We’ve talked about whether or not real estate investors need a real estate license, but what about property managers? Many professionals who have dabbled in the real estate industry and want to try their hand at property management often ask what they need to do to get started.
Here’s everything property managers need to know about getting a real estate license:
1.A real estate license is required in some states, but not all.
Some states require property managers to have a license, others require a property managers license, and a few states like Massachusetts and Vermont, don’t have requirements for licenses at all.
2. The most common requirement for a property manager is a broker’s license.
The most common requirement for property managers is to have a broker’s license. To obtain a broker’s license, a property manager generally needs 1-3 years of experience as a licensed sales agent. In some states, a bachelor’s degree can be substituted for real estate experience and training requirements. Typically, state licenses need to be renewed every 2 to 4 years. Brokers are also required to take continued education classes to renew their licenses.
3. Some states require a specialized property manager’s license.
Four states (DC, Montana, Oregon, and South Carolina) require a different kind of license for anyone working with renting and managing properties. This is called a property manager’s license. Just like with your traditional real estate or broker’s license, a property management license requires pre-licensing instruction or classes from an accredited source and requires a passing score on a property manager’s exam.
4. There is also a salesperson license.
Some states allow an individual to work under a broker after having only a real estate salesperson license. This is sometimes called a salesperson student license and is valid for a short amount of time while the individual is learning the ropes of real estate and property management.
This student license can only be issued once every two years and the individual must be supervised by a licensed managing broker during all real estate and property management activities.
5, Every state is different.
It’s important to remember that every state has its own set of rules. For example, Nevada requires property managers to first obtain their Nevada real estate license and then obtain a property manager’s permit.
But in Florida, all you need is a real estate license but not a property management license. And Idaho and Maryland don’t have any regulations regarding property managers and official licenses. It’s important to check with the real estate board in your state to determine what your requirements are.
Every state is different, but to qualify for a brokers license, real estate license, or property management license you must:
- Be over the age of 18
- Have a high school diploma (or equivalent)
- Be in good standing with the state’s real estate board
- Complete your state’s requirement for online classes and courses
- Pass the licensing exam
Some states will also require you to pass a criminal background check. Other requirements may include having experience in the real estate industry or proof of US residency.
In almost every state, if you want to offer property management services you have to have a real estate license. This will look different in every state, but there are options for busy professionals who want to study effectively, pass their exams the first time and step confidently into property management with a real estate license in hand.
If you’ve been thinking about stepping into the fast-paced world of property management, click here to take the first step in earning your real estate license.