Starting my own property management company

4 Replies

I'm thinking of opening my own property managment company or buying one. My question is do I need a brokers license or a managing brokers license? Thanks

What exactly you need depends on the state and also whether you will be managing only your own properties or other people's. If you're managing others, you will need something. In Missouri, you need a real estate license, in Oregon, you need a property manager license (about 2/3 of the real estate license). I'm not sure what it is in Iowa but you should be able to look it up online or call the real estate commission.

@Sam Ivazi .  You are required to have a realtor's license to manage property for others in Iowa.  You'll have to hang your license under a broker, so you'll have to find one that will let you work under them.  Most brokers don't know much about the rental law.

I was planning on working in Illinois, There is a property management/realty company for sale, so i didn't know what kind of license I would need to get in order to buy the whole company.

Look up the real estate license information for that state, most likely will need a real estate license for two years then obtain your brokers license. Some states only require one of the two. Maybe the person selling the company will let you use his brokers license(meaning he works stay there until you get yours) for a fee . May help with the transition as well

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