What is Involved in Management Rights?

First of all you should “surround yourself with the right people”.

Using industry specialists (agents, financiers, accountants, solicitors) should ensure you get the right advice and therefore maximise your opportunity and limit your risk. See our Links Page for contact details.

Being involved in the Management Rights Industry can be an exciting & rewarding experience whether or not you are buying predominantly for lifestyle or for maximum financial return. Current managers come from all walks of life, with over 50% having not been in the industry before. We have builders, bankers, teachers, policemen, nurses, salespeople, corporate chiefs, public servants, moteliers, farmers, & many more.

They all have at least one thing in common – all looking for a secure change of lifestyle (including not having to drive to work!).

Because of the diversity of duties involved in Management Rights (particularly in Holiday Letting), the following skills are handy within the typical Husband & Wife management team:

People Skills

There are many people to keep happy in a unit complex. The tenants or holidaymakers, the unit owners, your staff (housekeepers, receptionists),maintenance tradespersons etc. You do not need the skills of a professional negotiator, simply to be able to carry on a conversation & to listen.

Diplomatic Skills

These go hand in hand with people skills. It is important that you keep the lines of communication open and develop a good working relationship with all of your unit owners. After all as part of the Body Corporate you need the support of at least 51% of the owners. If you do there is much you can achieve within the complex. Diplomatic Skills are also important in working side by side with your spouse – especially if you have not done so before!

Life Skills

Why is it that so many people that have not been in the industry before do very well & go on to own several Management rights when they have had no experience? The Answer – Because you need at least half of the purchase price, the business usually attracts mature individuals with some life skills and experiences, and who have been financially successful. Because there are so many different issues that arise in and around a unit complex these skills and ability to “think on their feet” stand them in good stead.

Marketing Skills

While not essential, especially in a permanent complex, they are handy in a holiday complex. Don’t be discouraged if you are out of your depth here. There are usually established systems in place when you buy, and plenty of assistance from industry bodies and publications.

Computer Literacy

Most complexes will have a computerised reservation system that streamlines the process from first enquiry through to check out. Do not worry if you have not used a computer before, as these programs are generally simple to get used to as you are doing the same transactions every day.

License Requirements

Because you will be collecting money on behalf of others (unit owners) you must obtain a Restricted Letting Agents License. This is not difficult to obtain and involves a 5 day course & examination. We can assist you with details, course times, locations etc. We will even help with homework if required. None of our clients have ever failed.

Summary

There is much more to learn as even after more than 10 years in the industry we still learn something new every day, so don’t hesitate to contact us as we are happy to be able to pass on the benefits of our experience. Contact us for a no obligation chat. You are in the people business. Keep your guests happy, (not hard as they are glad to be on holiday) and they will return and tell their friends and others to join them.

Pin It