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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 & 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.
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