Rod Askew reports on the recent 2003 Management Rights Expo held on the Sunshine Coast.
The ever-increasing need in Australia to produce high density living in metropolitan areas has seen a burgeoning $1.6 billion industry emerge, as property management rights become an affordable option for professional business investors.
The 2003 Management Rights Expo attracted a sell-out audience of more than 200 resident unit managers and industry representatives and covered two of the industry’s hot topics – “Purchasing off-the-plan” advice and “how to protect a managers letting pool”.
It was crucial that people wanting to invest in management rights knew the whole picture before they took steps to investing.
We’ve never witnessed property development like this in Australia and there are so many opportunities for people wanting to enter the management rights industry… they just need to know all the facts before making such an investment.
One look at any newspapers business investment pages will tell you that there is a multitude of strata title management rights opportunities, but potential resident unit managers must first find answers to a few, at times, fairly complex questions.
Who is the developer commissioning to sell the residences, who are they being sold to, what’s on offer to buyers and how many residencies are in the letting pool? are just a few questions to consider. It’s a managers role to ensure that potential buyers have every one of these questions answered and fully understood.
After all, management rights offer very good returns and we want to maximise investor satisfaction, not make it hard on them.
Prices for management rights often exceed $1 million, which is seeing many business professionals enter the industry who are looking to take it to a new level.
Another leading senior management rights advisor, property solicitor John Mahoney also spoke at the Expo on the issue of resident unit managers protecting their letting pool.
Mahoney consults State governments on changes to the Body Corporate Community Management Act 2002 and advised Expo attendees on points to consider in the management of letting pools.
*Rod Askew is recognised as Australia’s leading advisor on Management Rights and Strata Title Properties and is a director of resort Brokers.
