The #1 Thing That Separates the Successful Business Owner From The Rest

There are key differences between a good manager and a mediocre manager such as attitude, an understanding of human nature, organisational skills and interpersonal skills.

Most importantly, a good manager thinks and acts positively, always maintaining a healthy and happy mindset. They live by the motto that the more you give, the more you receive. I’m not talking about being a charity. It’s about providing the best value for your clients to the point where they couldn’t possibly get a better deal elsewhere, and they’d be mad not to choose you over the others.

​One example of adding more value to the body corporate is to negotiate better prices from the contractors by establishing a personal relationship with them, as well as doing some bulk buying to get a quality job done for less than a third of the price. The owners will notice the good-quality works being done without high levies, and that’s the key to winning their trust.

What do owners really appreciate about their caretaker/ property manager?

Problem-solving is the key here. Basically, it’s about getting good-quality work completed for the best price. Management rights owners are in the best position to solve problems and deliver the best value. Here are a few reasons:

1. They only focus on one or a few buildings/complexes at a time.
2. They generally pay levies, as do all the other owners, so they have the common interest of saving the body corporate money.
3. They own the letting and caretaking agreements for the building, and the residents frequently interact with them and get to know them, so it’s in their best interest to maintain the building’s value.

​Managers should work on offering a better value to their clients, which is exactly why management rights is such a stable business. The price of supplying the same service compared to an outside agent or company is more cost effective, because on-site managers eliminate the middle man, and they hunt for the ‘best bang for the dollar’

​What one action can people take right now to improve their management rights business?

By focusing on these six simple steps for the next ninety days, you’ll improve your efficiency.

​Step One: List all the caretaking duties and letting activities that use up your time. These can include:

• cutting grass
• mopping the common foyer
• paperwork
• routine inspections
• meeting with committees
• getting quotes
• phone calls
• meetings.

​Include everything, even five-minute tasks. Be specific, clear and brief. Keep going until you’ve listed everything you can think of.

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Step Two: List three tasks you’re proficient at and enjoy the most in your management rights business.

​Step Three: List the three most important activities you do that produce income for your management rights business, and put your ninety-day plan in place to focus on it daily.

​Step Four: Name the three most important activities in which you’re not proficient and don’t enjoy.

Step Five: List who you could delegate these tasks to, or contact the SIRE Team to assist you with developing your skills.

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Step Six: What’s the one time-consuming activity you’re going to say “No” to right away, and what benefit will result from delegating it?

We run a Management Rights workshops monthly. Go to www.mrformula.com.au for more information.

And finally...

Don’t go for the broker who offers you the lowest commission. Let’s be real here: if they can’t negotiate on their own commission, what hope do you have of them negotiating the highest price for your management rights business? Negotiation skills are critical in getting you the highest price, while also ensuring the contract goes all the way to settlement.

​Be clear on your desired outcome, and remain upfront with your broker. It gives them the opportunity to reciprocate and promotes a positive and productive working relationship.

Own a management rights business? Planning on selling? Fill in your details below to find out the current multiplier, Or call Richard Skiba or Jessica Dong for an appraisal.