Originally posted by Francisco Charles:
I have a question about Texas RE... do you have to have a brokers license to become a Property Manager in TX? I'm currently taking a PM class and I'll looking forward to starting a company in the future and starting in my home state which is TX. I'm currently stationed in DC but miss my home back in San Antonio. Thx for your reply.
Francisco,
San Antonio is a very Good rental market. And TX in general is one of the best markets for rentals. Very good choice in Property mangement and I can tell you from my own experience I have worked in PM for two years and had a lot of fun, despite the hard work. Now I can manage my own properties. It is not as easy as some folks think, you just collect rent and lease the houess. It is a lot of paperwork and if you don't watch your budget and follow up with the tenants and do your due dilligent and prescreen the tenants right before you rent them, you could end up with the worst nightmare tenants from hell who will destroy your properties and run away before you know it... :idea:
Not let me answer your question:
If you are acting as an owner or principal and leasing and collecting rents then you don't need to be licensed if you are leasing or collecting rents for your own houses/properties.
However if you hired an employee who is collecting rents for you and leasing the houses she/he must be licensed. Unless it is a receptionist or secretary who is just answering phones and not discussing RE with the prospects then those administrators are not required to be licensed.
If you own multifamily units and hired a manger who lives on that site, she/he are exempt from being licensed and can collect rents and lease those units. But she/he is requred to be licensed if she/he are living far away from that site. Of course you can manage your own multifamily units on your own without a RE license.
If you are going to open a propety mangement company and you are going to put that in an entity then you have to check to see what applies to that entity regarding that.
Check this TREC Rule 535.13
[§535.13. Dispositions of Real Estate.
[Adopted January 1, 1976. Amended December
25, 1980; September 7, 1995; July 1, 1999 and
January 1, 2004; Ref: §1101.002(1)(A)(i)]
(a) Acting as a principal, a person may
purchase, sell, lease, or sublease real estate for
profit without being licensed as a real estate
broker or salesperson.
(b) Unless otherwise exempted by Texas
Occupations Code, Chapter 1101 (the Act), a
person who manages real property or collects
rentals for an owner of real property and for a
valuable consideration must be licensed if the
person also rents or leases the property for the
owner.
(c) A person must be licensed as a real estate
broker to operate a rental agency. This section
does not prohibit employment of an answering
service or unlicensed clerical or secretarial
employees identified to callers as such to confirm
information concerning the size, price and terms
of property advertised.
(d) A real estate license is not required for an
individual employed by a corporation or other
business entity for the purpose of buying, selling,
or leasing real property for the entity. An entity
is considered to be an owner if it holds record
title to the property or has an equitable title or
right acquired by contract with the record title
holder. A corporation or limited liability company
is considered to be acting as a broker and is
required to be licensed under the Act if it or its
employee receives, or expects to receive, a
valuable consideration from the record title
holder for negotiating a sale or other disposition
of the property.
(e) A real estate license is required of a
subsidiary corporation, which, for compensation,
negotiates in Texas for the sale of its parent
corporation's real property.
(f) Arranging for a person to occupy a vacant
residential property is an act requiring a real
estate license if the actor:
(1) does not own the property or lease the
property from its owner;
(2) receives a valuable consideration; and
(3) is not exempted from the requirement
of a license by the Act, §1101.005.]
Hope that answered your question and wish you the best of luck when you come back to San Antone. :D
