Property Management

[Susan Clements]

I have lots of experience managing family-owned rental properties. Now I would like to make a business out of it, and hopefully make some money. I am located in Virginia. Do I have to get a realtors license? I'm not really interested in becoming a realtor. Can I just advertise a rental property for a home owner and manage the property without having to be a realtor? I know I won't be able to use the MLS but there are other ways to advertise. Or should I hook up with the local real estate companies to manage their rental property listings? Any advice would be welcomed.

[Account Closed]

In New Jersey where I live and in many of the surrounding states you actually need a brokers license to start your own management company, assuming you will be leasing properties and collecting rents. It usually requires a few consecutive years of working as a full time "real estate professional" of whatever capacity to even be able to sit for a brokers exam. I thought long and hard about starting a property management company with very little experience. I'm not saying it isn't possible but I'm very happy I began working for one before venturing out on my own. There really are a lot of issues that can and do arise while working in this profession. Many you would never even think of with minimal experience. Property managers have more lawsuits against them than any other profession in the real estate industry. It definitely pays to be able to gradually learn the laws from people in the office than to experience how they apply first hand when you make an error, which is usually inevitable. It's a great profession when everything is going smoothly but that's rarely the case, it helps to know what your doing or be able to ask questions to others around you.