planned communities such as Condominiums, Home Owners Associations and Cooperatives. National designations include: Association Management Specialist (AMS) Certified Manager of Community Associations (CMCA) Large Scale Manager (LSM) Professional Community Association Manager (PCAM) – Highest designation awarded. The National Association of Home Builders has a specialized designation for the affordable housing industry through the Low Income Housing Tax Credit (LIHTC) program: • Housing Credit Certified Professional (HCCP) In the UK: Association of Residential Managing Agents (ARMA) Institute of Residential Property Management (IRPM) In Kenya: Estate Agents Registration Board (EARB) Kenya Property Developers Association (KPDA) Kenya Professional Realtors Association (KPRA) Property management software Property management software continues to grow in popularity and importance. As it decreases in price, smaller companies and amateur property managers can function using some of the same best practices and efficiency as larger companies. Online asset management software (OPMS, or online property management software) has been a significant cause of the price declines. In addition to the core property management software options, a quickly growing number of closely related software products are being introduced to the industry. A property management system, also known as a PMS, is a comprehensive software application used to cover objectives like coordinating the operational functions of the front office, bookings, communication with guests, planning, reporting, etc. This kind of software is used to run large-scale hotels and vacation properties. Business models Percentage of rent This is the most common model, and is used by property management companies in the residential space that manage multi-home units and single family homes. The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount, and shares the rest with the property owner. Fixed fee This is the most common revenue model used by companies when monitoring empty homes or empty land sites. The work here involves monitoring the property and ensuring that it is safe and secure, and reporting back to the owner. As there is no income from these properties, a fixed monthly fee is usually charged to the owner. Guaranteed rent This model is also used in the residential space, but mostly for small units in high demand locations. Here, the company signs a rental agreement