15 Jun Does Your Property Manager Have A Real Estate License and Does It Matter?
Are you planning on hiring a property manager for your Los Angeles rental property? If so, you’ve probably seen that most property managers in California have real estate licenses but the big question is does it even matter?
The answer to this question is yes. A property manager in California does need a real estate license if they plan on engaging in real estate activities like soliciting tenants, negotiating leases, and collecting rents.
Property management companies that operate any property management bank accounts (trust accounts) must also have licensed brokers at the helm
When applying for real estate license, broker applicants are also required to document their experience in the field and prove that they are knowledgeable about real estate.
When Is A Property Manager Not Required to Have A Real Estate License?
A property manager is not required to have a real estate license if they do not engage in real estate activities like collecting rent or leasing.
Most property management companies in California do have a licensed property manager overseeing their employees who collect the rent and leasing just to make sure that it’s done correctly.
Resident Managers Are Not Required to Have Real Estate Licenses
The resident manager of an apartment building or apartment complex who lives there on site is not required to have a real estate license either especially if they engage in collecting rents. (Bus. & Prof. C. § 10131.01(a).)
Employees of the resident manager are also not required to be licensed real estate professionals if they engage in showing rental properties to prospective renters, dealing with rental applications, accepting deposits or collecting fees.
Owners Are Not Required to Have Real Estate Licenses Either
Like resident managers, owners are not required to have real estate licenses either when it comes to managing properties that they actually own.
Get Property Management in Los Angeles Here
For property management in Los Angeles contact MW Real Estate Group by calling us at (213) 927-2117 or click here to connect with us online.