What is Property Management license
A property management license is a type of license and certification that is required to operate and manage a rental building or property. This license varies depending on the management and route that the person takes to obtain it.
Types of Property management licenses
Depending on the route that the person takes to obtain their licensure, a different license will be given. All of them certify the individual to do a different type of management within a building or for a number of properties. There five different types of property management licenses are:
- Real estate license
- CPM certification
- CMCA certification
- RMP certification
- CAM certification
Do you need a real estate license for Vacation rental property management?
Yes and no depending on where you are located. Each U.S. state has its own regulations for how they would like vacation rental properties managed by a professional. Some prefer that this training is done, while others state that other types of certification and licensure would be acceptable to allow the person to do the management of the buildings or properties.
It is best to contact your local office where you reside or are going to be working in to find out if they require a real estate license for your particular area. They will be able to provide you with a better answer to this question and ensure that you have the necessary information for that particular area.
Some places require the individual to have this license so that they understand the realty laws and regulations that govern that particular area. However, other areas do not state that it is a must.
How to get property management license?
If you’re looking to become a property manager, you might have to look into getting a property management license. You would have to undergo a series of courses and tests in order to become certified. They are tested on a number of factors including real estate, accounting, marketing and other important areas where the knowledge would go handy when managing properties. Usually, some places require a person to not only be certified, but also to hold a real estate license. This is done through schooling and certification with courses. The schools that offer these licensure courses and tests vary with each area, but asking a higher education school can provide more information on what is available in your area.
Every area is different in their requirements and some area might only require the person to have high school diploma. Others might hire an individual if they have a bachelor’s degree in business, accounting, real estate or finance.
Obtaining a property management license is all about going through training and schooling to become certified within that area. Others might have to go back to college, online classes are offered, to obtain the degree required for becoming a property manager and knowing the appropriate rules and regulations for the housing market.
Property management without a license: Exceptions to the rules and regulations
In some areas, property management can be done without the use of a license. Some places allow a person to start working for them in agreement of putting them through the necessary courses to do the framework for becoming licensed as a property manager for the near future. Either way, it is important to know that in some instances, as well as some places, licensing for a property manager is not always required.
Short term rentals and vacation rentals in some states do not require the owner or manager to have a property management license. In many of the states, no associations or requirements need to be met. In these instances, the person managing the properties just have to know the current rules and regulations for the area and their rental properties. Other than that, they do not need to go through extra schooling or courses or take tests to become certified or licensed in order to practice as a property manager. They can be hired without a license or manage their own property rentals.