review Process
In order to become a CRMC® realty firm, a company must scrutinize and evaluate every aspect of its operations. A mentor assists in this comprehensive process. The business requires a Master Property Manager (MPM®) as a staff member in order to apply for the program. The realty property management firm must also establish that it has managed at least 500 residential units for a period of at least one year.
The Certification Committee then selects an auditor from the NARPM to conduct a comprehensive audit of the firm within three years of the application. Firms which gain this approval re-certify ever three years in order to keep the CRMC® designation current through renewal. Maintaining this high standard helps ensure a property management company remains on the cutting edge of the industry in terms of its use of technology!
This blog was originally published on www.PeterBubel.com