My idea is this, and I don’t know the answer.
If I have my own rentals that I manage, do I need a RE license or broker license to manage other rentals not owned by me?
I’m in Arizona.
Thanks!
Answer is pretty straightforward. You can manage or sell your own real estate without a license. You cannot represent someone else (leasing, sales, etc.) without a license.
It varies a bit by state. In most states you must be licensed.
Do not manage other people’s property unless you have a ton of insurance for yourself. You have liability for propblems with their property and their tenants. You could find yourself being sued right beside the property owner.
You’ll also want to get yourself bonded, and if you ever get to the point where you have employees, only hire people who can be bonded. You will be handling very large amounts of money that belongs to someone else, and you are liable for the actions of your employees.
There have been two property management companies in my area where employees stole deposit money, and a lot of it. And those are only the ones who got caught.
Thanks for your insight! Its greatly appreciated! :bobble