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Updated over 8 years ago on . Most recent reply
Property manager salaried vs commission
I have been successfully managing my own properties for a few years and have been asked if I can manage other people's properties. I received the information that I need to be a broker to manage other people's properties, so I am actively pursuing my real estate associate's license to practice two years and then be eligible to become a broker. I just read, however, that I can manage other people's properties if I am salaried and not commissioned. "[...] if a property owner employs someone to manage their property, and that employee is paid a salary, as opposed to being paid a commission or on a transactional basis, a broker's license is not required."
http://www.allpropertymanagement.com/propertylaw/p...
Does anyone know if this is true and/or does anyone do this? Would I just be able to command an hourly fee and manage another's property? For example: asking $20-25/hour with anything over 10% of yearly rent at a reduced rate.