August 11 2017
After doing your research and reading about what a great career you can have working in property management, you have decided to take the plunge. Congratulations! You have made an intelligent choice that will have a positive impact on your wellness and career growth. A career in property management also gives you the opportunity for continuing education. There are a few requirements from the state of Michigan you will have to meet before beginning your career in property management.
How Does Michigan Define Property Management?
As found in Article 25 of the Occupational Code, Act 299 of 1980, Michigan defines property management as “the leasing or renting, or other valuable consideration pursuant to a property management employment contract.” A property management employment contract is defined as “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.”
Property Management Requirements
In Michigan, property management is considered a real estate activity under the state’s real estate licensing laws. This means that if you are going to work in property management, and the aforementioned description applies to you, then you are required to have a real estate broker’s license. The only exception to this is if an individual is a real estate salesperson who engages in property management on behalf of a real estate broker who is their employer.
To obtain a real estate broker’s license in Michigan, you will need to complete the following –
• Work a minimum of three full years in real estate.
• Receive 90 hours of broker instruction from an approved institution
• Take and pass the broker licensing examination. A passing score is considered a 75 percent of above.
Opportunities For Continuing Education
The Property Management Association of Michigan occasionally hosts continuing education courses. The courses offered a bit specific, as they focus on the multifamily housing industry as opposed to the real estate industry as a whole. These courses provide a great opportunity to learn more about property management without making a commitment. The seminars are informative, and a valuable resource for anyone considering entering a career in property management. The courses allow you to gain a greater feel for the industry before committing to broker instruction and the licensing examination.
Also remember that once you enter a career in property management, you are required by Michigan law to attend continuing education courses. Within a 3-year license cycle, you must complete at least 18 hours of continuing education courses. Approved subjects include those relevant to the management, operation, and practice of real estate. Any topic that contributes to overall professional competence may also be accepted. Upon attending a continuing education seminar, be sure to keep documentation in case you are required to approve your attendance at some point in the future.