RealEstate Licence for property managment career?
March 13, 2010 by
Filed under realestate licence
I eventually want to own and manage my own commercial properties. I also would like to get into the industry to learn more about it before i start my own investments. I am currently going to school for an AA in Business Management. Should I get a real estate license? What kind of education do i need for getting into property management? How would i go about it?
In many state the law requires professional property mangers to have a real estate license. Do an internet search for Apartment Owners Associations. They offer plenty of educational material.
I would get your BS degree b/c an AA isn’t worth much by itself.
Check with the Real Estate Commission. More and more states are requiring property managers and leasing agents to become licensed real estate agents…it’s not that they buy and sell, but because they are taught real estate law in real estate school, and they want to hold these people to a higher level of accountability.
You need to know how the game works before you get into investments yourself….even working in a real estate office as someone’s assistant will give you a HUGE eyeview of how things work.
You don’t need a Real Estate License to do property management. There are classes that you can take which result in a certificate in Property Management (CPM). Investors/owners often look for this certification before contracting with you. It will cost you some money to complete these classes. Try Learning Annex, Adult Education, or a community college. Look up your local Real Estate Investors Club and go to meetings. It usually costs a small fee to attend. There will be other investors, agents, rehabbers, etc networking. Find some commercial property management companies in your area. Just look at the For Lease signs (malls, apartment buildings, office buildings) and you’ll probably find the Property Management company. Think about working for one first before opening up your own. You’ll get lots of education about how to run one.
Education/license requirements vary by state. For example, in IL there is a Leasing Agent license that requires less education than a full Real Estate Salesperson’s license. I’d suggest taking some accounting courses as well.
The first step is to check with your local Real Estate Commission. Each state differs in their laws. In my state, a license is required to participate in residential and commercial P.M. If you are being compensated on each lease you execute or each property you manage, you are required to have a R.E. License. (Meaning you are not a salary employee, but are paid by commission only.) In order to get into any business, you must have experience to be successful. Good Luck!