What Is the Criteria for Starting a Property Management Company in the State of MD?

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Maryland is ideal placeto locate businesses because it's close to Washington, DC. Many commuters choose to live in Maryland and work in DC opening up a plethora of opportunities for property management whether through rentals or maintaining rental properties for someone who travels a lot on government business.

Real Estate Licenses

Real estate licenses aren’t required for property managers in the state of Maryland. However, if you wanted to look more attractive to potential clients it could help you in this market. Professional licenses are issued by the Maryland Real Estate Commission. Applicants may apply online with the Department of Labor, Licensing and Regulation, but applications must first be mailed to you.

Business Registration

Business name registration form and availability list must be requested from the State Department of Assessments and Taxation. Once you register your business name the state will enroll you in its personal property and local taxation program, where your business will pay taxes on the value of your personal property unless you have registered a sole proprietorship or partnership. For the latter, you must obtain an identification number from the personal property division of the taxation department.

Combined Taxes

To make taxes easier, or to ensure that every business owner is held accountable for state, county, city and federal taxes, Maryland’s Comptroller of the Treasury’s Office provides Combined Registration Applications. Request the application from its Taxpayer Registration Assistance Center, complete it and return it.

Business License

The Department of Labor, Licensing and Regulations also issues business licenses. Request your business license application at the same time your request real estate licensing information. You can also request a license from the Clerk of the Circuit Court.

Contractors

To be a successful property manager, comb through the Maryland Chamber of Commerce directory to find contractors. Get recommendations from others who have used those contractors. Interview them. Test them out before you start passing more work on to the contractors you contact.