Requirements for your Property Manager

To most people property management seems like one of those fields that's pretty straightforward. You lease properties, collect rents, fix things when they are broken - that's about it. Right? Not by a long shot.

Property management is much more involved and complex than it appears on the surface. In fact, in most states - including Indiana - anyone who is a property manager needs to hold an active Real Estate Broker license, or work under someone who is licensed.

Indiana Code 25-34.1-3-2 states,

"no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license."

Licensure for Real Estate Brokers in Indiana requires:

• 90hr Real Estate Broker pre-licensing course,
• passing the state license test,
• 30hrs of post-licensing education within the first 2 years after license receipt,
• and 12hrs of continuing education each year after that to keep that license current.

Obviously, having property managers who are trained, licensed, and current in their field is important to the Indiana Real Estate Commission. This is primarily to protect property tenants and owners from fraud and unscrupulousness. It's not difficult to find stories from recent years of property managers who have been investigated by the Indiana Attorney General for ethics violations and the unlicensed practice of real estate.

At Renaissance Properties Management, we take our work very seriously. We know our first priority is to the law, and our second priority is to our owners and tenants.  This is why we have a licensed broker on staff who keeps current in the field - Paul Medvin, #PB21200090. This is why we have agreements and leases that have been attorney-reviewed. This is why we strongly encourage client & tenants to carefully read everything they sign with us. It is by adhering to state standards that we strive to be good ambassadors for our profession and the best property management firm in Richmond, IN.