Home Selling in Cincinnati>Question Details

Daniel, Other/Just Looking in Cincinnati, OH

Do you need a Real Estate License to Rent a Home out for an investor?

Asked by Daniel, Cincinnati, OH Sat May 31, 2008

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6
Hi Daniel,

NO. The investor cannot solicit for a buyer unless they have a real estate license. But you can subcontract him to rent it out. You can sell your own properties, but not other's properties with out a license. Hope this helps. If you have any more questions, feel free to contact me at 253-7156.

Sheri Mapes the Cincy House Expert
1 vote Thank Flag Link Sat May 31, 2008
Its been my understanding that a Realtor can rent/lease or sell anything where they are licensed, provided that they are not providing legal advice or creating legal contracts. Our local board provides some standard forms, but others such as actual non-commercial leases would ordinarily need to be drawn up by an attorney. I have a few great contacts locally that do this for around $75 per deal. My understanding of owners who own a piece of real estate can sell or lease their own properties without a requirement for a license. There are also some agents in the Cincinnati market, which will lease a property from an owner, and then sublet the properties out (as if they owned them).
Web Reference: http://www.rogersexton.com
0 votes Thank Flag Link Fri Jan 9, 2009
The people that DID the rental management for the Carew Tower let their license lapse and did not intend to renew. They were fined 250,000.00 by the state and the Carew Tower has a new mangement company. Take it from there. Most of the fines levied by the state are for management without a licence and all it takes is an unhappy tenant to turn you in.
0 votes Thank Flag Link Sat May 31, 2008
I would imagine that any real estate activities require a license.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sat May 31, 2008
Technically, we can not give legal advice, as we are not attorney's, but the law is pretty clear on renting out, managing, or selling someone elses property - you simply can not do it, unless you are an EMPLOYEE of that owner, for example, the people sho work for a builder and sell the model homes, or the people who work in the leasing office of a large apartment complex. Otherwise you are engagin in activity that would require a real estate license. in order to be 100% sure, you would have to check with a real estate attorney and give them all the details.

I hope this helps.
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Sat May 31, 2008
I think what you are saying is that you want to be the landlord for another person, is that right?
Or, perhaps you just want to help that person get a renter into the property.
0 votes Thank Flag Link Sat May 31, 2008
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