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Property management can be a rewarding career with great advancement opportunities. If you are thinking to become a property manager in Mississippi, this is the perfect guide for you!
To become a property manager in Mississippi, an applicant must have a real estate license. The individual can be a “Real Estate Broker” or a “Salesperson” who works under the supervision of a broker. An applicant must be at least 18 years old, complete 60 hours of pre-licensing education, pass the salesperson exam, submit an application, fingerprint criminal history and fees to the Mississippi Real Estate Commission (MREC).
But before you decide to pursue further in this profession, it’s important to know what the role of a property manager is. As a property manager, your duties may include finding and screening prospective tenants for a property, negotiating the lease terms. You could also be responsible for rent collection, property inspection, maintenance, repair, providing updates, and communicating with the property owner.
In this guide, I will focus on the steps on getting a “real estate salesperson” license, which is the entry license level. So you may begin your property management career by joining a licensed brokerage firm. I will also cover the income updates and other FAQs about being a property manager in Mississippi.
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.
A Table Summary to Become a Property Manager in Mississippi
| Eligibility | Education | Exam | Fees |
|---|---|---|---|
At least 18 years of age Have a valid Social Security Number | 60 hours of pre-licensing courses 30 hours of post-licensing course for first-time licensee 16 hours of CE for subsequent renewals | 120 questions 4 hours of writing time Required passing score – (70% on General Portion) – (75% on State Portion) | Pre-licensing courses – $130 to $300 (approximately) MREC fee – $120 Exam fee- $75 E&O premium $136 |
9 Steps to Become a Property Manager in Mississippi
Step 1: Meet the eligibility requirement
- At least 18 years old
- Bona fide resident of the State of Mississippi
- Have a social security number
Step 2: Complete the pre-licensing education
You are required to take 60 hours of pre-licensing course from an approved education provider. The curriculum must include the following:
- (a) The provisions of this chapter and any rules and regulations promulgated hereunder;
- (b) Listing property;
- (c) Property valuation/appraisal;
- (d) Real estate arithmetic;
- (e) Characteristics of real property;
- (f) Agency and nonagency relationships;
- (g) Real estate sale contracts/agreements of sale;
- (h) Leasing and property management;
- (i) Transfer of title/ownership/deeds;
- (j) Settlement procedures;
- (k) Financing;
- (l) Professional responsibilities and ethics;
- (m) Fair housing;
- (n) Federal laws affecting real estate.
I just checked with an education provider and the course fee is around $130 to $300.
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. (**)
Step 3: Pass the Mississippi Real Estate Salesperson Exam
The Mississippi Real Estate Salesperson Exam has 120 questions with 4 hours of writing time. It consists of the General Portion and the State Portion. The required passing score is 70% or higher on the General Portion and 75% on the State Portion. It is administered by Pearson Vue and the exam fee is $75.
Here’s an Mississippi Real Estate Salesperson Exam Guide covering a lot more in-depth about this test. Be sure to check it out.
Step 4: Join a licensed property management firm
To activate your salesperson license In Mississippi, you must be affiliate with a principal broker. This is the firm who would sponsor your real estate license.
Keep in mind that not all brokerage provide property management services to their clients. Most brokerages focus only on the buy-sell side of the business. So make sure you find one that specializes in property management.
There are many property companies out there, but not all are suitable for you. As you start in this industry, it will help if you work for a company that could provide you with proper training and mentorship. And you would likely start out working as an assistant to a property manager.
Rather than having you reinvent the wheels, an established property management company can show you a standard procedure in working with clients effectively.
At the time that I’m writing this guide, I can see online job postings looking for property managers.
Here’s a page with a job search engine. You may check whether there is any opening position in your area.
Step 5: Submit an application to Mississippi Real Estate Commission
To register with the Mississippi Real Estate Commission, you must submit a copy of the Salesperson License Application. The application needs to be notarized and you must send it to MREC within 60 days of the notary date.
In there, it will ask for your personal details, and background questions. You also need to provide a pre-licensing course completion certificate, photos (with full face view and profile face view.) and signed recommendation from 3 real estate owners who must be a U.S citizen. There is a $120 fee.
There is a section where the sponsoring broker needs to complete and sign.
Once all the required documents are in good order, you may mail them to Mississippi Real Estate Commission (MREC)
- LeFleur’s Bluff Tower, Suite 300, 4780 I-55 North, Jackson, MS 39211 OR
- Post Office Box 12685, Jackson, MS 39236-2685
Step 6: Go through a criminal background check
Since Mississippi Real Estate Commission has the responsibility to protect the public interest, all real estate licensees must go through a criminal history background check. You need to submit a fingerprint scan by calling (601) 321-6970.
Step 7: Obtain a Errors & Omissions Insurance
The E&O policy is to protect your clients should they submit a claim against your wrongdoing. This is mandatory for all real estate licensees in Mississippi.
Rice Insurance Services Company (RISC) LLC provides group E&O coverage, and they are also being mentioned on the MREC website.
