Changing your property management company’s structure from policies and procedures to portfolio management is huge – but many have done it as a result of obtaining a designation offered by the National Association of Residential Property Managers (NARPM).
“I wish I would have done it sooner,” said one of the most prominent property management brokers in the Richmond, VA market after obtaining the company’s Certified Residential Management Company (CRMC®) Designation.
“When I first learned about what the CRMC Designation was, it was something that I wanted. I saw other companies with the CRMC after their name and I said, ‘I want that. I want to be at the top echelon of property management businesses in the nation…’ I have never met someone who has gone through the process that has later regretted it. I have only met people who have said, ‘I wish I would have done it sooner,’” explained Duke Dodson, MPM® RMP® of Dodson Property Management, CRMC in Richmond, VA.
The CRMC designation signifies that the company meets the highest professional standards of the industry. As the company learns to work more efficiently, business naturally improves and the potential for increasing revenue is dramatically increased.
“As a business leader, the CRMC was a phenomenal exercise to go though. Not only did it help us gain confidence in what we were doing as an organization, but it also allowed us to review all of our policies and procedures. It completely changed our company — from the way we structure our company to the way we handle our portfolios,” added Tim Wehner, MPM® RMP® of Dodson Property Management.
In a newly released study of the industry, more than 90 percent of respondents said that standardized processes for property management employees was very important or important to their organization, but only 44.8 percent said they are certain their employees are following those processes efficiently. Just over 35 percent of respondents said that there were too many manual processes instead of using technology – which is one of the key areas evaluated in the process of earning the CRMC.
There are six steps in the process of earning the CRMC designation that includes a mentor guiding the applicant through the process. An audit is conducted that includes a detailed examination of the company and recommendations from clients and peers. The process helps the company to organize the business and make it more efficient, as you put your training into practice by creating a more disciplined operation.
In the process of earning the designation, all areas of your business are evaluated – hardware, software, environment, management style, staffing, training and customer relations, among others. You’ll add systems and procedures and fine-tune those already in place, improving your company and moving ahead of the competition.
In the end, you’ll be rewarded with the CRMC “badge” to include with your company brand to mark your company as a leader in the industry.
“We felt that the CRMC designation was not just important but necessary for our company,” said Michael McVety, MPM® RMP® of Realty Services Property Management Company, CRMC in Fort Myers, FL. “The CRMC designation demonstrates our dedication to professional improvement to potential clients. The designation process forced our company to think and develop systems that was beneficial for both us and our clients!”