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Starting a PM business (nsw)

Discussion in 'Property Management' started by Hayleyh, 26th Mar, 2016.

  1. Hayleyh

    Hayleyh New Member

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    Does anyone have any idea of the legalities of starting a PM agency in NSW? I'm looking to act as the principal and have a full time senior property manager. I have my cert 4 in property services I've just never had experience in a property agency, hence the needing a full timer for theīns and outs of a working agency. I've managed my own portfolio for the last decade or so. So I know the rules and regulations. Anyone have any good tips or websites for information.
     
  2. Xenia

    Xenia Adelaide Property Manager Business Member

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    Hi Hayleyh
    You need a real estate agency and trust account.
    Happy to take a call any time to go through the business model side. Just too much to mention here.
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    DiligentPM and Hayleyh like this.
  4. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Hi Hayleyh

    If you are to be the agency principal then you will require a licensee's license. This allows you to act as the principal and operate a trust account, receive rent and disburse on behalf of third parties, register on rental websites etc.

    You will also want professional indemnity insurance, there are specialist insurance packages for real estate agencies. This is legislation since 2013.

    Sales agents require a certificate of registration, property managers do not to my knowledge, but you would want any property employee to work on their certificate IV in property as part of their CPD.

    I have a Diploma of Property Services (Agency Management) and a full licensee license in SA, I did mine through Kaplan which was a comprehensive course.
     
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  5. TYOU

    TYOU Member

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    Property Managers and Sales Agents in NSW must hold their Certificate of NSW Registration.
     
  6. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Thanks, where is it noted for PM's? Could not locate PM's specfically on DFT, only sales agents etc
     
  7. TYOU

    TYOU Member

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    Licensing_and_certification

    Sales Agents and Property Managers are registered as Real Estate Salespersons.
     
    Last edited: 27th Mar, 2016
  8. Nick Valsamis

    Nick Valsamis Well-Known Member

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    As the licensee you would be responsible for the operation of the agency so you need to know what you sign off on is correct.

    Since you have managed your own portfolio, you shouldn't need a property manager.
    You should know how to do their job minus the trust account handling.

    If you cannot do everyones job then you should never be the licensee of a real estate agency. Own the company but don't be the licensee.

    As for websites, Fair Trading and your legislation is all you should need.
     
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  9. Hayleyh

    Hayleyh New Member

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    I looked at Kaplan site. Looks like I have more studying to do *sigh*. Thanks for the help everyone. I'm sure i'll have more questions in the near future. Thanks Hayley
     
  10. Hayleyh

    Hayleyh New Member

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    thanks nick :)
     
  11. TYOU

    TYOU Member

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    If you have completed your Certificate lV then you will have the units needed to apply for your real estate license now which will allow you to act as an Licensee In Charge in real estate.
     
  12. Scott No Mates

    Scott No Mates Well-Known Member

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    Depending upon whether you have completed the requirements.
     
  13. Nick Valsamis

    Nick Valsamis Well-Known Member

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    I would recommend you contact the people at:
    www.thinkrealestate.net.au

    They specialise in real estate and can advise you precisely if you have completed all the units and if anything may have changed since you completed your Certificate IV.