Resort Management Sales Industry Blog

The pool safety register is now available to pool owners to register their pool. The register also allows you to search for properties with swimming pools, and find a licensed Queensland pool safety inspector. The register is available online through the Smart electronic Development Assessment (Smart eDA) .  For more information on pool safety laws and to register your pool now visit www.dip.qld.gov.au/poolsafety . 

On 1 December 2010 a new ‘Pool Safety Certificate’ disclosure regime was introduced in Queensland. The new rules commenced on 1 December 2010 with disclosure obligations applying immediately for all contracts where the property sold includes a pool (which includes lots in a body corporate). The primary effect of these laws in relation to the sale of management rights relates to disclosure within the lot contract. The changes have brought about a new contract for sale of residential lot in a CTS. The relevant contract is now the 4th addition. The new contract includes specific reference to the pool disclosures. The contract differentiates between a non-shared pool and a shared pool. A shared pool is a pool on common property for use by residents while a non-shared pool in a body corporate would be a private pool forming part of a lot in a body corporate. In most cases a scheme which includes management rights will have a shared pool. For co...

The answer can be found from 1. Your management rights agreements You will need to review how you own the management rights business. You might own the business in your own names, as a company, a trust which has either an individual or a corporate trustee. Some agreements state that where a company or trust owns a management rights business that a director or beneficiary needs to reside on site while some don’t. Each management rights agreement is different. There is a potential impact on your ownership situation. You might own the business in your own names or as a company or a trust could have ownership with individual or corporate trustees. Some agreements provide that where a company owns a management rights business that a director needs to reside on site while some don’t. Whichever situation you are in, there is no hard and fast rule ...

At the heart of Real Estate Institute of Queensland (REIQ) accreditation is the REIQ Standards of Business Practice and Continuing Professional Development (CPD) training, which provides the industry with education and support to uphold these Standards. In 2005, the REIQ introduced its CPD training which mandated that all licensees-in-charge and responsible officers of accredited agencies undertake annual training to remain accredited, and to ensure the highest standards of business practice. New agencies are required to undertake core training about the REIQ’s Standards of Business Practice before accreditation is granted. The REIQ Standards of Business Practice are in addition to the statutory Codes of Conduct contained in the Property Agents and Motor Dealers Act. The REIQ has undertaken through its arbitration and tribunal practices to accept consumer complaints about any accredited member agency who does not uphold the REIQ Standards of Business Practice.  This pro...

Australian Resort Management Sales has recently been recognized as a fully Accredited Agency by the Real Estate Institute of Queensland. As with other professions, the level and style of service offered by real estate agents will vary from one agency to another. Deciding which agent will handle the sale of your home is likely to be one of the most important decisions you will make in the selling process. This is what your agent should do for you when selling your property: Use market analysis and comparative sales techniques to determine the value of your property; Formulate an effective marketing plan which you agree to; Ask you to complete minor repairs before listing the property and maintain the presentation of the property during the sale period; Negotiate with potential buyers on your behalf; and If your property is a unit or townhouse, they will also ask you for property details to complete a disclosure statement that the law requires be given to potential buyers. Se...

The advertised (or asking) price is one of the most important considerations you will have to make when selling. A price which is set too high will put buyers off and in fact, may not attract any attention at all, while a price too low may leave you, the seller, short changed. The trick is to set a price which will attract buyers and still achieve the best sale price possible, which means ignoring the following factors... Forget your needs -  You might need to clear a minimum of $100,000 for the purchase of your new business but that's not the buyer's concern. So, don't add too much to your asking price because of what you need to walk away with. Don't over price improvements -  You may love the $20,000 orange kitchen you installed in your apartment last year, but just because the kitchen is only a year old it doesn't necessarily mean a buyer will pay you an extra $20,000. They may instead be calculating the cost of tearing it out and replacing it with somethi...

