Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
I see people on here who are motivated to get involved but the lack of funds is troubling to them. I also see people on here discussing the getting-a-good-tenant issue, the pita part of proper screening of the tenant, and so forth. And I see people talking about full PM as an answer but then wanting to pick and choose the services they need/want etc.
So how about this enterprising underfunded people -
How about if you start a service to advertise to find, and then also hard-screen, quality tenants for landlords? For a fee of course. Which is certainly something I would be interested in paying for. This would allow you to accumulate funds while associating with landlords and their business environment.
What about that idea?
When I started writing the above I had another 'great idea' but now I forget what it was. <g>
How about if you start a service to advertise to find, and then also hard-screen, quality tenants for landlords? For a fee of course.
In many states, you must be a licensed real estate broker in order to manage property. And I assume that in most of those states where licensing is required to be a property manager, finding tenants is covered under that requirement. So, in those states, it may not be legal to do what you suggest without a license.
That said, I don't know any specific state laws other than my own...
And do your state laws forbid someone to screen tenants for a landlord Jay?
In Georgia (the state where I'm licensed), you must either be a licensed broker or an unlicensed assistant to a broker in order to perform any of the following functions on behalf of a property owner:
(A) Delivering a lease application, a lease, or any amendment thereto to any person;
(B) Receiving a lease application, a lease, or any amendment thereto, a security deposit, rental payment, or any related payment for delivery to and made payable to the broker or the owner;
(C) Showing a rental unit to any person, provided that the employee is acting under the direct instructions of the broker, and executing leases or rental agreements;
(D) Providing information about a rental unit, a lease application, or a lease;
(E) Providing information to a tenant about the status of such tenant's security deposit or rent payments or to an owner about the owner's financial accounts and payments from the owner's tenants; and
(F) Performing any ministerial acts that are explicitly authorized by the broker in a written agreement between the broker and the employee.
Although I think this is about like the Dodd-Frank and SAFE laws in that no one will ever be policing and enforcing them - I guess my tenant screening idea would be against the law in at least some states. Or at least should be checked in the state where you live.
Although I think this is about like the Dodd-Frank and SAFE laws in that no one will ever be policing and enforcing them...
Again, I can't speak for other states and other laws, but the License Law in Georgia is highly regulated and enforced. I personally know several people who have been investigated, sanctioned and/or penalized for violating license law in Georgia (and a quick Google search will turn up lots of cases).