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June 4, 2015 at 4:25 am #991917jsohMember
- Total posts: 3
Hi, not sure if i am at the right spot, as i am not sure the title above is just another job, or is classified as own business as i had the assumption a collection of units normally hire a manager and these are individual companies.
My question is: if i would like to change career and get into this role, what am I required to study and how can i gain experience after finishing study?June 4, 2015 at 6:58 am #1184078TehCamelMember
- Total posts: 873
I think it ultimately depends on the complex and the wishes of the body corporate. Some of them have live-in managers, who get reduced or nil rent and are expected to act like a “Super”. Others employ external facilities management companies.
One of my customers provides services like this.. they have building managers that are employed by them, placed on site at particular large buildings (these are very big ones though) and it’s part of the overall management fee.
I know another building this customer provides facility services to, but primarily cleaning and maintenance, no on-site manager (I actually own an apartment in this particular complex)
I’d expect you might at least need a good understanding of strata legislation, the ability to be diplomatic, general handyman skills, insurance (PI&PL)June 4, 2015 at 7:49 am #1184079BlankParticipant
- Total posts: 41
Management Rights is pretty much a Qld concept, and mostly exist on Gold Coast. My parents did this for 15 years, they said its the best job they ever had. Holiday units are crap, go for residential.
You will pay 4-5 years x net income for a good one + the cost of the unit. Your income will include a Salary from the body corportate plus your rent commissions. The % of salary to rental commision varies wildly.
Talk to one of the specialised agents on the gold coast selling management rights, they will explain all this to you.
You will need a Letting Agents licence. The industry is highly regulated.
rental occupancies are getting quite low these days, i think 80% is almost unheard of which means the value of the rights is reducing.
If you decide to buy, make tyhe contract subject to due diligence/audit. Guaranteed to find their stated income is a lie, and you can get the purchase price down. Cost about $5k my dad said it was worth it everytime.
Perfect for married couple. Mum runs the office, Dad does handyman jobs, lawns and garden. If you cant be a handyman you are missing out on lots of revenue as you will have to outsource.
NAB has practically a monopoly on financing management rights purchases. They were the first bank to lend on then, they are the cheapest and the only bank that understands it. I forgot the max lending ratio but i think it is 50% combined residence plus rights purchase.
So you need a fair bit of cash in your pocket to buy one of these. Thats more important than studying for it.
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