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Know Your Licence: Trading Services vs. Rental Property Management
Occasionally, BCFSA has to remind licensees of the services they can and cannot provide based upon their real estate licence category, especially when it comes to rental services.
For example, both licensed rental property managers and trading services licensees are permitted to help landlords find tenants. However, only trading services licensees can enter into a contract with someone looking for a property to rent, and only a rental property manager is permitted to collect rent from the tenant.
Please refer to the chart below to see what you are allowed to do in respect of rental services, depending upon which real estate service you are licensed to provide.
| Rental Service | Trading Services Licence | Rental Property Management Licence |
|---|---|---|
| Assist a landlord to find tenants. | X | X |
| Assist a prospective tenant to find a property to rent. | X | |
| Collect rents from tenants on behalf of a property owner. | X | |
| Collect security deposits from tenants on behalf of a property owner. | X | X |
| Make payments on behalf of the property owner to third parties. | X | |
| Negotiate or enter into contracts on behalf of the property owner. | X | |
| Supervise employees or contractors hired by the owner. | X | |
| Manage landlord and tenant matter. | X |