What license do I need to manage rental properties?

[Doron Rice]

Hi all,

I am a landlord in NJ with several properties. I am self managing and have a great team working with me (handyman, contractor, etc...). I am looking into starting a management company and wanted to know what type of license is required. My wife is a RE agent and I read that as such she can manage properties. is that correct?

Thanks!

[Cara Lonsdale]

You need a RE license, and in some states there is a specific license for property management and/or community management (HOA).

Any RE license starts with a broker.  So, if your wife has been licensed the appropriate amount of years (usually 3 active years) as an agent under a broker, then she can apply for a broker's license.  Once she obtains that, she can work on her own, and even hire other agents.  She will be responsible for ALL of the business that the agents under her work on.  So, there is alot of liability associated too.

If your wife doesn't want to take on that kind of liability, she can work as a property manager agent under her current broker AS LONG AS the current broker approves it.  Many brokers don't want to do property management, and don't allow agents under their brokerage to conduct that kind of business.  So, make sure she double checks.

Of course, you don't need any kind of license to manage your own properties.