Before you can even THINK about managing property for someone else, you have to first make sure that you are adhering to the state guidelines for property management licensing and real estate.
Most states require some type of license be held by the individual performing the management and are very strict in upholding this requirement.
The penalties for not following the real estate laws can be quite lofty and even remove your ability to obtain the appropriate licensing down the road.
Five steps to getting your Property Management License: 1.
First you have to find out what your states requirements are.
The best place to find this is to go to Google and type in "your state real estate property management licensing requirements".
Google will likely give you a direct link under the first 5 search results to your states real estate website with all of the information that you need.
Sometimes this gets you right to the answer.
However if not, I highly recommend clicking on the "contact us" tab for your states real estate board and just calling them.
They are there to help you and will save you oodles of time if their website is not organized well.
2.
Most states will require a standard realtor license to practice property management.
Some states call this a real estate sales license.
Either way you want to make sure that you are up to date with your states requirements.
Some states allow for these classes to be taken online and some require they be in person.
It is much easier and quicker to take the online classes, that way you can study at your own pace and more than likely complete the classes much sooner.
However if you are someone who cannot hold yourself accountability and procrastinate, perhaps a class may be more suited for you.
3.
Next you will need find out what you will need to do to qualify for the license.
Again, most states will require a class be taken with a minimum number of study hours and that you pass a state mandated test.
4.
Once this test is complete, you complete the associated state paperwork, fingerprints, write a check for X amount and send off the paperwork.
It typically takes about 3-6 months for an individual to obtain a real estate license when starting from scratch.
So, make sure you plan correctly and understand that it takes time to get your license.
5.
Lastly, you must determine if you can own your business in your state.
Some states require that you have experience under a Principle Broker for a certain number of years before you can venture out on your own.
Here in Oregon that is not the case, however I know for many other states it is a requirement.
In summary, obtaining your Property Management license can be boiled down to the five steps above, and is overall very straight forward.
However be sure that you are 100% within your states guidelines and laws and best of luck.