Property Management requirements in New Mexico

Must New Mexico property management companies have a real estate broker's license?

Yes, if a property manager is going to lease, rent, or list, he or she will need a broker's license. According to the Real Estate Brokers statute, "Property Management" is defined as including - the showing, renting and leasing of real property, the collection and disbursement of funds on behalf of other persons, the supervision of employees as specified in the management agreement, the supervision of maintenance and repair work, handling of tenant relations, and/or preparation of financial reports. A "Property Manager" is defined as a broker - who, for a fee, salary, commission or other valuable consideration, is engaged in managing property for others.

Must New Mexico community association managers have a real estate broker's license?

NO. A broker's license is not required to manage community associations in New Mexico.

New Mexico Real Estate Broker Requirements:

• Be at least 18 years of age
  
  
• Be a legal resident of the United States
  
  
• If currently or previously licensed in another state, submit a certified license certification or certified license history.
  
  
• Meet the experience requirement of being actively engaged in the real estate business for at least two of the last five years.
  
  
• Education requirement - varies depending on circumstances.
  
  
• Pass broker's examination.