By inspecting a number of properties, you will get a feel for factors impacting value. Management and letting businesses are generally valued based on a multiple of future maintainable earnings.  What dictates the “multiple”? Listed below are some factors which may have an impact on the price earnings multiple and therefore the value of the underlying business: Location of the complex Length of management and letting agreement Body corporate history Age of the complex Future growth prospects Quality of existing management Labour requirements in managing the complex

The below bullet points are a process summary only, which you Broker/Agent will be happy to expand upon. Contact your specialist management rights solicitor to sort out any special conditions for the contracts and to check the caretaking & letting agreements Contact your specialist management rights accountant to discuss the possible purchase structures and to arrange the financial verification (his report to be presented to the bank) Arrange for & complete the Restricted Letting Licence course - if not completed After signing contract arrange a cover note from your insurance company for the unit contents Arrange with the accountant for the submission of the licence & trust account application with the Office of Fair Trading for the building you are purchasing Provide all paperwork to the bank for your finance application Collect together references (3) & resumes for all persons involved in the purchase as these...

Your broker can provide you with a simple offer to purchase form also known as a ‘Letter Of Intent’ or ‘Heads of Agreement’. On the form will be your offer subject to the following conditions: Your specialist accountant doing a full on site verification of the general and trust account figures Your specialist solicitor reviewing contracts and caretaking & letting agreements Finance Approval Body Corporate approval

This is the hardest part! - You need to make the decision whether or not this is the industry for you. And, make no mistake, it is a BIG decision to not only change occupation but move house, maybe move interstate, or even overseas!                      If the decision is yes, your best idea is to “cash up” i.e. Sell your house, your business etc. and be ready to move on a property when it comes up. Too many times a prospective purchaser will find and fall in love with the perfect building for them but will not be ready to go. Good properties do not stay on the market for long. If you are on the spot with “cash in your pocket” you may find you are in a better negotiating position. Finding the right combined business and home is a matter of balance between comfortable living quarters and maximum income. That balance may not be the same for all couples. Some will be looking for a business with a home attached (ma...

During my time as a resident unit manager I lost count of the number of times I was asked that question by happy holiday guests. And so with my explanations began the germ of an idea for another possible entrant into this unique and rewarding industry.  As with many business ventures the idea that starts your thoughts along a change of lifestyle track should be backed up with research, research, research. Sitting down with a Specialist Management Rights Broker over a coffee would be a good beginning. Most specialist brokers have owned & operated their own Management Rights & can give you a practical overview of the industry. Through experienced questioning and listening they can get an idea of your needs, wants & expectations and so help you find the right property.  Your next step should be to consult with a Specialist Management Rights Financier to confirm your nett worth. i.e. how much cash and or other equity you are willing to put towards a purchase...

As far as the day to day running of the business I should start by saying that there are two main components to Management Rights: 1. Caretaking - You are paid a salary by the collective unit owners (the body corporate) to maintain all the common areas – e.g. lawns, gardens, swimming pool, bbq’s, lift lobbies pathways etc. Your job is basically to keep it clean and tidy, much the same as you would around your own property. You will also attend to any minor repairs (light globe replacements etc.) and report any defects or maintenance issues that will require a specialist tradesperson. Some jobs you will do daily (e.g. pick up rubbish), others weekly (put   out garbage bins) and others monthly or as required (fertilise lawns) Duties are set out in your Caretaking Agreement with the Body Corporate. 2. Holiday Accommodation Business – You are running your own holiday business. Day to day duties include:- taking bookings via phone, email or walk-ins. Checking guests in and out....

Put simply Management Rights is the name given to the business of living in and care-taking a unit or townhouse complex with added bonus of running your own business from home - i.e. the business of running a unit rental business & associated services. As the majority of Management Rights on the Sunshine Coast involve holiday letting, you will in effect be living in, and managing a Holiday Resort usually in a highly desirable location at, or very near the beautiful Sunshine Coast beaches. As well as earning money running a holiday business you are also paid a contractually guaranteed salary by the Body Corporate for maintaining the common areas. Ask yourself, what other business can you buy that has a large part of its income guaranteed regardless of economic conditions!!!