If you are interested in working with rental property management Denver CO, you need to make sure you hire the right company. You might be wondering, does a company that offers professional property management services Denver CO need to have a license? The answer is yes, and you need to make sure they have the right license for your needs. What do you need to know about hiring a professional property management company in Denver, Colorado?
Licensing Requirements for Colorado Property Management
If you are looking for a company that offers property management Denver CO, they need to have a real estate broker’s license. Any individual who is operating as a property manager must have a real estate license to perform appropriate duties.
This is a challenging license to get. To earn a real estate license in the state of Colorado, you need to undergo 168 hours of education, pass the requisite exams, pass a background check, and have the right insurance. On the other hand, if the property manager is on-site, he or she may not need to get a license. This is something you should clarify before deciding who you want to hire as your property manager.
How Do Exceptions Work for On-Site Managers?
It is not unusual for a property manager in Denver, Colorado to have multiple properties to manage at the same time. Therefore, they are typically not on-site; however, if the property manager is physically working at the property that he or she is managing, a real estate license might not be required.
If there is a salaried employee of an owner who is acting as the on-site manager, that person is not required to maintain a real estate license. They can execute the terms of the lease on behalf of the property manager, but the property manager is still responsible for the actions of the on-site manager. Therefore, the on-site manager might be required to report to someone who has a Colorado real estate license.
The on-site manager is also allowed to help a prospective renter fill out paperwork for a lease. The manager can also apply for any power of attorney functions specified to them in the employee contract. Because this can be a confusing situation, it is critical to reach out to someone with a property management license in Colorado for clarification.
What Is Required To Obtain a Real Estate License in Colorado?
There are several tasks that someone has to complete to obtain a real estate license in Colorado. Some of the requirements include:
- Someone applying for a Colorado real estate license has to complete a total of 168 hours of education. Most people who complete this coursework do so at a local university.
- After this, applicants have to complete a background check. This includes a criminal history check, and the results of the background check are not automatically passed on to any overseeing agencies without the permission of the person who ordered it.
- Finally, someone applying for a Colorado real estate license has to purchase the necessary insurance. There are different policy requirements, but at a minimum, real estate license holders would have E&O insurance.
If you are looking for a property management company, make sure you work with someone who is properly licensed. This is important for making sure that you are properly protected.
Work With Bergan & Company for All Property Management Needs in Denver, CO
If you are looking for a company that can help you in Denver, Colorado, look no further than Bergan & Company. We are proud to be one of the most trusted companies in the local area, and we are properly licensed and insured. Give us a call today to speak to our team!