Professional real estate management license#

S-corporations pass through the taxes to the shareholders, so there is no chance for double taxation. You will have to think about whether you want to file as a pass-through business like an LLC-where money passes through the business directly to you-or whether you want to file as a C corporation and be paid as an employee.Ĭ-corporations risk having a double taxation problem, but you shouldn’t have to worry about that if you have a good accountant who knows the laws. Most property management firms are set up as an LLC, or limited liability corporation, but S-Corps and C-Corps are also strong contenders with more legal protections. This is critical so that your personal assets are protected and separate from your business. Next, you’ll need to file your business for tax purposes and choose a legal entity. How Do You File Your Property Management Business? Get a breakdown of licenses, certifications, and associations through our blog post: Property management certifications that give you an edge. National Association of Residential Property Managers (NARPM).Institute of Real Estate Management (IREM).

Professional real estate management license#

A certified property manager, for example, holds a real estate broker’s license and has completed coursework on property management topics.įinally, there are associations, both national and international, that can help you network, give your business credibility and nurture your staff with continuing education and certification in property management. Some certifications, while not required, will help augment your business. Property Manager’s License: A property manager’s license also requires coursework and an exam.Real Estate Broker’s License: A licensed real estate broker has taken courses and passed an exam that covers property management as well as topics such as insurance, taxes, and contracts.Before you set up your business, make sure you have the up-to-date licensing to practice in your state, especially since housing regulations tend to change fast these days. There are only a handful of states that don’t require some kind of licensing for property managers. What Licenses and Certifications Do You Need to Be a Property Manager? The SBA also furnishes business plan examples for those writing one for the first time.

Per the Small Business Administration (SBA), a formal business plan has these things:

The point is to plot out every aspect of your company from your startup capital all the way to breaking even. How Do You Write a Property Management Business Plan?Ī business plan serves as the framework for your entire property management business. Before you do anything else, you’ll need to be properly licensed, file your business name and create a business plan-which we recommend doing first so you can size up the opportunity in front of you.