Starting a PM Company Under an Existing Brokerage

[Daren Weintraub]

My fiancé and I are looking to start a Property Management Company but the state where we live requires a brokers license. One of the requirements is to be a full-time real estate salesperson for 36 of the previous 48 months. We were suggested that one possibility could be to approach an existing brokerage that specializes in sales to see if we could create a property management division. If we did this we would want to set up an agreement where we pay them commission while we work underneath their broker's license but in 3-5 years we could take the contracts with us when we are licensed ourselves.

We are new to this and have never owned a business and would appreciate any insight that you may have for us. 

[Marc Winter]

Cons: you'll be doing the stuff the owners don't want to deal with.  In this business people are seldom ever happy-- tenants want concierge service, owners want work done for free.

Pros: job security, opportunity to expand, and become very profitable!