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I have been interacting with numerous property managers for many years. Typically speaking, a property manager’s duties would include finding and screening prospective tenants for a property, negotiating the lease terms. They are also responsible for rent collection, property inspection, maintenance, repair, providing updates, and communicating with the property owner.
To become a property manager in Kentucky, you need to obtain a real estate salesperson license from the Kentucky Real Estate Commission (KREC). This requires you to be at least 18 years old, complete 96 hours of pre-licensing education, pass the KY Sales Associates Exam, and work with a broker who would sponsor your real estate license. You also need to submit an application and a $60 license fee to the KREC.
The KREC is an agency of the Commonwealth of Kentucky, which responsible for issuing licenses to real estate salesperson and brokers. They also have the duty to ensure public interest can be safeguarded.
If you are interested in knowing about the property management career in Kentucky, this is the guide for you. You’ll learn about the steps to become a property manager in Kentucky income updates, career outlook, and FAQ about this profession.
But before we start, I want to give a brief disclaimer. This post is not intended as legal advice or state/federal property management training. It is for general information only. Please always follow your State laws and best practices.
When choosing a real estate school, I prefer one where you could take the courses online. This way, you could study at your own pace whenever and wherever. The CE Shop is a trustworthy real estate education provider. You may click here to see whether they offer pre-licensing course in your state. (**)
7 Steps to to Become a Property Manager in Kentucky
Step 1: Meet the Eligibility Requirement
- Citizen of the United States or permanent resident alien
- At least 18 years of age
- Have a valid Social Security Number
- Hold a high school diploma or higher (If you finished high school in another country, a foreign transcript may also be considered.)
Step 2: Complete the Real Estate Salesperson Pre-Licensing Education
You could either complete 6 academic credit hours in real estate from an accredited college or university or take 96 hours of course from an approved education provider. The course will cover different concepts about the Kentucky Real Estate Principles.
Below is the course syllabus from an education provider.
| Course Contents |
|---|
| 1. Real Property Characteristics and Rights |
| 2. Interests and Estates |
| 3. Liens and Encumbrances |
| 4. Forms of Ownership |
| 5. Title and Title Transfer |
| 6. Foreclosure |
| 7. Real Property Taxation |
| 8. Legal Descriptions |
| 9. Construction |
| 10. Land Use Control and Regulation |
| 11. Understanding Environmental Issues |
| 12. Factors Affecting Market Value |
| 13. CMA’s |
| 14. The Appraisal Process |
| 15. Real Estate Finance |
| 16. Real Estate Finance 2 |
| 17. Agency Law |
| 18. Agency Relationships and Disclosures |
| 19. Seller Agency Duties |
| 20. Seller and Property Qualification |
| 21. Listing - Pricing, Financing and Seller Equity |
| 22. Distressed Properties |
| 23. Agreement and Compensation Issues |
| 24. Marketing Period Communications and Counseling |
| 25. Buyer Agency Duties |
| 26. Buyer Representation Agreement |
| 27. Qualifying Buyer Needs |
| 28. Showing Properties |
| 29. Preparing Buyer's Offer |
| 30. Closing Costs |
| 31. Pre and Post Closing Issues |
| 32. General Contract Law |
| 33. Contracts – Listing Agreements |
| 34. Contracts-Sale and Lease Contracts |
| 35. Closings |
| 36. Broker-Agent Relationship |
| 37. Advertising |
| 38. Mid-Course Practice Exam |
| 39. Antitrust Laws |
| 40. Trust Accounts |
| 41. Property Management |
| 42. Fair Housing |
| 43. Risk Management |
| 44. Ethics and Brokerage |
| 45. Ethics - Articles 1, 2 and 3 |
| 46. Ethics - Articles 12 and 16 |
| 47. Company E-resources & MLS Interface |
| 48. Personal Database |
You could consider taking online real estate courses because they are a lot more convenient and you could study at your own pace. You’ll have access to the study materials 24/7, whenever and wherever.
Step 3: Complete Background Check
To protect the public interest, the KREC would conduct a background check on the real estate license applicant. They would require a copy of the FBI report.
You could go to the Kentucky real estate commission website and click on the FBI report requirement. Choose the “FBI Fingerprint Card & Instructions.” under the Resources.
Then you simply follow the instruction. The ORI# is KY920229Z, and your fingerprinted reason is “KRS 324.045 Real Estate License.
The processing fee is $69.25. Keep in mind that you must do so before taking the exam, and the FBI Background reports expire three (3) months after the date of issuance.
Step 4: Pass the Kentucky Real Estate Salesperson Exam
The exam is to test your knowledge on the real estate topics that are covered in the pre-licensing education. The test is administered by the PSI.
