Property Managment courses

Hi everyone,
I've managed a few of my properties before with no hassles. I was looking at starting a small business doing property management. I have a friend who is a Property manager and is looking to help out(licensed/has clients ready to switch) we are just not sure of the legalities. I have almost completed my real estate licence but would that even matter apart from looking good for advertising considering its just Property Management/reletting etc. I'm familiar with all the software regarding bad tenants as I've used it for my own properties. Is there a state by state course you can do regarding your states? Any help would be greatly appreciated. Thanks :)
 
If you want to operate a real estate agency then you will need the full licence and insurance. Maybe membership of the Real Estate institute of your state.
 
Individual REI membership is not required however you are required to have a registered office in each state. How will you manage the logistics?

You will need to complete the requirements for registration as an REA in each state - these requirements vary widely, in some states you actually require experience before getting a licence :eek:

In NSW & possibly other states you will be required to hold professional indemnity insurance.

Without a fully licensed person as licensee, you are not allowed to open a statutory trust account - you can't operate without a trust account. It is not a case of 'looking good for advertising' it is the legal requirement that there is a licensee operating the business.

Don't denegrate property management - it is the main saleable asset of any agency (sales are a one-off transaction, management is cashflow).
 
Individual REI membership is not required however you are required to have a registered office in each state. How will you manage the logistics?

I read the question as only looking to operate in his own state of NSW but I could be wrong.

If Dark Knight your friend with the licence wants to open up a business with you then you could give it a crack. Some big players in the Sydney market these days, the business is worth a fortune if you can grow it to a good size and there are ready buyers prepared to pay large multiples as soon as you want to sell.

Good Luck

NPB
 
Hi Dark Knight, during the past month I have broken away from a well know agent in our area and set up my own company name / property management business. I have a good size residential property portfolio so if you need someone to talk too email me off the forum and I try to answer any questions for you.

That reminds me to change my forum email address.
 
Explain the situation to the Dept Fair Trading Real Estate licencing section because they issue an array of property management licences and you might fit one of them.
Cheers
crest133
 
Back
Top