Can a sales associate open a property management company on their own?

2 Replies

Hye guys, Chelcie here, I have a quick question for you. I am in the Jacksonville, Florida area, and I am wanting to start a property managment company of my own.

1. Do I have to be a licensed real estate agent in order to open a property managment company?

2. Do  I need a broker in order to open a property managment company?

3. Does the broker need to own the property managment company in order for the business to be legal?

For example. Say the broker owns 123 Realty and I open ABC property management does the broker of 123 Realty need to own ABC property management for me work there?

4. Also does a broker need to in the office with me while we conduct business?

For example can the broker be in Tampa, Florida while  I am located in Jacksonville, Florida?

Thank you so much for your help!

Hey Chelcie,

As a real estate broker in Jax that has a property management division, I'll take a crack at the questions you have...

1.  No.  You would need your broker's license.

2.  Yes.

3.  Check me on this one.  But, I believe that the owner can be either a non-real estate agent or a broker.  You can't have an active agent with ownership in the company.  But, I'm no attorney so you might want to ask one :)  

4.  The broker can be elsewhere in the state of Florida.  But see question 3 regarding ownership.  

Hope this helps!

Jeff

@Chelcie Rivers 

From my research into this topic, the easiest way would be for you to get your RE license and hang your license at a brokerage. If you don't own the home, you have to have a brokerage license to manage the property. I have a contact that I could provide you that I was going to use as a brokerage under my LLC that would have just been a monthly fee (other than a percentage of each deal). Also, if you happen to sell a house, you would keep all of the commission rather than splitting the commission with the brokerage. PM me and I'll pass on the info if you would like.

In the end, I felt that there wasn't enough meat in the game for me to justify starting up a management company on the side and dealing with that type of stuff.

Good luck.

Jesse

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