I just checked the RISC website. For a premium of $136, the coverage will include $100,000 per claim / $500,000 aggregate with $1,000 damage deductible. But this info could be subjected to change, so you should check with them for the updated terms and conditions.
Once you have the E&O information, you can submit it to the MREC insurance@mrec.state.ms.us.
Step 8: Maintain the real estate license
You will first be issued a temporary license. Within 12 months, you must complete 30 hours of post-licensing courses. The curriculum must include the following:
- At least 24 hours in agency relationships, contracts, earnest money, antitrust, fair housing, ethics, and property condition disclosure.
- The remaining 6 hours may include pricing property, environmental issues, home inspections, leases and property management, and mortgage processes
Once you complete the post-licensing education, you may apply for a permanent license.
All Mississippi real estate licensee must renew their license every two year. And you need to complete 16 hours of real estate continuing education during each license term. (But not during the temporary license period.)
The Commission may conduct random audits to verify the CE credit. Therefore, it’s better to maintain the CE records and proof of completion documents. You may submit the CE info to the MREC at CE@mrec.state.ms.us
You may renew the license through the MREC online portal. The renewal fee is $60 which can be paid by a credit card. (i.e., Visa, Mastercard, Discover, American Express)
So know your deadlines and don’t wait until the last minute to complete CE and renew your license. Failure to renew on time not only result in late renewal fee, but it can cause interruption to your business.
Step 9: Keep up with the Mississippi real estate laws
In order to be remain competitive in the property management industry, it’s important to keep up with the latest laws and best practices. You may read over the following:
- Mississippi Code – Landlord and Tenant (Title 89, Chapter 7)
- Cur-RENT Law for Tenants and Landlords
- MREC Real Estate License Law
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. (**)
Here’s a snippet of what a property manager thinks about this career
“I’ve been a property manager for six years, and for three years before that, I was an admin and then an assistant property manager. Being a property manager is an excellent career. The schedules are long days but flexible. If you are a parent, you will be able to attend your kid’s functions as long as you are willing to work late to make up. It’s not a micro-managed industry, so you must have the drive and high standards all on your own, else you won’t last very long. The mistakes are bigger and cost more money than other real estate lines, but the pay is great, and you can create the life balance you need if you work at it.
My advice to someone wanting to get into property management is to learn everything you can as soon as you can. Take advantage of resources and lean on experience people’s knowledge and experience.”
– Nandi Cavil, Commercial Property Manager at Cushman & Wakefield
Here’s another post where you can read more on Nandi’s thoughts about the property management profession. In there, you can find my research and analysis on this career path and valuable insights from other property managers.
FAQ about Property Manager in Mississippi
How much does it cost to become a property manager in Mississippi?
It costs approximately $631 to get a real estate license in Mississippi. Here’s the breakdown:
- Pre-licensing courses – $130 to $300 (approximately)
- MREC fee – $120
- Exam fee- $75
- E&O premium – $136
The above are just the costs of getting the salesperson license. In addition, to start a real estate business, there will be other expenses involved such as MLS subscription, phone, internet, and office supplies, post-licensing courses, CE, and renewal fees.
Also, you may want to invest into exam prep. This can increase your chance in passing the exam on the first try, so that you don’t need to waste time and money in retaking it.
How long does it take to become a property manager in Mississippi?
It takes approximately 3 months to become a property manager in Mississippi. But it also depends on the time it takes you to complete the pre-licensing course, exam, application, and get sponsorship by a licensed property management firm.
Can a felon be a property manager in Mississippi?
The Mississippi Real Estate Commission will consider the applicant’s honesty, trustworthiness, character and integrity. But whether a felon can obtain a real estate license to become a property manager is subjected to case-by-case evaluation.
(b) The commission shall not issue a real estate license if:
…(ii) The applicant has been convicted of, or pled guilty or nolo contendere to, a felony in a domestic or foreign court:
1. During the five-year period immediately preceding the date of the application for licensing; or
2. At any time preceding the date of the application, if such felony involved an act of fraud, dishonesty or a breach of trust, or money laundering.
Quote from §73-35-10 MREC License Law
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 another post 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.
How do I start a property management company in Mississippi?
As you developed the necessary skillset, 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, thus, lead to a scalable business model.
To become a real estate broker in Mississippi, you must:
- Be at least 21 years and have a valid SSN;
- Have at least 12 months of active real estate salesperson experience;
- Complete 120 hours of broker courses from an approved provider;
- Pass the Mississippi Real Estate Broker Exam;
- Go through a criminal background check;
- Submit an application and fees to the Mississippi Real Estate Commission
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, you need to account for business insurance, staff’s salary and benefits, office rent, furniture, office supplies, software, many more.
I have more questions about being a property manager in Mississippi, whom should I contact?
You may contact the Mississippi Real Estate Commission at info@mrec.state.ms.us for more details about the real estate license.
If you want to know more about being a property manager in Mississippi, I invite you to check out the following articles:
(**) 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:
- Mississippi Real Estate Commission (source)
- Mississippi Real Estate Candidate Handbook (source)
- Bureau of Labor Statistics – Real Estate Agents (source)
