Property management license IL

[Ryan Raven]

Hi! 
Currently I manage my own SFH portfolio of 7 doors. Currently don't have a license. I have the opportunity to manage someone else's 10 unit commercial building. Just from google search it says I need a real estate brokers agent license. Does anyone have experience with this? Any recommendations would be great! If I'm setting up leases I assume I need this license. Thanks for your time!

[Krystyna Schexnayder]

Hi Ryan, 

I'm a licensed real estate broker in Illinois and also a property manager, and yes, in the state of Illinois, you need to be a licensed real estate broker (to be compliant) in order to manage property owned by others, because property management is considered a form of a real estate activity under Illinois law. 

There are exceptions, like what was mentioned by @Nathan Gesner, if you are an employee of the property owners, and you exclusively manage their properties, if you're a resident manager, living in the building that is being managed, or if you are someone who manages properties owned by a single entity and have a direct ownership interest in it. (Of course check with IDFPR). 

Hope this helps.

All the best!