Creating a short term rental property management company!

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Creating a short term rental property management company!

Sam Selisker
New to Real Estate · Grand Rapids, MN · Member since 2020 · 4 posts · 4 votes

Currently in the process of creating a short term rental property management company in MN. My business partner is a real estate agent with a brokerage in our area. Does business from the company have to go through the brokerage he is a part of? Or can we file an LLC and operate because he simply has his real estate license in the state of MN?

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Andrew SteffensBusiness Member
Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
3y

In FL since it is considered transient rentals you do not need a license.  It is state by state so I would check with your states Department of Real Estate.  Also in FL practicing Real Estate without a license is a felony, so making sure you are compliant with your states rules are a big deal

[email protected]813-563-0877
Vacation Rentals of Florida53 Reviews
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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    Have you called the state to find out? Seems like that is the best way to know for sure.

    Most PM companies need to have real estate licenses of some kind.

    1Reply
  • Paul Sandhu
    Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
    3y

    My speculation is that you can file an LLC. Property management and brokerage are 2 different things, even though they go together. Like a light bulb and a lamp.

    Get a contractors license so you can do plumbing, electrical, carpentry and HVAC work.  If you don't know how to do that type of work, you may want to reconsider being a property manager.

    1Reply
  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    In Tennessee you have to have the license but it doesn’t go through the brokerage. It could be different in your state

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @Sam Selisker In Michigan, a Property Management Company must have it's OWN broker's license.

    Yes, any deals your agent friend handles legally have to go through his broker.

    [email protected]248-209-6824
    Logical Property Management4.9459 Reviews
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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    In FL since it is considered transient rentals you do not need a license.  It is state by state so I would check with your states Department of Real Estate.  Also in FL practicing Real Estate without a license is a felony, so making sure you are compliant with your states rules are a big deal

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    1Reply
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