WI Broker/Sales law

3 Replies

I'm in a little bind, nothing legal yet, but more along the line of strategically. I've just been offered the opportunity to manage a friends property for rental. I figure this could be a great way to start on the low end of my REI, get my business built and work my way up.

My problem seems to be the WI broker/sales person laws.  Paraphrasing from what I understand is; any person who is able to sell, make offer, negotiate, or rent a property for another individual/entity for monetary or things of value must have a broker or real estate license.  This will surely hold up my growth and the opportunity presented before me, since the WI Board states I would need 2 years experience under an already licensed broker/sales person before applying for my own license.

Since I'm starting small I was hoping to get an LLC registered and start off managing my friends property and more to start generating some cash and get my name out there in the area. But I'm at a cross roads, with do not enter signs going each direction.

Does anybody have any ideas or currently using a strategy that is working in the same confines as I have in front of me? 

Manage the property for him with the caveat that he is the one that has rental decisions rather than you.  If you are not making decisions as pertaining to who the property is being rented to then wouldn't you fall outside of that law?

Would it be possible to obtain your real estate salesperson license, go under a broker's license who would give you the freedom/ability to manage your friend's property under their license as an agent of their brokerage, hold out for two years and get your own broker license?  Some of these places let you hang you license under their brokerage and give you a pretty wide array of freedom for a monthly fee and percentage of your transactional earnings.

Thanks for the ideas.  I'll surely have to brain storm a bit on those.