Physical location required for WA state property management firm?

[David Pendergraft]

Greetings all!

I just signed up and have been really enjoying the site and podcasts. I'm going to jump right in and try and tap all the BP knowledge!

I am hoping to start a property management firm in Washington state. State law requires property managers be licensed managing brokers, I will be licensed but I came across this:

RCW 18.85.231

"Every licensed real estate firm must have and maintain an office or records depositories accessible in this state to representatives of the director. The firm must maintain and produce a complete set of records as required by this chapter. The director may prescribe rules for alternative and electronic record storage."

I was hoping to work out of my home until it makes sense for a commercial location. Does anyone know what qualifies as a "records depository"? Does anyone know of alternative solutions?

Thanks,

David

[David Pendergraft]

Katherine,

You were right, the DoL was very helpful.

I spoke with an auditor about having a real estate firm and a physical office or records depository. She stated that a home office is perfectly acceptable. A business sign needs to be posted, with company name and hours, etc., but it can be the size of a business card. You licenses need to be visible.

We were concerned about the home office requirement as we read elsewhere that the home office had to have a public entrance and that it must be closed off from the rest of the house. That is an old rule and does not apply. I asked that they would have "no problem walking through our living room into our home office", and she confirmed.

A records depository is the same as a home office. I asked about electronic records and having all of our documents in the cloud. She said the DoL is behind the times so we will have to provide a list of files available in the cloud, they will mark the ones they want to see, and then we will have to print them out for them.