If a property manager in New York is going to collect rent, rent a property, or list a property for sale, they will need to obtain a broker’s license. However, not everyone needs a license. A salesperson or secretary can work with the property manager and do all of the things listed above without having to obtain a broker’s license. So only the owner really needs the license and everyone else in the office can just take advantage of him or her.

Another case where a license is not necessary is when the property manager only performs maintenance and repairs on the property. So since the rent is usually collected by the property management company, a license would be required in most cases. This only refers to regular rental properties. A community association does not have the same requirements and does not need a license to run them.

Obtaining a broker’s license is a two-step program. First you have to get a seller’s license. To obtain a license in NY, you must pass the Department of State (DOS) exam. You would have to enroll in a forty or forty-five hour course from a real estate school. Then you would find a broker to sponsor you. After you have a full year of experience as a real estate salesperson, you will still need to take a real estate brokers course. You would still have to pass another exam.

Most professional property management companies in Manhattan are licensed. There are still plenty that don’t, and they will likely never be caught. But if you ever want to be a part of the big game, you’d be much better off putting in the effort to get one. Any landlord who owns a decent sized apartment building will not pass on the responsibility to a company that does not have a license. They want to see what other buildings you have managed, and they will certainly see your credentials. It’s not just prestige, it’s just common sense.

The truth is that it is worth taking the courses so that you can serve your customers in the best way. A lot of information that you will collect on the way to get your license will help you as a property manager. This includes legal aspects of the real estate industry in New York.

Eventually, they could do a specific license for property managers in New York, but that’s still up for debate. Even if they do, having a broker’s license will still be an important asset to your business.