need managing broker in Washington State

1 Reply

Hi All,

Looking for ideas.  I want to start a property management company in Washington State.  I am not a realtor or broker nor have I ever been one.  Washington State law requires that property management companies have a managing broker on staff.  Given that I am just starting out, I don't have the cash flow coming in to hire a managing broker.  

Does anyone have any ideas on how I can work around this issue?  I need a licensed manage broker as an "employee" of my business for legal reasons, but I don't need this individual to do anything for my business other then hold a license which would make it legal for me to operate my property management company in Washington State.

Aside from hiring an individual for a token fee each month - ie 100 to 200 dollars to be an "employee" of my company, I cant think of any other reasonable option.  I could partner with an individual that holds such a license to start my business, but finding the right person for this would be a challenge in itself.

Please share any thoughts you all might have on any other options that may work for me.


Thanks

Shawn

Hey Shawn, 

Ya that might be tough. Depending on what laws you have in your state the managing broker could be liable for certain things, so it might be tough to find someone to take on that liability if they aren't a fully paid employee. My guess is that you would have to work out a better compensation for this person to make it worth their time and risk. Maybe pay them some commission for each transaction and have them double-check the paperwork with you? 

There's always brokers looking to make extra money. Maybe it's time to start cold calling local brokers? Post an ad on your local Craigslist? 

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