Posted by Frank Chin on September 21, 2004 at 08:32:08:
I own and operate a corporate that manages my properties, and I’m not a licensed broker.
Under the laws of NY State, your got to be a broker to manage properties FOR OTHERS. But specifically, the law says that yoy have to be licensed to COLLECT RENT for others. You’ll need the license and you’ll have to post the appropriate bonds.
I set my corporation (F&S Chin Inc.) up to provide BUSINESS SERVICES. That is, I take calls on tenants complaints, get electricains & plumbers, do minor repairs, sweep up hallways & sidewalks, change light bulbs etc.
The last time I look, I don’t need a license to change bulbs. LOL.
I don’t call it PROPERTY MANAGEMENT because there’s a possibility the application will be rejected by the state saying that its something needing a license.
SO to split hairs, I, Frank, collect the rent. F&S Chin Inc. does everything else that doesn’t need a license.