One consequence of the nation’s housing market collapse has been a rise in the number of homes that are occupied by renters rather than owners - nearly 39% nationwide and more than 50% in some cities, according to some reports. This trend is causing an increasing number of real estate agents, homeowners and investors to transition into property management.Â Acknowledging both the opportunities and pitfalls that can come with managing rental property, the Institute of Real Estate Management (IREM®) and the National Association of Residential Property Managers (NARPM®) have pooled their expertise to jointly develop and launch a new course on “Managing Single Family Homes and Small Investment Properties.”
The course details the how to’s, common mistakes and crucial details of navigating the challenging but rewarding real estate management profession, with an emphasis on managing single family homes. Moreover, by teaching attendees the professional methodology to manage properties, it will help them deal with, or sidestep, the thorny legal and ethical issues to which newcomers to the business are especially vulnerable.
The course is available now in online format and will be offered live in classrooms early next year.
Specific topics addressed in the course include:
• Management agreement - Requirements for management agreements, state real estate license requirements
• Ethics and legal issues - Importance of ethics in property management; fair housing issues; resident-landlord and other laws related to leasing and property management; evictions
• Risk analysis and insurance coverage - Risk management program; common residential property hazards; insurance types; insurance claims
• Maintaining the property - Maintenance guidelines and strategies; major residential maintenance components; working with contractors; creating greener properties
• Financial budgeting and other tools - Property budgets and trust accounts; cost-benefit analysis; record-keeping and reporting systems
• Marketing and leasing - Market analysis; rental rates; advertising; showing the space; resident solicitation; screening and selection; residential leases; lease renewal.
Those who take the course will come away with:
• An in-depth understanding of the intricacies of managing single family homes and small investment properties
• The skill to maximize the value and financial return of the properties they manage
• The wherewithal to gain a reputation as a manager who knows what it takes to lease and manage a property
• Knowledge that will enable them to earn the respect of residents and tenants
• And much more.
TUITION AND REGISTRATION INFORMATION
Tuition for the course in the online self-paced format is $99 for members of IREM and NARPM and $119 for non-members. For additional information and to register, visit www.irem.org/sfh201, or call toll-free at (800) 837-0706, ext. 4650
SPONSORSHIP OPPORTUNTIES FOR CLASSROOM COURSE
Organizations interested in sponsoring the course in the classroom format should contact IREM at firstname.lastname@example.org or 1-800-837-0706 ext. 6010; or NARPM® at email@example.com or 1-800-782-3452, for complete details.
ABOUT THE NATIONAL ASSOCIATION OF RESIDENTIAL PROPERTY MANAGERS
The National Association of Residential Property Mangers (NARPM®) was established in 1987 with an ongoing mission to support the professional and ethical practices of rental home management through networking, education and designation. NARPM® is an association designed for real estate professionals who know first-hand the unique problems and challenges of managing single-family and small residential properties. NARPM® offers an effective, professional learning environment for owners of property management companies, property managers and their office staff.
NARPM® has over 50 chapters nationwide and an individual membership of over 3,600 property managers and support staff. The membership classes are: Professional Members are those individuals who must be engaged in the management of residential properties as agents for others, licensed in those states that require licensing; Support Specialist Members are individuals who act in the role of support in the office of a Professional Member, not acting in a capacity requiring licensure in that state; and Affiliate Members are companies who serve or supply the residential property management profession.
The Association also manages several prestigious professional designations that are just for residential property managers. The Residential Management Professional (RMP®) and Master Property Manager (MPM®) are the designations residential property owners recognize and seek. Property management firms that are headed by an MPM® and that demonstrate the highest level of professionalism are eligible for the Certified Residential Management Company (CRMC®) designation. Certified Support Specialist (CSS) professionals work in an organization with a NARPM® member who has earned the RMP® or MPM® designation. NARPM® designations are earned with a combination of property management experience, NARPM® and industry education, and service to the association through volunteer activities.
NARPM® is the nation’s only professional organization for managers of residential properties, from single family units to 4-plexes. Members represent over $24 billion in residential rental properties nationwide.
Contact the national office of NARPM® at 1-800-782-3452 to learn more about the organization.