Property managers in New York that are going to collect rent, rent a property, or list a property for sale will have to obtain a broker’s license. However, not everyone has to get a license. A salesman or secretary working for the licensed owner can do the same things as the property manager without having to obtain a brokers’ license. Only the owner really needs the license and everyone else in the office can just work as an employee.
Another instance where a license is not necessary is when the property manager only does the maintenance and repairs of the property. So being that rent is usually collected by the property management company, in most cases a license would be necessary.
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This is only applicable to regular rental properties. A community association does not have the same requirements and no license is needed the manage them.
To get a brokers license is a two step program. First you have to get a salespersons license. In order to obtain a salesperson’s license in New York, you have to pass the Department of State (D.O.S.) exam. You would have to sign up for a forty or forty five hour course from a real estate school. You would then find a broker to sponsor you. After having a full year’s time experience as a real estate salesperson, you will still need to take a real estate brokers course. You would still have to pass another exam.
Most professional property management companies in Manhattan have licenses. There are still plenty of those who don’t, and chances are they probably won’t ever get caught. But if you ever want to grow your business, you would be much better off taking the effort to get one. Any property owner who owns a decent size apartment building will not just pass of the responsibility to a company that doesn’t have a license. They want to see what other buildings you have managed, and they will certainly look at your credentials. It’s not only prestige, its common sense.
Truthfully, it’s worth taking the courses so that you can service your clients in the best way. A lot of information you will pick up on the way of getting your license will help you out as a property manager. This includes legal aspects of the real estate industry in New York.
Eventually, they might require a license specifically for property managers in New York, but that is still under debate. Even if they do, having a broker’s license will still be a major asset to your company.