What are Management Rights?
Management Rights is the business of managing a strata (Hi-Rise, Townhouses, 3-storey walk-up) complex with the purchase of a “managers” unit/residence and a “business”. The business involves caretaking/managing of the common property and letting of units (Apartments/Townhouses/ Houses/Villas).
The Unit Contract and the Business Contract must be completed Contemporaneously. As the buyer (Resident Managers) you are agreeing to do the caretaking of the common property (sweeping, weeding gardens, mowing, managing the swimming pool, etc.) and you receive Remuneration by the Body Corporate (often called the Body Corporate Salary) usually monthly in arrears.
The Letting Agreement allows the buyer to let the units/townhouses within the complex and you must obtain a “Resident Letting Agent” License to allow you to manage rentals within the scheme. Some buyers also obtain their Full Real Estate License or a Real Estate Sales License to enable them to sell units with in their complex.
Using Accountant, Lawyer, Financier, Banker with Management Rights Experience (Management Rights Professional)
is essential as the Management Rights industry is very specialised. We stress that it is of the utmost importance you use Management Rights experienced professionals to ensure you get the best advice prior to and during the contractual stages. Choosing to use professionals who are not recognised in the industry can lead to increased costs, more complications or even a loss of the contract. You must check that you bank or finance lender recognises them, otherwise you maybe up for extra to repeat the legal, accounting due indigence by professionals the bank recognise.
Different Management Rights?
Short Term or Holiday Letting, Short Term or Corporate Letting, Long Term Permanent Letting, Student letting and mixes of these.
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The following Testimonials are Reasons Why you should use Management Rights Agents
“Considering getting into Management Rights then I can highly recommend David Manson. I have known David for many years now and have had to call on his expertise in the industry many times. He has assisted me in both the purchasing and selling side of the business. I’ve dealt with many agents in the industry and there are none more ethical and helpful than David. When I first was shopping to get into the industry David was a breath of fresh air and went out of his way to assist me with shopping for the right business for me. Keep up the excellent work David !”Gary
David worked really hard to find us the ideal complex , Finally settling in a Surfers Paradise Management Rights ResortGraham
David worked hard with both us and the vendor to ensure that we were able to buy the management rights business of our dreamsMark and Diane
Management Rights Understanding Language/Terms When looking at Management Rights you will need to understand most of the commonly used terms by the Management Rights industry. Here is a list of some common phrases you may encounter and a brief reference. Salary...
The purchase of Management Rights can be a complex process which requires a significant investment of your time and money. It is therefore vital that you engage relevant industry experts to guide you through the stages and ensure a smooth purchase process. Their...
Looking to buy a Management Rights? Here are five essential tips for making the process as smooth as possible. 1. Get your finances in order. Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix...
What are Management Rights? (Click on the link to watch a video) the business of managing a strata (Hi-Rise, Townhouses, 3-storey walk-up) complex with the purchase of a “managers” unit/residence and 2 business contracts caretaking/managing of the common property...