Getting RE license while continuing to manage property in OR

[Ross Leavitt]

I am finally looking to get my RE license. The trouble is that I am also a licensed property manager, and in Oregon you aren't allowed to hold both licenses at the same time. I spoke with a rep for the real estate agency in Salem and she confirmed that you have to surrender your PM license to get a broker license. 

I manage all my family's rental properties, and I'm not willing to give that up. But I also knock doors and cold call to find new properties for us to buy and develop, and one of their business partners has asked me to do the same for them. But it seems I'm not allowed to do both! 

What would have to happen is that my existing property management business would have to become a part of the brokerage I hang my shingle at. I would assume they would want a portion of my PM income as well. I have heard of several brokerages in Portland that are more hands-off with low per-transaction fees, but I don't know about them allowing property management.

Long-term, I could get a principal broker license and manage property under that, but I can only do that after 3 years as a broker.

This seems like a completely unnecessary catch-22. Is this true in many other states? Does anyone have suggestions, or has anyone heard of a brokerage allowing an agent to continue his PM business under their supervision?

[Joe Funari]

Ross, in Texas you have to have a real estate license to either run and operate a PM or close on transactions on behalf of other clients. It is the same license, requirements, etc. I know my PM, a fellow investor, hangs his hat with Fathom Realty. They are nationwide and very flexible with investors from what he tells me. But that is on the Realtor side of the transaction. Hope this helps.