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Everyday, The SIRE Team answers lots of questions regarding buying and selling management rights. One of the most frequently asked questions is what appropriate licenses needed to purchase a management rights in Australia?
The answer is it is depends. Please see below Get an RLA license. When should i start to enroll in the course to get my license? I would find a suitable management rights first before getting the license for below reasons. 1. It is takes 3 to 4 month to settlement a management rights, so you have plenty of time after sign the contract. 2. There are difference license requirements for different type of management rights you are buying. 3. Sometimes you forget everything you learnt by the time you settled your management rights, then you have to spend time to re-visit what you learnt. 4. It is takes 5 days face to face to get your license and everyone can pass. 5. To access the best license training information check out "The Management Rights Formula".
What else needs to be considered before and after signing the contract?
I’ve sold lots of great management rights over the years and always get multiple offers. This means many people do miss out, even though they might have been just as qualified as the other buyers. What I’ve found is that the reason they were unable to take advantage of a fantastic opportunity is because they were unprepared. To save you time, I’d like to offer suggestions as to the key areas in which you need to get organised. Get financial pre-approval. You must use finance brokers who are specialised in management rights to assist you in working out your ideal price range. Set up your purchasing structure. Many buyers use a company and family trust to purchase the management rights. Both provide tax benefits and risk protection. Get an RLA license You’ll need a Resident Letting Agent (RLA) license if you’re going to live onsite, or a full license if you’re thinking of owning multiple complexes/buildings and intend to have staff live onsite. Get some experience in the industry. We’re always happy to assist you in getting hands-on experience. Just email me at [email protected] with your CV, and we can get that arranged. Once you’ve completed all of these steps and you make an offer, the vendor will definitely take yours more seriously and consider it first. This puts you in an excellent position to go to the top of the list and beat out the competition. You can find everything you need in the resource session in the back of this book. Why should someone work with management rights professionals during the contract process? Management rights is a specialised industry, and not many people understand it. Even today, we witness many developers making mistakes in setting up the agreement, so the management rights of a perfect building/complex ends up being unsaleable. Over the years, I’ve come across buyers who use a solicitor, accountant, real estate agent or financier to assist with the process, but none of them are specialised in management rights, so they end up wasting lots of money and time. There are quite a few hoops to jump through between the contract signing to settlement, and if you don’t have someone with years of industry experience on your side, you won’t know how to deal with the potential problems that could arise during the process. The industry is also changing all the time, so unless you’re living and breathing management rights, you probably won’t know how to identify and get around potential issues and solve challenges as they come up. By associating yourself with any of the professionals included in this book, I guarantee you’ll come out on top. One of our proudest achievements at SIRE Management Rights is that we have a 100 percent body corporate approval rating. If you would like to know more about the body corporate interview process, please click here and attend our monthly interview information session. 
How many steps are there to go from newbie to competent onsite manager?
There are five simple steps:
Enjoy the process, and set aside some time each week to attend our inspections. Then email me your questions, and share what you liked and didn’t like. The SIRE team will be glad to show you a management right that meets your requirements. Please feel free to share this information with your friends, and of course if they would like to get into management rights, please invite them to one of our inspections. To find open inspection daily contact the sire team on 0404 331 310.
If you want to buy management rights contact 0404 331 310 or fill in your information below to get more tips and ideas about management rights.
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ONE OF THE MOST COMMON QUESTIONS WE GET ASKED AT SIRE MANAGEMENT RIGHTS IS, 'HOW CAN I GROW MY LETTING POOL AND INCREASE MY INCOME?'
After interviewing hundreds of management rights insiders, we have summarized a number of options to achieve growth. Let's take a look at some. ACQUISITION Buying an add on management rights and adding it to yours. Check the link here and fill in your contact details to be notified with new add on management rights open inspections. CAPACITY AND EFFICIENCY Adopting models and utilizing technology to help your team manage more properties, more effectively. SERVICE AND FEE GROWTH Strategically adding more service and/or increasing fees on properties that fall below a certain income level. Identify the properties that are costing you money to manage by calculating your break-even point. Then implement the strategies mentioned in Chapter 8 of “The Management Rights Formula.” ORGANIC GROWTH IN YOUR BUILDING/COMPLEX Designate some time each week for adding more properties to your letting pool to ensure a net gain in the numbers you manage. This is the area I'd like to focus on. The best place to start is with sources you already have a relationship with and are more likely to have a positive impression of your services. These opportunities include: Current investor owners in your letting pool – every management rights manager we have worked with has identified that some of their current investor owners own other properties that they would be willing to manage but don't. (In some cases, they own multiple properties). When is the last time you checked and simply asked for more business? Current Tenants – it is not unusual for tenants to either own their own investment properties or know other people who do. When was the last time you asked your tenants the question: 'Who do you know who owns an investment property in our area? Or “Do you own any investment properties yourself?” Sales – if you are doing sales – how 'integrated' is this service with your letting pool? The sales person sometimes would be yourself who captures investor enquiries and ensures that they or yourself communicate with Investors are more likely to contribute to growing the letting pool numbers quickly. They don't wait until a contract is signed before they introduce the Property Management service. Your Team – ask your whole team to identify at least 5 properties each that you don't currently manage and would like to – ask this question regularly. You will be surprised at the result. Contractors or trades people – do you make a habit to ask them for referrals for other properties? Who do they know who owns property that you don't manage in your area? It is likely that they will know plenty and can be an excellent source of referrals. I hope you enjoy investigating what is available inside your building or complex. And remember to always ask the question, 'We are always looking for additional great properties to manage, who do you know who owns one?' It's a habit that could increase the value of your management rights without a great deal of additional effort or expense.
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