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.”