You need a
California Real Estate License to be a Property
Manager.
Be sure to check this out from the Dept. of Real Estate.
Then check out the California Association of Realtors.
Then check out the California Association of Realtors.
From Wikipedia:
Most states, such as New York,[5] Texas,[6] and
Colorado,[7] require
property management companies to be licensed real estate brokers if they are
collecting rent, listing properties for rent or helping negotiate leases and
doing inspections. A property manager may be a licensed real estate salesperson
but generally they must be working under a licensed real estate broker. Most
states have a public license check system on-line for anyone holding a real
estate salesperson or real estate broker's license.[8] A
few states, such as Idaho, Maine, and Vermont do not require property managers
to have real estate licenses. Other states, such as Montana, Oregon, and South
Carolina, allow property managers to work under a property management license
rather than a broker's license.[9] Washington
State requires property managers to have a State Real Estate License if they do
not own the property.[10]
Owners who manage their own property are not required to
have a real estate license in many states; however, they must at least have a
business license to rent out their own home. Owners who do not live near the
rental property may be required, by local government, to hire the services of a
property management company.[citation
needed]
In California, third-party apartment property managers
must be licensed with the California Department of Real Estate as
a Real Estate Broker. A broker's license is
required for any person or company that, for compensation, leases or rents or
offers to lease or rent, or places for rent, or solicits listing of places for
rent, or solicits for prospective tenants, or negotiates the sale, purchase or
exchanges of leases on real property, or on a business opportunity, or collects
rents from real property, or improvements thereon, or from business
opportunities.[11]
DUTIES OF A PROPERTY MANAGER from Wikipedia:
Typical duties expected of a property manager include
finding/evicting and generally dealing with tenants and coordinating with the
owner's wishes. Such arrangements may require the property manager to collect
rents, and pay necessary expenses and taxes, making periodic reports to the
owner, or the owner may simply delegate specific tasks and deal with others
directly.
A property manager may arrange for a wide variety of
services, as may be requested by the owner of the property, for a fee. Where a
dwelling (vacation home, second home) is only periodically occupied, the
property manager might arrange for heightened security monitoring,
house-sitting, storage and shipping of goods, and other local sub-contracting
necessary to make the property comfortable when the owner is in residence
(utilities, systems operating, supplies and staff on hand, etc.). Property
management can also include commercial properties where the property manager
may operate the business, as well as managing the property. Some jurisdictions
may require a property manager to be licensed for the profession.
The property manager has a primary responsibility to the
landlord and a secondary responsibility to the tenant. The relationship the
property manager has with the landlord and with the tenant are crucial in
forming the expectations of both parties to the lease since both parties will
seek and expect certain rights and benefits out of it.
MORE on WHAT A PROPERTY MANAGER DOES
You may know that property managers exist, but you might
not know what exactly a property manager does. A property manager is a third
party who is hired to handle the daily operations of a real estate investment.
They can manage all types
of properties, from single family homes to large apartment complexes.
The responsibilities of a property manager will vary based
on their salary and the specific terms of their management contract, but can
include the following:
1. Responsible for Rent
2. Property managers are responsible for setting the initial
rent level, collecting
rent from tenants and adjusting the rent.
3. Setting Rent- the property manager knows how to set
the right rent level to attract tenants to your property. They have an
understanding of the market where the property is located and have looked at
comparable properties in the area.
4. Collecting Rent- they play the role of the enforcer. They
ensure optimal cash flow by setting a date to collect rent each month and
strictly enforcing late
fees.
5. Adjusting Rent- the property manager can increase the rent
by a fixed percentage each year, according to individual state and/or municipal
law. They can also decrease the rent if they deem necessary.
RESPONSIBLE for TENANTS
One of the main responsibilities of the property manager is
to manage tenants. They are involved in all capacities, from finding
the tenants and dealing with complaints to initiating
evictions.
1. Finding Tenants- property
managers are responsible for marketing the property to fill vacancies.
They know where to advertise and what to include in their ads. They also
understand what attracts tenants, so they can suggest making cosmetic
improvements to help makeover
the property.
2. Screening
Tenants- they are responsible for sorting through the prospective
tenantapplications to find the tenant that is the best fit for your
property. They have a consistent screening process, including running
credit checks and criminal background checks, which can decrease your
chances of being accused of discrimination. Experienced property managers have
seen hundreds, even thousands, of tenants, so they have a better idea of how
to select the right tenants; those who will pay their rent on time, have a
longer tenancy and create fewer problems.
3. Handling
Leases- they are responsible for setting the length of the lease and making
sure it has all the necessary provisions to protect the owner. This includes
determining the amount of security
deposit required.
Handling Complaints/Emergencies- they are paid to deal
with maintenance
requests,noise
complaints and have the necessary contacts to handle emergency
situations.
4. Handling Move Outs-when a tenant moves out, the manager is
responsible for inspecting the unit, checking for damages and determining what
portion of the security
deposit will be returned to the tenant. After move out, they are
responsible for cleaning the unit, repairing any damages and finding a new
tenant.
5. Dealing With Evictions –when a tenant does not pay
rent or otherwise breaches the terms of a lease, the property manager
understands the proper way to file and move forward with an eviction.
RESPONSIBLE for MAINTENANCE and REPAIRS
Property managers are responsible for the physical
management of the property, including regular maintenance and emergency
repairs.
1. Maintenance- they are in charge of performing
preventative property
maintenance to keep the property functioning in top condition. For
example, they are personally in charge of, or must hire someone to,
exterminate, check for leaks, landscape, shovel snow and remove trash. This
maintenance aims to keep current tenants happy and attract new tenants.
2. Repairs-when there is an issue, the property manager must
attend to it themselves or must hire someone to attend to it. They often have a
large network of reliable plumbers, electricians, carpenters and other
contractors.
RESPONSIBLE for KNOWLEDGE of LANDLORD-TENANT LAW
Good property managers have a thorough knowledge of
statewide and national laws regarding the proper ways to:
Screen a tenant.
Handle security deposits.
Terminate a lease.
Evict a tenant.
Comply with property safety standards
.
RESPONSIBLE for SUPERVISING
1. Other Employees- if there are other employees in the
property, such as a concierge or security personnel, the property manager is
responsible for making sure they are doing their job. The property manager can
set their salaries and even fire them.
2. Vacant Properties- property managers are often hired to
look after vacant properties to make sure there has been no vandalism and to
perform routine maintenance. They also make sure contractors and other
repairmen are completing their work in a timely manner.
3. Responsible for Managing the Budget/Maintaining Records
Property managers are responsible for managing
the budget for the building and maintaining all pertinent records.
4. Managing Budget- the manager must operate within the set
budget for the building. In certain emergency situations when the occupants
(tenants) or physical structure (investment
property) are in danger, they may use their discretion to order repairs or
likewise without concern for the budget.
5. Maintaining Records- the property manager should keep
thorough records regarding the property. This should include all income and
expenses; list of all inspections, signed leases, maintenance requests, any
complaints, records of repairs, costs of repairs, maintenance costs, record of
rent collection and insurance costs.
RESPONSIBLE for TAXES
The property manager can assist the property
owner with understanding how to file taxes for the investment
property.
The property manager can also file taxes for the property.
