Anyone who earns a commission or compensation acting as a real estate broker, agent, or property manager must have a license. Obtaining listings of properties for sale from an employer agent is key. The components of property management (renting and collecting rents) are considered real estate activities under New York real estate licensing laws. If a property manager is going to rent, sell, negotiate the rental of a property, collect rents, or place tenants on behalf of a client owner, they will need a broker's license.
A salesperson who works for a broker can participate in such activities. There is no requirement for a community association manager in New York to hold a real estate broker license. However, there are very limited exceptions to the requirement that New York property managers have a real estate broker license. The New York State Property Management Act protects the rights of millions of tenants and their property managers to ensure that this vital service is performed in an equitable manner.
Before hiring a property manager to manage your rental property in New York, you should always check that they have the appropriate license. The Property Management Act covers statutes and regulations that dictate the responsibilities and obligations involved in managing properties, including apartments, homeowners associations, condominiums, office buildings and cooperatives. This license is required for activities such as renting to publish, negotiating the rent of a property, collecting rent, and placing tenants on behalf of a client owner. For more information on these and other New York property management requirements and exceptions, contact the New York State Division of Licensing Services. It is important to stay informed with the latest news about property ownership, laws and information from leaders in property management.
To learn more about these and other licensing requirements, contact the New York Division of Licensing Services.