Is Your Property Manager Legal?

 

• 1. It’s Literally the Law

  In Ohio (Rev. Code 4735.01), if you’re collecting rent, negotiating leases, or holding security deposits for someone else, you must have a real estate license. Hiring an unlicensed "handyman" to manage your property is technically illegal.

  2. The $1,000/Day Fine

  The Ohio Department of Commerce doesn't play around. If they find an unlicensed person acting as a manager, they can levy fines of up to $1,000 per day. For an investor, that wipes out an entire year’s profit in about a week.

  3. The "Residents First" Program

  Cleveland’s newer laws require a Local Agent in Charge (LAIC) for out-of-state owners. This person is legally responsible for the property. A licensed manager is the only one qualified and insured to take on that kind of legal heat.

  4. Professional Accountability

  Licensed managers have "skin in the game." They answer to the State of Ohio. They have to keep your money in separate trust accounts—no "commingling" funds. If they mess up, they lose their livelihood. An unlicensed person just disappears when things go south.

  5. Fair Housing & Evictions

  One bad rental ad or a missed deadline on a security deposit return can lead to a lawsuit that costs more than the house is worth. Licensed pros know the "legal minefield" of Cleveland Housing Cour

Basically, they keep you out of court and make sure your investment actually stays an investment. Since we handle this for out-of-state folks all the time, it's really the "secret sauce" to stress-free investing

Let’s Talk

Brett Young
 (216) 703-5740
Key Realty & Property Management

Mega Million Dollar Producer
 Award Winning Realtor
 1200+ Properties and Counting

 See what our clients earn:
https://realincomeproperties.blogspot.com/

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