Do I need a real estate license to lease or rent my property?
No, if you own a property such as a house, townhouse, condo, or apartment complex, Tennessee Real Estate Law does not require you to have a real estate license to lease or rent your property. However, if you do not own your property (ex: renting, leasing, more than one owner, multi-member corporate entity), a real estate license is required.
Can I hire someone to manage my property?
Yes, you can hire someone to manage your property. However, the managing party must be a licensed real estate agent if they will be negotiating real estate transactions, security deposits, rents, or other related activities.
What if I want to hire a property management company?
If you decide to hire a property management company to oversee your property, the following requirements must be met:
1. The property management company must be licensed by the Tennessee Real Estate Commission.
2. The company must have an active principal broker.
3. The company may employ a manager who is not licensed; however, that person’s duties are limited to supervision, exhibition of residential units, leasing or collection of security deposits and rentals from the property.