Property management companies can come into being in a multitude of different ways. A son or daughter might inherit a multi-family home from their parents and decide that they have a knack for property management. A landlord might choose to expand his or her holdings and assemble a property management team around themselves. Or an entrepreneur might pick property management as a way to build a quick company.
However a person comes into the property management world, it’s important to understand the rules, requirements, and laws that apply. And as it turns out, there’s no one-size-fits-all national standard for property managers.
For example, over on the east coast in Massachusetts, there’s no requirement in place for a property manager, community association manager, or condo association manager to have a real estate broker’s license. However, out on the west coast in California, a property management company is required to have a real estate broker’s licence. And while there’s no requirement for a community association manager to have a broker’s license, there is voluntary certification, known as “Certified CID Manager,” available.
So clearly the best course of action is to familiarize yourself with the laws specific to your state before hanging out your property management shingle. But an even better option is to intern with, or pursue a position with, an existing property management company. There’s no better way to learn the ins and outs of the business than from the inside.
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