Sponsoring broker to start a property management company?

[Zak Hood]

Hi all,

I've recently passed my Illinois broker license exam and am shopping for sponsoring brokers. I'd like to start a small property management company. I already have an LLC, a sole proprietorship, and a small portfolio of commercial properties that I own and personally manage. I'd like to expand and market this LLC to offer management services that include leasing, accounting, capital projects, routine maintenance management, etc...

Am I required by law (Illinois law) to collect management fees through a sponsoring broker? Or do I only need to collect leasing fees through a sponsoring broker?

Thank you for any clarity/advice on this!

- Zak

[Jonathan Klemm]

@Zak Hood - Welcome to the Chicago BP forums!  You'll find a ton of helpful local people.  

You got some good and correct advice from @Nathan Gesner, here in Illinois you do need to have your managing broker's license to technically own and operate a property management company.  We have a small investor-focused brokerage and manage a handful of our properties.  Maybe we have some synergy between what you are trying to do and what we have going on.  If you are interested we should connect!  Happy to help regardless.