When you need a property manager in DC or are considering becoming a property manager, consider that DC property managers are required to be licensed. In order to become licensed, property managers in DC must pass a test.
Who does DC consider to be a property manager, and what type of license are property managers supposed to have? Here’s what you need to know.
Definition of a Property Manager in DC
In Washington DC, a property manager is anyone who is considered an agent for an owner of real estate in matters regarding property management.
These matters could include leasing the property, managing the property—including operation and maintenance— or marketing the property.
In other words, a property manager is anyone who conducts physical or administrative management of a property in DC, which could also include financial aspects.
What Type of License Does a Property Manager Need?
While a property manager in DC isn’t required to have a broker’s license, which some real estate agents have, they are required to have a property managers license.
If you’re hiring a property manager and they have a broker’s license, they aren’t required to have a property managers license to manage your property, as the broker’s license is considered more than adequate for their purposes.
However, if your property manager is negotiating a loan or managing a purchase of the property, they will be required to have a broker’s license in Washington DC.
Requirements to Pass the Property Managers Exam in DC
To be eligible to take the property managers exam in DC, you must be a high school graduate (or equivalent), and be able to read, write, and understand English.
You must also not have had an application previously denied other than failure to pass the exam in DC or elsewhere within one year of your application date. You must also not have a property managers license that’s suspended or has been revoked within the last three years.
When hiring a property manager, you can check to see if they’re licensed in Washington DC to be a property manager or have a broker’s license, which is considered to be superior.
Considering Hiring a Property Manager?
When you’re hiring a property manager, check to see if they’re licensed and consider hiring our professionals at FAS Management. We assist property owners in DC with their rentals to see their best return on investment and keep more of their money every month. Call us today at (202) 337-5080!