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To become a property manager in New York, you need to obtain a real estate salesperson license from the New York Division of Licensing Services. You must be at least 18 years old, complete 75 hours of pre-licensing real estate courses, and pass the New York Real Estate Salesperson Exam with a minimum score of 70%. You are also required to submit an application and a fee of $55.
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.
If you are interested in knowing about the property management career in New York, this is the guide for you. You’ll learn about the steps to become a property manager in New York, 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. (**)
6 Steps to to Become a Property Manager in New York
Step 1: Meet the Eligibility Requirement
- Citizen of the United States or lawfully admitted alien
- At least 18 years of age
- Have a valid Social Security Number
- Hold a high school diploma or higher education
Step 2: Complete the Real Estate Salesperson Pre-Licensing Education
You are required to take 75 hours of course which covers different real estate concept. It has to be completed with an approved education provider. Below is the course syllabus.
| Topics to be Covered |
|---|
| 1.The Real Estate Transaction |
| 2.License Law Rules and Regulations |
| 3.Unlicensed Assistants and License Law Violations |
| 4.Law of Agency |
| 5.Agency Relationships |
| 6.Agency Disclosure Agreements |
| 7.Independent Contractor or Employee |
| 8.Estates and Interests |
| 9.Liens and Easements |
| 10.Deeds |
| 11.Title Closing and Costs |
| 12.Leases |
| 13.Contracts |
| 14.Contract Preparation |
| 15.Real Estate Finance |
| 16.Real Estate Finance 2 |
| 17.Land Use Regulations |
| 18.Construction Issues |
| 19.Environmental Issues |
| 20.Valuation and Pricing Properties |
| 21.Human Rights and Fair Housing |
| 22.Real Estate Math |
| 23.Municipal Agencies |
| 24.Property Insurance |
| 25.Taxes and Assessments |
| 26.Condominiums and Cooperatives |
| 27.Types of Investment Properties |
| 28.Analyzing Investment Property |
| 29.Commercial Leases |
| 30.Income Tax Issues |
| 31.Mortgage Brokerage |
| 32.Property Management |
| 33.Practice Exam |
| 34.Final Exam |
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: Pass the New York Real Estate Salesperson Exam
This is to test your knowledge on the real estate topics that are covered in the 75 hours of pre-licensing courses. First, you’ll need to register for the exam writing through the eAccessNY. This is the online system of the NYS licensing website. There is a $15 exam fee.
The exam consists of 75 multiple choices, and you’ll be given 1.5 hours to complete. The required passing grade is 70%, but you won’t know the exact numerical score. Instead, you’ll only know whether you pass the exam or not.
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 4: 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 New York.
Step 5: Register with the New York Department of State
Although you could mail the Real Estate Salesperson Application in a paper format, doing so online is a lot quicker. (It’s also good for the environment.)
In the application, you’ll be asked to enter the sponsoring broker details (i.e.: broker license number, company name, and address), name of the school and completion date of the pre-licensing courses.
The application fee is $55.
Step 6 : Maintain the Real Estate Salesperson License
You must renew your real estate license every two years. Once again, you can do so through the online services, eAccessNY.
To ensure that you are keeping up to date with the real estate laws, regulations, and best business practices, you need to complete 22.5 hours of continuing education for each renewal term.
Keep in mind that there is no grace period where you could continue working without being licensed. So, don’t leave the renewal until the last minute.
A Quick Table Summary of Becoming a Property Manager in New York
| Eligibility | Education | Exam | Fees |
|---|---|---|---|
| Citizen of the United States or lawfully admitted alien At least 18 years of age Have a valid Social Security Number Hold a high school diploma or higher | 75 hours of pre-licensing course 22.5 credit hours of continuing education every two years | 1.5 hours 75 multiple-choice questions Required passing score is 70% | Pre-licensing courses around $284 Exam fee $15 Application fee $55 |
FAQ on property management career in New York
How much does it cost to become a property manager in New York?
It costs approximately $354 to become a property manager in New York. This includes the expenses to obtain a real estate salesperson license in New York. Here is the breakdown:
- 75 hours of pre-licensing courses with exam prep – $284
- Exam fee – $15
- Application fee – $55
How long does it take to become a property manager in New York?
It takes approximately four months to become a property manager in New York. But it also depends on the time it takes you to complete the 75 hours pre-licensing course, exam, background check, application, and get sponsorship by an actively licensed New York real estate broker.
Can you become a property manager with a felony in New York?
The New York Department of State will put into consideration the applicant’s honesty, trustworthiness, character, and integrity. Whether a felon can get a real estate license in New York is subjected to how the Department evaluates the specific case.
On the application, there are questions:
- Have you ever been convicted of a crime that is a misdemeanor or felony?
- Are there any criminal charges (misdemeanor or felonies) pending against you in any court?
- Has any license or permit issued to you or a company in which you are or were a principal ever been revoked, suspended or denied?
If you answer “Yes” to any of the questions, the Department will 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 New York?
The best way is to reach the New York Department of State through email at licensing@dos.ny.gov. Their response time is around 3 to 5 business days.
How much do property managers make in New York?
Property managers in New York make an average annual income of $107,849. It typically range between $93,624 and $124,078. (*) 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 New York
Tip#1: Obtain the NY 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 NY 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 NY 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.
The NY Department of State has a 46-pages guide which covers the Real Estate License Law. The NY Department of State has a 46-pages guide that covers the Real Estate License Law. It outlines what you can do with a real estate license, New York property laws, and statutes.
You can find the link to the guide in the reference section below.
Tip#3: Network with other real estate professionals
You may consider joining the New York Capital Region Apartment Association (NYCRAA). This allows you to connect with other property managers, thus learn from their valuable experience and share ideas with one another. You will also receive updates on the multifamily housing markets, changes to the laws and regulations.
Another group you may consider is the New York State Association of 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, many more.
Here’s a post on how to get a real estate broker license in New York.
Tip#5: Keep up to date with the real estate laws and best practices
Property managers are constantly tasked with new responsibilities and challenges. With the rise of online rental applications, environmental health and safety requirements, it’s important for property managers to be up-to-date on what their renters are looking for in a home.
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.
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:
- Department of State – Division of Licensing Services (source)
- Salary.com – Property Manager in New York (source)
