Just like any other business, property management companies come in all varieties. You’ve got some that are well trained with years of experience managing the complete affairs of their clients, like Western Management Associates, and others that are just getting started or handle only certain aspects of property management.
It’s important to note that property management requirements vary from state to state. Most state have specific requirements that have to be met in order to conduct business. For example if I was opening a new property management company in Maine I wouldn’t need to hold a rental real estate license or community association license.
However in Utah you would need your real estate broker license. There are some exceptions to this rule, like if you own and manage your own property, manage a hotel, or rental accommodations for less than 30 consecutive days. There also is no requirement in Utah that a community manager must hold a real estate broker’s license.
Remember these key takeaways:
- Requirements for property management varies from state to state
- Utah requires that in order to conduct property management duties (in most cases) you need your real estate broker license
- Experienced property management companies not only meet these requirements but offer much more including: Operations, financial, and owner communication and education services