Looking for advice on how to properly manage rental properties in greater Denver area

[Sterling Voth]

Hey team!

Relatively new to the RE space. I've owned a house hack in Denver for a few years where I rent out the other rooms and have always managed it myself (found tenants, did screenings, got leases, collected rent, etc.). Recently a friend of mine reached out asking if I could manage their rental properties. They also house hack but are a few years ahead of me and now have three single family homes in town (two of which are room to room rentals). Since I already have the systems in place such as a good management app and lease documents for my own property, I was happy to oblige for a friend's fee. As I am digging into the topic further, it seems as though property managers in town need to be licensed professionals. It appears that they must have a brokers license.

My questions are thus:

Do I need a broker's license to manage my friend's houses? If so, is the full broker's license required? It would come as a surprise to me if all mom-and-pop landlords with portfolios they've built up in town are licensed managers.

Along those same lines, should I have a license to manage my own property? It seems excessive, but I want to do things by the book to ensure it doesn't cause trouble down the line.

Thanks for any help you guys can provide!

[Drew Sygit]

Of course you need a RE Broker's license and E&O insurance.