I'm doing a house hack as well as managing units for family and I'd like to start a property management company. I passed my IL broker exam and need to get a 45-day sponsor card to the IDFPR. I'm having a hard time finding concrete info on what I need to do to start a company. Do I have to be a managing broker myself? If not, do I need to hang my license under a broker who does property management? Can I hang my license at a discount broker, pay their monthly fee or whatever, and start a property management business for myself?
@Art Maydan Any property management business in our state will need to be operated under brokerage and therefore someone who holds a managing broker’s license. I’m not certain what the managing broker’s level of involvement has to be. If you find out elsewhere, please post back here!!
@Brandon Johnson Thank you, Brandon. Do you know where I could find more info? Having trouble finding IL-specific info online specifically about this.
Are you friends with any Real Estate Agents or property managers. If so start with them. If you are managing units for family members you may be in violation of state law. If depends how you structured the deal. Never use the word property manager unless you are one. Until then you are the senior leasing specialist or maintenance man.
Were you able to find any more information about starting your property management company? Im in the same boat as you Art
@Michael Wnek Not really. Just started doing it and figured it out. Going pretty well