Advice on starting up PM company in NJ

4 Replies

Hey BP nation!

So recently I took a new job for 2 main reasons. #1, the money is pretty good and will allow us to scale up our rental portfolio faster. #2, the work-life balance is great and I technically only work half the year and while at work I have a ton of down time. My initial plan was to use the down time to start creating my own business on the side. My wife and I hope to be free from a W-2 in the next 10 years and in addition to the rental portfolio, were looking to start up a property management company.

Early on in my research, I'm seeing that in the state of NJ you need to have your broker's license in order to legally be able to manage other people's properties. Is there any way at all around this? I'm seeing that you need to be a realtor for 3 years "full time" before being able to get your broker's license and I was just hoping to get the ball rolling on the PM end of things a lot sooner.

Any insight would be much appreciated.

Thanks!!

Seems like a classic case of professional gatekeeping to me. Selling property has very little to do with managing it. Do most PMs even show their own rentals rather than use an agent?

If the owner of a buy and hold is paying a PM company, then I'd assume they wouldn't want to pay an agent to conduct showings of a vacant rental, the PM company would just do that.

Alex,

 unfortunately i do not think there is a way around that, they want to make sure that you would have the training of all the ethic laws and finance laws of being an agent and a broker. you would need 75 hrs of schooling, test, plus the time as an agent then i believe there is more schooling and tests to become a Broker.