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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2618
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Do I have to have Real Estate Broker License when I open

Customer Question

Do I have to have Real Estate Broker License when I open Property Management Company in New York?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 11 months ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 11 months ago.

Possibly. Key components of property management (renting and collecting rent) are considered real estate activities under existing New York real estate licensing laws. If a property manager is going to rent, list, negotiate the rental of property, collect rents, or place tenants on behalf of a landlord client, he or she will need a broker's license.

If services are strictly maintenance, a broker's license is not required.

We can continue to discuss if you would like to do so.

Customer: replied 11 months ago.
Hi Damien!
My name is***** you for the answer.
If we have a broker work with us commission base, can we use his/her real estate broker's license? or as a owner do I have to have a broker's license?
Expert:  Damien Bosco replied 11 months ago.

Hi Gulsum: You are welcome. And Good question. If the management company is not involved in selling and receiving a commission, and hires a real estate broker, that should work. You would just make sure the management company is not receiving a commission, although it can still be paid by the owner to do the management. We can discuss more if you want to do so.

Expert:  Damien Bosco replied 11 months ago.

Hello Gutsum: I am following up to see if you still need further help. If so, please let me know. If not, I hope that I have provided excellent service and, if so, would love you to give me a rating between 3 and 5 stars for the service I provided to you. Best regards.