Becoming a Property Manager in New Jersey

6 Replies

Hi All, I really want to get started in property management. The concepts of property management are what drew me to real estate in the first place. I enjoy qualifying tenants and managing rentals, even if I don't own them. I live in New Jersey, and in this state you need to have a real estate license to be a property manager. I got my license and have been working as a Salesperson for the past few years. But my brokerage does not do property management. I guess my question is, how do I get started? Do I contact a property management company in the area? Do I approach a smaller, local broker and ask if I could work under his broker license as a property manager? Do I obtain my broker license and start my own? If there are any property managers that can carve out some time to talk, I would be very grateful. Even a quick phone call would mean a lot to me. Thanks, Troy

Easiest is contact property management stating you want to hang your sales license under their insurance, broker license and work PT. You give him a split and possibly learn about their operations. You should be able to strike on your own manage properties and decide you want to do it FT or on your own.

@Sam Shueh I was thinking that. I know sales brokerages in my area are willing to hire pretty much anyone to be a sales agent. I guess I didn't think property management brokers thought the same way. Either way, I should probably start the conversation and build the relationship from there

There seems to be a lack of property managers for small multi-fams. At least in my area of South orange nj. I have a quadplex that I’m looking to get managed and most won’t give the time of day for such a small portfolio. Could be an exploitable niche. 

@Troy Weygandt I think the best option is to find a property management job with a property management company. That provides you with a paid position, training, expertise, forms, policies and procedures, etc. You can learn the business quickly and decide if it's right for you. After some time, you can break out and start your own PM company.

@Nathan G. I think that is my best bet right now. I know I am lacking on training with property management software and that would be a good way to get experience with it. @Yinna Wang Yes, I have noticed that in my sales career as well. Landlords would ask for recommendations and I couldn't give any that weren't only managing 100 unit complexes.