Is a Property Management License required?

[blueocean11]

I've been doing research on property management companies and have been told both that they need a license and they don't. I'm a little confused. One realtor told me you had to be licensed if you are a realtor and managed other people's properties.



Any help in clarifying this would be of great help.

 

[RedlineBrett]

Here is a link to the real estate act



http://www.qp.alberta.ca/documents/Acts/R05.pdf



You need a license to trade in real estate. Trade as it relates to property management is defined as follows:



"(s.1) `property management` includes any of the following:

(i) leasing or offering to lease real estate or negotiating

or approving, or offering to negotiate or approve, a

lease or rental of real estate;

(ii) holding money received in connection with an

activity referred to in subclause (i);

(iii) advertising, negotiating or carrying out any other

activity, directly or indirectly, for the purpose of

furthering an activity referred to in subclause (i) or

(ii);





If you want to do showings and leasing for more than one person and make
money doing so you have to be licensed with a brokerage that trades in
property management. So more than just a regular old realtor. To receive rents and hold security deposits you need two trust accounts. Most real estate brokerages only do buy/sell and don't allow their agents to do property management.

 

[blueocean11]

thanks for your post Brett. I did read your post on the other property management post.



I forgot to mention the province which is Saskatchewan.

 

[Seankm21]

Is that the same for Ontario as well? Where do you find that info? Thanks

 

[housingrental]

No. For condo managers yes though...



[quote user=Seankm21]Is that the same for Ontario as well? Where do you find that info? Thanks

 

[Dan_Eisenhauer]

Check with your local real estate governing body, or even the local real estate board... not a Realtor.



In BC it is the Real Estate Council of British Columbia. Probably every governing body has a website with that information on it.



I believe Ontario does not have a licensing requirement for PM's, but I am not 100% certain. I have no idea about Sask.

 

[tonyLeBlanc]

New Brunswick does not require licenses.



--

Tony LeBLanc

Owner | Ground Floor Property Management Inc.

506 878 0770 | [email protected] | www.groundfloorpm.com

 

[chrisbinder]

Most states require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. A property manager may be a licensed real estate salesperson but generally they must be working under a licensed real estate broker.