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As a property manager in Louisiana, your duties include searching for suitable tenants for a property, negotiating the lease terms, rent collection, property inspection, maintenance, repair, providing updates, and communicating with the property owner.
To become a property manager in Louisiana, you must obtain a real estate license from the Louisiana Real Estate Commission (LREC). To do so, you need to complete 90 hours of pre-licensing courses, pass the Louisiana Real Estate Salesperson Exam, and work with a broker who would sponsor your salesperson license. You will also submit an application and a $90 fee.
If you are interested in knowing about the property management career in Louisiana, this is the guide for you. You’ll learn about the steps to become a property manager in Louisiana 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 real estate 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. (**)
8 Steps to Become a Property Manger in Louisiana
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
Step 2: Complete the pre-licensing education
You are required to take 90 hours of course which covers different real estate concept. It has to be completed with an approved education provider.
The curriculum must cover:
- Real estate principles/practices,
- Louisiana Real Estate License Law,
- Commission Rules/Regulations,
- Law of Agency, and Civil Law pertaining to real estate.
Step 3: Pass the Real Estate Salesperson Exam
Once you have completed the pre-licensing course, you’ll need to submit the Part A of the Salesperson License Application. There will be a $90 fee. Once the LREC approves your application, they will send you an Exam Authorization Form to register the 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.
There are 135 questions in the Louisiana real estate salesperson exam and you will have 3 hours to write it. The required passing score is 96 out of 135.
Cramming for the exam is ineffective. Instead, you should study for 45 to 60 minutes, then take a break. Concentration tends to wander if you study for too long. If possible, focus on studying only one to two topics per day. But be really good at 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 4: Work for a licensed 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 Louisiana.
Step 5: Submit an application to the Louisiana Real Estate Commission
Now, it’s time to submit Part B of the Real Estate License Application to LREC. In there, you’ll need to obtain the license number and signature from your sponsoring broker.
If you plan to purchase the E&O through the LREC group coverage, you may remit the premium together with the application.
Step 6: Go through background check
As part of the application process, they will conduct a background check on you. The purpose is to protect the public interest.
It will be done through an approved vendor, Clearbox. The fee is $49. However, the background check details are only available for 120 days. Therefore, you should wait until you pass the real estate exam before applying for it.
Step 7: Obtain an Errors and Omissions Insurance
This coverage helps protect you from claims against the mistake in your professional services. It is mandatory for all real estate licensees. You may purchase the LREC group policy or get another equivalent E&O insurance coverage.
But if you get the LREC group policy, it will follow your license through any transfer or upgrade process. Here’s a sample policy for your reference.
Step 8: Maintain the real estate license
All Louisiana real estate license holders must renew their license every year before Dec 31st. The best is to do so through the MyLREC Portal.
Within 180 days of obtaining the license, you must complete 45-hour of post-licensing education. This is a one-time requirement.
During each annual renewal period, you need to take at least 12 hours of Continuing Education.
The curriculum must consists of the mandatory course topic(s) specified by the Commission. For 2021, the mandatory CE topic is “Basics of Investment Property and Property Management”.
Furthermore, the post-license education hours may be used to fulfill 8 of the 12 CE requirement.
A Quick Table Summary of Becoming a Property Manager in Louisiana
| 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 | 90 hours of pre-licensing course 45 hours of post-licensing course within 180 days of obtaining license 12 credit hours of continuing education every year | 3 hours 135 questions Required passing score is 96 out of 135 | Pre-licensing courses around $338.80 Exam fee $36.75 Background check $49 Application fee $90 E&O $136 |
FAQ on property management career in Louisiana
How much does it cost to become a property manager in Louisiana?
It costs approximately $650.55 to become a property manager in Louisiana. This includes the expenses to obtain a real estate salesperson license.
- Pre-licensing courses with exam prep – $338.80
- Exam fee – $36.75
- Background check – $49
- Application fee – $90
- LREC E&O – $136 (pro-rated)
How long does it take to become a property manager in Louisiana?
It takes approximately four months to become a property manager in Louisiana. But it also depends on the time it takes you to complete the pre-licensing course, exam, background check, application, and get sponsorship by an actively licensed Louisiana real estate broker.
You may speed up in getting the real estate license by taking online courses. This way, you’ll have the flexibility to finish the pre-licensing education at a quicker pace.
How Much do Property Managers Make in Louisiana?
Property managers in Louisiana make an average annual income of $$96,464. It typically range between $83,740 and $110,979. (*) 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 Jan 29, 2021
Practical ideas to build a property management career in Louisiana
Tip#1: Obtain a 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 real estate salesperson license is a “must”.
Tip#2: Network with other real estate professionals
You may consider joining the National Association of Residential Property Managers (NARPM). 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 Louisiana 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#3: 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 Louisiana, you must:
- Meet the eligibility requirement;
- Have at least four years of real estate salesperson experience;
- Complete 150 hours of pre-licensing courses;
- Pass the Louisiana Real Estate Broker Exam;
- Submit an application and $165 to the Louisiana Real Estate Commission;
- Go through the background check;
- Maintain the broker license
Here’s a complete guide on getting a real estate broker license in Louisiana.
I have more questions about the real estate license in Louisiana, where can I get help?
You could contact the Louisiana Real Estate Commission:
- Address: 9071 Interline Avenue, Baton Rouge, LA 70809
- Phone: (225) 925-1923
- Toll Free: (In Louisiana Only) 1-800-821-4529
- Fax: 225-925-4501
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. (**)
(**) 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 any notice, and not guaranteed to be error-free. For full and exact details, please contact the Louisiana Real Estate Commission.
Reference:
- Louisiana Real Estate Commission (source)
- Louisiana Real Estate Examination Licensing Information Bulletin (source)
- Salary.com – Property Manager in Louisiana (source)
