Q: I am a MD Realtor thinking of Starting a Property Management company. Are there any laws or Regulations that prohibt?
Are there any Additional License or Certification?
A: I'd want to check your licensor and your business plan before rendering any opinion, but property management is one of the things real estate brokers are licensed to do. You don't say you are a broker, however, so you may merely be licensed as a sales person, that is, to be an agent for a broker. You must then ask your broker what you can do, because it is your broker who is acting under state law, not you. And, if you aren't a licensed real estate broker, you will need additional licensing.
A: A property manager holding a MREC license is actually subject to MORE scrutiny than a property manager that is not a licensee. I will share from personal experience that property managers get sued, a lot. The issue is not so much whether you must be licensed, at all (a license is easy to obtain), but how you will operate, and what controls you will have in place to protect client and tenant money, and to account for expenses.
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