Leasing a hot topic for Illinois housing market

The rental market stands out as the strongest at this time. According to the June IAR Broker Sentiment Survey, 79 percent of Illinois managing brokers surveyed described the rental market as very good or average with expectations for this to continue over the next six months.

In fact, property management questions have been heating up the IAR Legal Hotline including this one: “Do I need a real estate license to engage in property management activities?”

The general answer is yes, according to IAR Legal Hotline attorney Betsy Urbance, assuming those activities include activities that require a real estate license under Illinois license law. For more on this specific topic read the Legal Ease column from the April Illinois REALTOR® magazine.

According to Urbance: “I still continue to get general leasing questions on the hotline. Remember, if your license is sponsored by a broker all your licensed activities— including those related to leasing—need to be done through your sponsoring broker.”

This entry was posted in Housing Market, Legal Issues in Real Estate and tagged , by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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