New York · Chapter 26 of 26
Property Management
What property managers do and when they need a license, the management agreement as a general agency, the skills a manager needs, differences among office, retail, residential and condo/co-op management, budgets and maintenance types, security deposit handling and the manager's obligations to the owner.
30-minute read · Built for the Salesperson Exam
What Property Managers Do
Property management is the operation of real estate on behalf of the owner to meet the owner's financial and other objectives. Managers market and lease space, screen tenants, collect rents, pay expenses, hire and supervise staff and contractors, maintain the property, handle tenant relations, keep records and report to the owner. Managed properties include apartment buildings, office buildings, shopping centers, industrial property, condominiums and cooperatives. In New York, a person who, for another and for a fee, rents or leases real estate or collects or attempts to collect rent must be licensed as a real estate broker (or as a salesperson working for a broker). An owner managing its own property does not need a license, and attorneys and court-appointed receivers are exempt.
N.Y. Real Prop. Law §§440(1), 442-f
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