FAQ
Frequently Asked Questions about Management Rights
What am I buying?
Holiday and Permanent?
What guarantees do I have?
What license is required?
Do I need any special skills?
What am I buying?
Management Rights are sold with two components:
1. The managers unit
2. The Management Caretaking and Letting Agreements
Firstly the managers unit is sold freehold with the managers unit being the only unit that can be used for letting purposes in the complex, usually there is an office attached whether it be on title or exclusive use.
Secondly when you purchase a Management Rights you are buying a business, which includes a Caretaking and Letting Agreement. You are paid a salary for caretaking of common areas and you let units on behalf of the unit owners for which you are paid a commission.
The two main functions of a Resident unit manager are:
• Caretaking/Management
• Letting Property Manager
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Holiday and Permanent?
Very different types of business. The day to day role of a holiday manager differs from month to month, season to season, guests vary from a few nights up to a few months however there are many areas of ancillary income available to the manager.
Permanent complexes remain stable throughout the year with most tenants on a minimum 6 moths lease; therefore your income will be basically the same from month to month.
Duties and responsibilities differ from complex to complex and from holiday to permanent.
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What guarantees do I have?
The Management and Letting Agreement between you and the Body Corporate are your protection they will explain your:
- duties
- responsibilities
- term of agreement
- renewal options
Agreements will vary in length with the maximum re-newal term being up to 25 years in length.
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What license is required?
The government requires you obtain a nationally recognised qualification with a registered training organisation before you can obtain a license to let units in a Community Management Scheme whether it be holiday or permanent accommodation.
The license is called a Restricted Letting Agents License (Qld) or an On-site Resident Property Managers License (Nsw).
The license enables you to let units in your complex and your complex only.
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Do I need any special skills?
Management Rights is no different to running any other type of business that deals with the general public, obviously people skills, basic booking/computer skills and common sense, however your only true guarantee of success is you performance and personality when dealing with the many different types of people you will come across.
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