I’m interested in becoming a property manager in Detroit, and I would like to know what the requirements as far as certificates, education, etc.
Michigan has two kinds of relevant real estate licenses: salesperson or broker. If you want a career as a property manager in Michigan, representing properties to lease or rent, you’ll either need a broker’s license, or you will need to be a licensed real estate salesperson working under a licensed broker.
The State of Michigan defines property management according to Article 25 of the Occupational Code, Act 299 of 1980: “The leasing or renting, or the offering to lease or rent, of real property of others for a fee, commission, compensation or other valuable consideration pursuant to a property management employment contract.”
Further, “Property management employment contract,” as far as Michigan is concerned, means “the written agreement entered into between a real estate broker and client concerning the real estate broker’s employment as a property manager for the client; setting forth the real estate broker’s duties, responsibilities, and activities as a property manager; and setting forth the handling, management, safekeeping, investment, disbursement, and use of property management money, funds, and accounts.”
To attain a professional certification of “property manager,” the State of Michigan refers those interested to the Institute of Real Estate Management. However, the state does not require that certification in order for you to work in that capacity. The certification may, however, make you more competitive for employment.
You don’t need a license in Michigan if you are working directly for an owner and managing property for that owner. You do not need a brokers’ license to manage community or condo associations in the State of Michigan. You don’t need a license if all you are doing is property upkeep or bookkeeping, for example. You only need a license if you are involved in talking about or processing renting and/or leasing the property, according to the Institute for Real Estate Management.
For more information, consult the State’s general rules for real estate brokers and salespersons, available here. Or contact the Michigan Department of Licensing and Regulatory Affairs at 516-241-1820.
Writing about personal finance and investments since 1999, Jason Van Steenwyk started as a reporter with Mutual Funds Magazine and served as editor of Investors’ Digest. He now publishes feature articles in many publications including Annuity Selling Guide, Bankrate.com, and more.