Real Estate Agent · Albany, NY · Member since 2017 · 55 posts · 21 votes
I am interested in starting a Property Management company in Albany, New York. I am looking to manage properties in the Capital District consisting of Albany, Troy, Saratoga, Watervliet, Clifton Park, Brunswick, Schenectady, Latham, Cohoes, Rensselaer, and anywhere else within 1 hour of Albany.
New York State requires me to have a real estate license to be a property manager. I have not taking the classes yet or applied for my license. I am not interested in buying and selling single family home. I am interested in strictly commercial and multifamily properties to manage.
I need help finding a broker who will sponsor me. I know that brokers get a split of the commision but I do not know how that works for property management. I am looking to start my business so that I can generate income to invest in my own properties.
I also need recommendations for online real estate classes. I work full-time and I need to be able to take the classes on my own schedule. I know this is a lot to ask for on my first post. Any and all help is greatly appreciated. Thank you very much BP community.
Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes
8y
@David Kiszka, I recommend looking for a property management company to work for.
If you work as a broker who runs an office doing residential real estate sales, they might let you do tenant placement or even some amount of property management, but you likely won't get the support or mentoring you need to learn to be a property management professional. Also, the office is unlikely to have systems in place for handling monies and payments to landlords, contractors, etc.
If you find a property management company to work for, you can spend some time learning the business. During that time, you should take any additional courses required to get your broker's license. In a few years, you can take the broker's license test(s) and then open your own property management business.
There is a lot to learn to be a real estate professional (agent, broker, appraiser, etc). A few years may seem like a long time, but it really will take at least that before someone new would be ready to run their own business in a professional manner.
Real Estate Agent · Albany, NY · Member since 2017 · 55 posts · 21 votes
8y
Thank you @Kevin Sobilo. I definitely feel that working for a property management company would be a great way to learn more about the industry. I will need to find a company that would allow me to work part-time at first so I can keep my current job until I have passed my exam. Once I have enough time in the profession the next step for me would definitely be to start my own brokerage so I can have my own company. Thanks again.