Experience is an integral component of the Accredited Residential Manager certification. A total of one year (12 months) is needed to become an ARM. Your experience for any given month qualifies if, during that month, you were in a real estate management position, managed a minimum portfolio, and performed a minimum number of functions.
Earn 12 months of residential real estate management experience meeting the established minimum portfolios listed below and performing 14 of the 29 functions IREM uses to define a residential property manager on that portfolio. Experience does not need to be sequential months.
- Rental multifamily property (apartments, mobile homes, condominium units, single-family homes, and units contained within townhouses, duplexes and four-plexes)
- Mobile home parks
- Homeowners and condominium associations
- SROs and dormitory units
IREM defines the activities performed by residential real estate managers according to 29 functions. In addition to managing a minimum size portfolio, you must be performing at least 14 of the 29 functions in order for any period of real estate management experience to qualify for credit toward the ARM certification.
- Recommend or hire, manage and evaluate on-site personnel, either directly or through others.
- Participate in identifying, developing and/or monitoring staffing requirements, job descriptions, human resource policies, training and development plans, and diversity outreach initiatives.
- Recommend or decide which items or services are to be purchased for the property, solicit, negotiate or approve contracts for services; monitor contractor performance; and approve payment of invoices.
- Perform routine property inspections and take appropriate action in accordance with established policies and procedures.
- Establish or assist in maintaining, reviewing, updating, and enforcing the property's operating policies and procedures and occupancy/usage guidelines.
- Establish, monitor and/or maintain the property's record-keeping system.
- Identify and/or oversee operation of building systems, supervise employees or monitor contractors who perform routine maintenance and repair work, and/or oversee or monitor planning and construction of resident improvements, capital improvements, and/or amenity enhancements.
- Schedule and monitor, or approve, routine and preventive maintenance programs for the property.
- Identify, implement, and monitor, or approve sustainable practices; including but not limited to energy use/conservation programs for the property.
- Design, implement or approve resident retention, orientation, and property familiarization programs.
- Communicate routinely with residents of the property concerning level of service and other management matters and investigate and resolve resident complaints.
- Develop, implement, and monitor or assist in developing, implementing, and monitoring a marketing plan and/or leasing plan for the property.
- Administer the leasing and lease renewal process and/or negotiate, approve and/or execute leases, including assessing the financial impact of the lease.
- Prepare, market, and show leasable space.
- Analyze market conditions and recommend or approve the property's rental rates.
- Develop and/or implement a risk management program for the property to mitigate the property’s insurable risk.
- Participate in designing, implementing and/or monitoring life-safety and emergency preparedness programs for the property.
- Ensure the property's compliance with government and environmental regulations and/or act as liaison with government or social agencies.
- Recommend and/or initiate legal actions for violations of leases, contracts or governing documents , including but not limited to evictions and filing of liens.
- Process and/or monitor, or approve, property payables.
- Process and/or monitor, or supervise, property collections, including the handling of property receipts and bank deposits.
- Prepare, implement, and monitor, annual property budgets.
- Determine goals and objectives of the property owner/association.
- Identify and recommend other sources of income for the property and implement programs accordingly.
- Prepare a management plan for the property.
- Prepare, analyze, and/or approve, the property's financial and operating statements and variance reports.
- Establish or maintain management controls and analyze the property's performance.
- Identify and analyze the property's financial requirements and financing options, and/or replacement reserve requirements, and recommend funding sources to the owner.
- Fulfill the company’s contractual obligations to clients and take direction from clients and appointed officers as assigned.
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