I live in the Twin Cities and my wife and I are looking into a PM business for STRs. In Minnesota PMs are required to have a real estate license when facilitating contracts between guests and owners, I think! I have heard you and you don't, but from other posts it seems it's the best practice regardless. My problem/question is that after getting my RE license I need sponsorship from a RE broker, at least for the first 3 years. So far, I haven't been able to find a broker that will work with strictly PMs as we don't have any intention, at least for now, of selling houses. I'm assuming there are brokerages out there that do this?? Has anyone encountered this problem or know of brokers willing to sponsor a PM?
Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
3y
Welcome to BiggerPockets!
I searched on Google for "brokers only for property management saint paul Minnesota" and found several brokerages that offer property management services. If you don't hear from anyone specific here, that search might be the best place to start.
I live in the Twin Cities and my wife and I are looking into a PM business for STRs. In Minnesota PMs are required to have a real estate license when facilitating contracts between guests and owners, I think! I have heard you and you don't, but from other posts it seems it's the best practice regardless. My problem/question is that after getting my RE license I need sponsorship from a RE broker, at least for the first 3 years. So far, I haven't been able to find a broker that will work with strictly PMs as we don't have any intention, at least for now, of selling houses. I'm assuming there are brokerages out there that do this?? Has anyone encountered this problem or know of brokers willing to sponsor a PM?
Thanks, Brian
So let me get this straight.
You have so little experience in real estate that you don't even know the most basics of real estate law in MN that one MUST be a broker, or working under a broker, to do PM. You want a Broker to allow you to work under there license, to open your own PM Company, only doing PM, and are confused why no brokers jump at this opportunity to let someone with virtually 0 working knowledge to "fiddle" in one of the single most regulated industries, with their license and liability.......
I live in the Twin Cities and my wife and I are looking into a PM business for STRs. In Minnesota PMs are required to have a real estate license when facilitating contracts between guests and owners, I think! I have heard you and you don't, but from other posts it seems it's the best practice regardless. My problem/question is that after getting my RE license I need sponsorship from a RE broker, at least for the first 3 years. So far, I haven't been able to find a broker that will work with strictly PMs as we don't have any intention, at least for now, of selling houses. I'm assuming there are brokerages out there that do this?? Has anyone encountered this problem or know of brokers willing to sponsor a PM?