To register, you need to complete their online exam registration and provide them with the required documents. The exam fee is $100.
The Kentucky real estate salesperson exam has 130 questions. It is divided into two parts, the State portion (50 questions), and the General portion (80 questions).
The required passing score is 75% and you’ll have 4 hours in writing it.
The Colibri is the online school that I like. Their Exam Prep have helped thousands of students pass their exam on the first try. They even have a “Pass or Don’t Pay” Guarantee. That’s why confident they are with their program. You may click here to view their exam prep. (**)
Step 5: Work for a Property Management Company
After you pass the exam, you must work with a licensed real estate broker who would sponsor your real estate license.
However, not all real estate brokers provide property management services to their clients. Most of the brokers focus only on the buy-sell side of the business. So make sure you find one that specializes in property management in Kentucky.
Step 6: Register with the Kentucky Real Estate Commission
Now, it’s time to submit the application to the KREC. You may do so through their online portal. Here’s a tutorial video of the registration process.
The license fee is $60. To my understanding, you may also obtain the E&O coverage through the KREC. There is an additional $10 E&O Processing fee.
Step 7: Maintain the KY Real Estate Salesperson License
You must renew your real estate license annually before March 31. You can do so through the Online Licensing Services. The renewal fee is $60.
To ensure that you are keeping up to date with the real estate laws, regulations, and best business practices, you need to complete a 48 credit hours of post-licensing courses within 2 years after the initial license date. The courses would cover 32 mandatory hours and 16 elective hours.
Below are the topics that must be included in the 32 hours mandatory curriculum.
| COURSE TOPIC | NUMBER OF HOURS |
| Commission Compliance course | 3 |
| Agency | 6 |
| Contracts | 6 |
| Finance | 3 |
| Advertising | 3 |
| Disclosure | 3 |
| Fair Housing | 3 |
| Technology & Data Security | 3 |
| Risk Management | 2 |
As for the continuing education requirement, you’ll need to complete 6 credit hours during each calendar year. Of which at least 3 hours must be in law.
In additional to the post-licensing courses and continuing education, you are also have to take 6-hours of Core Courses once every four year.
To avoid interruption to your property management practice, don’t leave the renewal until the last minute. You may check the license status on the KY License Verification database.
A Quick Table Summary of Becoming a Property Manager in Kentucky
| Eligibility | Education | Exam | Fees |
|---|---|---|---|
| Citizen of the United States or permanent resident alien At least 18 years of age Have a valid Social Security Number Hold a high school diploma or higher | 96 hours of pre-licensing course 48 hours of post-licensing courses within 2 years of initial license 6 credit hours of continuing education every calendar year | 4 hours 130 questions Required passing score is 75% | Pre-licensing courses around $300 to $500 Exam fee $100 License fee $60 Background check fees $69.25 (FBI $18, KY State Police $51.25) |
FAQ on property management career in Kentucky
How much does it cost to become a property manager in Kentucky?
It costs approximately $690 to become a property manager in Kentucky. This includes the expenses to obtain a KY real estate salesperson license. Here is the breakdown:
- 96 hours of pre-licensing courses with exam prep – $460
- Exam fee – $100
- License fee – $60
- Background check fee – $69.25
How long does it take to become a property manager in Kentucky?
It takes approximately four months to become a property manager in Kentucky. But it also depends on the time it takes you to complete the 96 hours pre-licensing course, exam, background check, application, and get sponsorship by an actively licensed KY real estate broker.
Can you become a property manager with a felony in Kentucky?
The Kentucky Real Estate Commission (KREC) will put into consideration the applicant’s honesty, trustworthiness, character, and integrity. Whether a felon can get a real estate license in Kentucky is subjected to how the KREC evaluates the specific case.
What is the nature of the crime? Does it have anything to do with the honesty, truthfulness, and reputation of the applicant? Is the applicant currently under probation or parole? All these are factors that may affect a real estate license application.
The Commission may also require you to provide further documents and explanation about the incident.
But don’t get discouraged as everyone has a past. The most important is that you can demonstrate that you will serve the public in a fair, honest, and open manner.
Here’s an article that covers how to apply for a real estate license with a felony record. In there, you’ll find practical ideas which could help your application.
Whom should I contact if have more questions about becoming a property manager in Kentucky?
You could contact the Kentucky Real Estate Commission:
- 500 Mero Street 2NE09, Frankfort, KY 40601
- Office: (502) 564-7760
- Toll Free: (888) 373-3300
- Fax: (502) 564-1538
- Email: ppc.krec@ky.gov
How much do property managers make in Kentucky?
