Creating a Property Management Company

[Josef G.]

I am thinking of creating a property management company (LLC A) in Pennsylvania to manage couple of properties I already own under my personal name and a LLC (LLC B). I've read that in Pennsylvania, one does not need a license to manage one's own property but not sure if this is true or no. Therefore, I have couple questions for forming a property management company:

1. do you need a license to manage your own properties in PA?
2. would there be any conflicts for for giving out the property management to LLC A since I would be an owner/member of both LLC A, LLC B, and my other properties?
3. are there any other licenses need for a property management company? I've researched and could not find anything
4. if decided in the future on managing other people's properties, how would getting a licensed broker be incorporate into the existing LLC A?

Any advise would be greatly appreciated. Thank you

[Elise Bickel Tauber]

I just opened my own property management company after working under a national company's brokerage. I know it's already been answered, but no, you don't need a license to manage your own properties but like it was said, you need to be licensed and working under a broker (unless you become a broker yourself) to manage other people's properties. Your property management LLC MUST be registered with the real estate commission as well (only if you are managing other people's properties). My attorney says that she would recommend e & o insurance for your llc to protect your business. If you decide you want to manage other people's properties, you need to become a real estate agent and work for a brokerage that does property management (you'd be surprised how few do this since there is such a large liability like Tony said) but once you can acquire your broker's license you can go off on your own. Hopefully we've all been able to help!!