Property managers are individuals who manage a property's daily operations. A property manager acts in many respects as an intermediary between property owners and tenants. The requirements for becoming a property manager vary by state. The state of Illinois requires property managers to obtain certain licensing based on the nature of their jobs.
Community Association Management License
In 2009, Illinois adopted Public Act 096-0726, which requires property managers to obtain community association management licenses. Property managers who hold this license can perform most general administration duties, including paying for general expenses, scheduling maintenance, collecting association dues and interacting with residents and tenants. However, property managers cannot engage in property leasing or sales unless they also obtain real estate licenses.
Community Association Management License Requirements
To qualify for a community association management license, individuals must be at least 21 years of age, complete at least 20 hours of approved property management training and pass an examination. As of 2011, the application fee for a community association management license is $300 and the renewal fee is $150. Property managers must renew this license each year.
In the state of Illinois, property managers whose jobs involve leasing or selling real estate must obtain real-estate broker's licenses. With such a license, a property manager can collect rent payments, show units for lease or sale, and negotiate contract terms. Many property management positions in Illinois will require both a community association management license and a real-estate broker's license.
Real-Estate License Requirements
In order to qualify for a real-estate broker's license in the state of Illinois, an applicant must be at least 21 years of age and have a high school diploma or GED. The applicant must complete 90 hours of approved real-estate coursework and pass the Illinois Real Estate Broker Exam. Holders of this license must renew it every two years. As of 2011, the cost to apply for an initial real-estate broker's license in Illinois is $125, and the cost to renew the license is $150.