How to Begin Managing Property Professionally
I am aiming to establish a property management firm in 2016-17 after I have obtained adequate experience. However, I feel a bit confused about the difference between legal requirements and actual industry practices.
I am currently employed as a leasing agent for a few-hundred unit student housing community, and despite performing many property management functions, this doesn't require any specific licensing. I learned that I must have a brokers license to practice as a property manager in most states (links: 1, 2). Is this true, or are there exceptions and industry practices contrary to this? My confusion can be further illustrated by this example: I have met property managers here in my hometown who practice without licensing and manage hundreds of units.
As much as I'm willing to do the work required to achieve my goal, if there is a way to avoid having to get my sales/provisional real estate license, then practice under a broker for two years before finally becoming a legal property manager, then I would like to take the more expedient route.
I appreciate everyone's time.