Resort Management Sales Industry Blog

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 (max income) while others will look for a flasher apartment but less income.

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. They ca

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. Cle

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!!!