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Updated 2 days ago on . Most recent reply

User Stats

45
Posts
21
Votes
Dan Hertler
  • Investor
  • Long Island, NY
21
Votes |
45
Posts

Starting PM Company In New York State

Dan Hertler
  • Investor
  • Long Island, NY
Posted

I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

I am a licensed RE salesperson in New York, but I am wondering about the requirements to start a PM company. Based on what I am seeing on the Department of State website, in order to do this I'll need to be a licensed broker. Are there any New York PM company owners here that could weigh in on the requirements? 

If the answer is that I need to become a licensed broker before I can start the company, does anyone know about the broker points scoring system? I only recently became licensed, so I would have a long way to go in order to comply with the 2-year experience requirement, but I have been an active investor for 5 years so I am wondering if I would fall within the 3 year exemption, below:

  • - Have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field or a combination of both
  • - Meet the minimum points required for the experience type (e.g., buying and selling your own property, managing property owned by your employer)

Thanks in advance!

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