Property Manager without a brokers license?

[Jeanie Choi]

I am purchasing a commercial property with a few partners in GA and would like to manage it myself. Does GA require a brokers license since the property is owned by an LLC with multiple members?

[Joel Owens]

Can't give legal advice but as an owner you should have the right to self manage. The KEY question is what type of commercial property are we talking here??

Could be anything from hotels, to retail, industrial,etc. ( stabilized, value add half full, vacant,etc.).

The existing condition of the property and asset class type will dictate to a certain degree the intensity of the management needed on a daily to weekly basis. Anything other than fully stabilized will be hard to manage properly from afar. Another component is if you are using debt on this property or paying all cash?

If not paying all cash a lender to give the loan might REQUIRE a local PM management company to look over the asset. When banks give loans they like a local contact for boots on the ground. The lenders do not like the thought of the owner self managing hundreds to thousands of miles away from the asset.

I would not want to manage a property from afar anyways. There is no money in it. Now you could possibly charge an asset management fee and watch over the PM company as the sponsor on a syndicate deal.

Good luck. No legal advice.