You have many
bosses in a Management Rights Business. Firstly, every
unit owner is your boss, particularly if you let their
unit on their behalves. You will also have to deal with
the people on the Body Corporate Committee who are
responsible for the day to day running of the complex on
behalf of the unit owners. There will also be a flow of
people coming in and out of the complex including
suppliers and tradespeople. You must have reasonable
people skills to deal with the job.
Life skills
More than 50% of people who buy these Businesses have never done it before
but are able to handle the job competently as they come to the task with
real life experiences i.e. they are usually middle aged and at least part
way through raising a family. They will also have bought and sold one
or two properties and had a couple of jobs. They will have had experiences
throughout their life to stand them in good stead to deal with the people
business of being an on site resident property Manager.
Diplomatic Skills
These skills are required to ensure that you maintain the support of 51%
of owners so that you can have your Agreement extended when necessary
and make any other changes to allow you to move with the changing times.
These businesses operate best with
a "Mum and Dad" or family team. You must be confident that you can work
with your partner every day of the week.
Computer Skills
While not essential, it is preferable to have some computer skills when
entering Management Rights. There are excellent programmes
available to assist you with the letting business and the Trust account.
There are also on-line marketing systems available to assist you in
finding tenants (for permanent letting) and guests (for holiday
letting).
