Tag Archives: management rights

Making Business Out of Management Rights

Management Rights

Management RightsWhile the management rights business has been around for more than three decades, there are still some people who may have little clue as to what it really is. For those in the real estate property market and construction industry, the enterprise that was pioneered by Queensland in the 1970s is something that already deserves a makeover. Some industry experts have also called for the introduction of a new business model.

Management Rights Simplified

Brisbane’s ResortBrokers.com.au explains that management rights are given to a particular resident owner to provide oversight for the day-to-day operations and upkeep of the common areas of a living complex, such as an apartment complex or even an exclusive townhomes. The idea is for this resident owner to be the caretaker or resident manager of the property complex. Another inherent right of the resident owner or manager is in the letting business or rental of units owned by non-resident investors or owners. 

Simply put, a management right is a kind of business where you act as a manager of the property complex, as well as the broker for those who would like to lease their units.

How Can You Earn Money from It?

Management rights is a business because there are two possible sources of income. One is you get a salary for the performance of the caretaking or resident manager role. The salary will come from the Body Corporate.

Additionally, there may be some units that are empty or are not being used by their respective owners. As such, they will allow you to rent or lease their property to others. You will get a commission from the lease of the property, as well as from the other fees that you and the non-resident owner had previously agreed upon.

Should You Invest in Management Rights?

Many industry experts believe that, while the business model already requires a makeover, it is still a very lucrative business to invest in. There are plenty of management rights brokers and agents who can custom-fit properties for your needs. As management rights will involve a significant amount of investment, it is imperative that you have your finances well organised.

What clearly entices modern-day entrepreneurs in entering the management rights business is the duality of the benefits. You get to own a property and, at the same time, get paid for maintaining the overall value of the entire property complex.

Marketing Property to Millennials: What Exactly Do They Want?

management rights in Sydney

management rights in SydneyManagement rights owners need to be familiar with all the makings of a good tenant. Honest, respectful, friendly and pays the rent diligently — these are the traits all landlords look for, but there’s one thing lacking: millennial. Dubbed as Generation Rent, millennials make up the biggest portion in the rental market.

These people have become so used to renting that paying on time and fulfilling various tenant responsibilities have become second nature to them. This is what makes them good tenants; so if you’re not targeting these people, you are missing out.

The only way you can target and market successfully your property to millennials is by giving them what they want. Know what millennials want to see in rental properties; management rights providers from ResortBrokers.com.au enumerate these here:

Eco-Friendliness

Millennials care about the environment and green living, so make sure to provide amenities that accommodate this interest. Place recycling bins in the complex or furnish properties with energy-efficient appliances, like low-flow toilets and water-saving showerheads. It’s important to have proper insulation as well, not just to allow more energy and money savings, but also increased comfort. Discuss these improvements with property owners.

Outdoor Recreation

Beyond eco-friendliness, millennials are into fitness. If your complex is located near gyms, parks or ski resorts, trust that it will be easier to attract millennials. Highlight the property’s proximity to these areas when you market the property.

Of course, support for millennials’ active lifestyle doesn’t stop in referring them to recreation sites. Make the complex itself a fitness centre by converting a common area into a gym or a similar facility. Talk to the property owners how you can achieve this.

Everything Online

Millennials are tech-dependent — from buying clothes, ordering food, and yes, finding rental properties and paying rent, they do everything online.

Evaluate your marketing efforts and redirect most of it to digital. Offer online rent payments as well, and discuss concerns with them through SMS texts or emails. This will make it so much easier to reach the market you are trying to target.

Are you catering to the biggest portion of the rental market? Consider millennials in your marketing strategies to attract tenants that will drive up your profits.