An apartment locator must have a real estate license.
Fact. The Texas Real Estate Licensing Act requires a real estate license for any person who is compensated to help a prospective tenant find a unit in an apartment complex. Known as a residential rental locator (apartment locator), the term does not include an owner who offers to locate a unit in the owner's complex.
Do people who help the elderly or disabled find housing, such as assisted living or nursing homes, have to have a real estate license?
I suppose they will have to be licensed IF they are compensated. Looks like compensation is key to this.
I work for a Senior Living Community meeting with prospects interested in Assisted Living and Independent Living. No real estate license is required.
Certainly, apartment locators,TRELA calls them Residential Rental Locators must be licensed. Apartment locating is an active brokerage. And oh by the way, all our Agency Law applies the same to apartment locators as anyone else in our industry.
act of brokerage
They are required. Just try to apply to be a locator at a Brokerage without a license and you will learn that quickly.
Sadly though, there is little to no help from any organization be it TAR, NAR, or your local board of realtors with regards to ensuring compensation. Hopefully this is changed because at least once a month (at my Brokerage) management companies get away with not paying locators for their services due to some technicality on the application.
When you lease or sell something through MLS, you are guaranteed compensation, but outside of that, locators are on their own.
“When you lease or sell something through MLS, you are guaranteed compensation.” I think I get your sentiment, but I don’t think there is anybody or any entity out there “guaranteeing compensation”. Get stiffed in any way imaginable, and you’ll find out fast who’s guaranteeing anything for you.
What I mean is that TAR is always reforming and adding contracts and other addenda that enumerate protections for realtors once signed by all parties. It doesn’t make sense then that you have to be licensed to locate, yet they don’t do the same for locators. Taxation without representation.
Exactly. I once had an apartment leasing manager that kept avoiding my calls and inquiries for almost 3 months. I called one last time and said the next call will probably be from TREC if this issue isn’t resolved. A week later my broker contacted me to inform me I had a commission check waiting for me.
Apartment communities often pay 1 months rent or more to an apartment locator who brings them someone who leases a unit. With rents as high as they are now, apartment Locating can be a very lucrative business. Àlso rental leads are much easier and cheaper to get than serious qualified buyers while building a database of prospective buyers.
Is there a specific form ( TREC Form) for Realtors to provide to the Apartments to verify that they are respectively working with a specific Client, when they apply for the unit, If the property does not send back the lease verification?
Is there a form ( TREC Form) for Realtors to provide to the Apartments to verify that they are respectively working with a specific Client? If the property does not send back the lease verification?