[MelanieJo]

Hi All, nice to be here with like minded people.
This is going to be a bit long winded so please bear with me. Any feed back would be greatly appreciated (pros and cons). Also, if you don't know the answer would you recommend someone who might...

I want to start a Property Management business (no sales just exclusively property management). From my research I understand that I need to do the Real Estate Reps course and to work under a licenced Real Estate Agent...or do I have to be employed by one?

What I want to know is can I get started working from my home office? Is it as simple as sourcing a Licenced Real Estate agent for me to work under after I do my Reps course?

I have managed a couple of my own investment properties and I have had people ask me to look after theirs as they know I do a good job. Of course that is not the only reason I want to start a business, I love working in real estate and with people, I have also been a business owner before in hospitality.
Once I have the business started I would like to Niche it by offering Lease Options. This will give my Tenants an opportunity for home ownership and my Landlords an opportunity to sell a property that they are finding difficult to sell. A Lease Option is simply a standard Residential Lease Agreement contract with an Option to Purchase contract attached. The Tenant then has the option to purchase the property within a period of time, usually a couple of years.

I live in North East Victoria.
I would like to manage property in my area as well as Southern NSW. If I managed property in NSW would I need to do a Property Management course for NSW and would I need a Licensee from NSW?

My husband has been working as a Real Estate Agent in Victoria for a few months now and his aim is to get his License but he needs to works as a Rep for at least 12 months before he can do this. I mention this because I could possibly work under his License?

Your feed back is greatly appreciated.

[Davina]

Property management is basically what an Onsite manager does (google management rights). If you were to live on site within a complex you could just get your RLA certificate which is cheaper than a full real estate licence ($600 v $2500). However if you wish to manage properties from home (we manage a complex from our home/ and onsite using night managers), then you would need a full real estate licence. The course (can be done online at own pace) cost approx $2500. A 3 year licence for peronal name and company name cost $3000 from memory.

Managing property close to your home sounds good, however managing propery in Northern NSW ???? How are you going to do inspections ? or show a prospective tenant through when your old tenant leaves ? You would also have to have many many contractor contacts, ie electrician and plumbers contacts in your area and electrician and plumbers contacts in northern NSW.


"I mention this because I could possibly work under his License?" Answer NO

[Sam Berryman]

You are best to obtain advice from whoever governs real estate licenses in your state. I am unsure about dual licensing, however you will most definitely need a separate trust acct for each state you manage properties in. I agree with Davina in her questioning on access to these properties when they are so far away.

[BBPM]

I own a property management business only in QLD. I need to run my business a full real estate license. You can run it from home but that comes with risks and I don't feel in the long run you can run the business effectively. I find to run a successful property management business you need to set up your business as a full real estate- this comes with costs- premises rent, insurances, equipment but it pays off in the long run.

[Investment Guru]

Like to be a member of this thread...will help me a lot in my line of work. Thanks for the information, just beginning and learning a lot more... please do peak at the site and feedback would be great... thank you selling a house in Australia