Property managers in Kentucky make an average annual income of $94,581. It typically range between $82,106 and $108,814. (*) Your earning as a property manager would depend on your skills, knowledge and experience in managing the properties. The type and number of real estate in your managing portfolio may also affect your compensation.
At the beginning phase of your property management career, you could be working as an assistant for a property manager. So your earning could be limited at that time.
But once you have developed the necessary skillset and demonstrated your ability to work independently, there should be a significant improvement to your earning.
(*) Source: Salary.com Dec 28, 2020
Practical Tips to build a property management career in Kentucky
Tip#1: Obtain the KY real estate license
Although there are certain activities you may perform without a real estate license, the things you can do are very limited. Once you have a real estate salesperson license, you may work under a licensed real estate broker in providing key components of property management. For example, rent, list, negotiate property rental agreement, rents collection.
If you want to move up in the field, getting a KY real estate salesperson license is an essential first step.
If you are reading up to this point, I bet you must be interested in getting a real estate license. Your first step is to complete the pre-licensing courses. You should select one that has an excellent reputation and long-term track record of satisfying students. The Colibri is exactly that! You may click here to check it out yourself. (**)
Tip#2: Familiarize with the KY real estate laws
Violating the regulatory rules can lead to severe consequences such as penalties or license suspension. As a property manager, it is critical to know the real estate laws and regulations.
A good reference is to read over the Kentucky Administrative Regulations, Chapter 11 Real Estate Commission, which covers the following topics:
- Definitions for 201 KAR Chapter 11
- Advertising
- Standards of professional conduct
- Education provider requirements
- Consumer and administrative complaints; discipline; administrative hearings
- Licensing, education, and testing requirements
- Errors and omissions insurance requirements
You may also consider taking the following courses to equip yourself with the property management knowledge. They are offered by Institute of Real Estate Management (IREM). IREM is an affiliate of the National Association of REALTORS®.
- Managing Residential Properties (**)
- Managing Commercial Properties (**)
- Managing Condominium and Homeowners Associations (**)
Even though they are not part of the pre-license education requirement, your enhanced knowledge will help to set you apart from others in the industry.
Tip#3: Network with other real estate professionals
You may consider joining the Louisville Apartment Association in Kentucky. This allows you to connect with other property managers, thus learn from their valuable experience and share ideas with one another. You will also find updates on the housing markets, changes to the laws and regulations.
Another group you may consider is the Kentucky REALTORS. It consists of mostly real estate salespeople and brokers. If you plan to run your own property management company, this can be a great referral source for your business.
Tip#4: Start your own property management company
Rather than working for someone else, you may consider getting a real estate broker license and start a property management company.
This allows you to hire other property managers with a real estate license. Thus, lead to a scalable business model.
However, running a company is very different from working as an employed property manager. You need to figure out all the different aspects of the business, such as marketing, branding, prospecting, hiring, training, and accounting.
The expenses will also be a lot higher. In addition to the broker license, you also need to account for business insurance, staff’s salary and benefits, office rent, furniture, office supplies, software, many more.
To get a real estate broker license in Kentucky, you must:
- Have at least two years of sales associate experience;
- Complete the required credit hours of education and a Brokerage Management course;
- Pass the Kentucky Real Estate Broker Exam;
- Register with the Kentucky Real Estate Commission (KREC)
Here’s a complete guide on how to get a real estate broker license in Kentucky.
Tip#5: Focus on doing the right thing!
Becoming a property manager could be a rewarding career. Not only in terms of financial sense, but you also get the chance to interact with many people and work on different properties.
It is very fulfilling when you can help your clients manage their property and find the right tenants.
Yet, it could be challenging to find the balance between costs saving for the property owners while keeping their real estate in good shape. You need to keep in mind that honesty, hard work, and always putting your client’s interest first will eventually lead a long-term success.
I hope you find this career guide helpful. If so, please share it! Thanks!
(**) Affiliate Disclosure: Please note that some of the links above are affiliate links, and at no additional cost to you. Our company, JCHQ Publishing will earn a commission if you decide to make a purchase after clicking on the link. Please understand that we include them based on our experience or the research on these companies or products, and we recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something through the links. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on this site may contain views and opinions from individual not related to JCHQ Publishing. They do not necessarily reflect our view or position.
Reference:
- Kentucky Real Estate Commission (Source)
- Kentucky Administrative Regulations – Chapter 11 Real Estate Commission (source)
- Kentucky Real Estate Examination Licensing Information Bulletin (Source)
- Salary.com – Property Manager in Kentucky (source)
