General Area in 22066>Question Details

Mpk73, Other/Just Looking in 22066

Must you have a real estate broker's license to start a residential property management company or is a real estate license sufficient?

Asked by Mpk73, 22066 Fri Nov 27, 2009

Help the community by answering this question:

Answers

3
Vicky Chrisner’s answer
IN VIRGINIA Neither is required if you are STRICTLY handling management and not leasing or sales. If you will be handlnig leasing or sales, you can have a PM management company that includes licensed agents who are affliated with another brokerage and working under the supervision of a brokerage for those duties. Commonly, you'lll walk into a Keller Williams Realty )or other brokerage) and find one or more of their associates also own a property management company. If you don't want to be affiliated with a brokerage at all, then someone within your organization must be a broker, and anyone handling leasing or sales must be a licensed agent. Hope that helps.
Web Reference: http://VickyChrisner.com
0 votes Thank Flag Link Fri Nov 27, 2009
Depends on the State you're looking to your management company.
0 votes Thank Flag Link Fri Nov 27, 2009
Hello Mpk73 and thanks for your question.

In most states, an agent's license is sufficient to serve as the manager for a residential property, however--and this is the big "however"--in most circumstances, you cannot run the management company through your own DBA or corporation; it must be run through the broker's office where you work. In other words, the broker's company name and address must appear on the rental agreements, the management agreement and the rental checks that are sent over to the office. To avoid having to make the residential rental company a "part" of your employing broker's business, you must usually be a broker.

For more information on the requirements for management, talk with your State's real estate licensing department or your local Board of Realtors. Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
0 votes Thank Flag Link Fri Nov 27, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer