Will a broker allow you to have your own property management biz?

Question

Good morning,

I recently became a real estate agent and I'm having a difficult time deciding where to hang my license. I'm interested in building a real estate business that includes but  isn't limited to; Property Management, Buy and Hold, Wholesale, List/  Sale as an agent. Any advice would be greatly appreciated.

Thanks

Dawn Brenengen · Answer

@Jamaal Rogers Some will and some won't.  I was with a Caldwell Banker office in my area, and the owner would not let me open a PM business of my own.  So, I quit, and it was the best decision I ever made.

Keira Ingram · Answer

As a broker/owner of a real estate brokerage there are different insurances required for a property management company and a lot more liability.  Some brokers do not want to take on the extra liability or expenses especially if an agent is not bringing in a large amount of property management clients. I suggest going out to some realtor/real estate networking events and I am sure you will meet quite a few brokers who already offer property management services and they would be happy to add you to their team.

Jamaal Rogers · Answer

That's great advice thanks!

Edward Peugh · Answer

@Jamaal Rogers I think it's great that you are looking into these details now.  Some Brokers, are going to have heartburn about that, and others will be perfectly fine.

My suggestion is to avoid some of the "Affiliated" brokers, and search for an office that already is allowing their agents to do this type of work.  Ask about fee expectations in each of these scenarios as well.  (If you wholesale a deal, if you rent your own property, If you place a renter for another investor, etc.)

You may need to visit a number of brokers, and that's ok.  You really are interviewing them as much as they are intereviewing you.

Good Luck!

Ed

Will a broker allow you to have your own property management biz?

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