TDK Own and Operate Management and Letting Rights (also known as management rights or letting rights) which is what sets up apart from other companies offering advice about what Management and Letting Rights are and are not ! We own management rights and are very active in setting up management rights syndicates and management rights partnerships throughout Queensland from Coolangatta up to Townsville, however the majority of our management rights are owned here in Brisbane.
Management rights is a business that gives the exclusive right to an individual or company to fulfil the role of caretaker and to also operate a property letting business (of units within the complex) on behalf of the lot owners within the scheme. The business usually requires the manager to live at the complex as a resident. When a developer builds units or townhouse complexes of a reasonable size, it makes sense for the developer to provide for the long term caretaking of the common property (such as gardens, the pool, and other common areas such as a tennis court or BBQs). In addition investors wanting to lease their properties look to an onsite manager to provide property letting services as the onsite manager is 100% focused on the properties within the complex/building and has no outside distractions, unlike other real estate agents.
To ensure the long term caretaking of the common property is looked after an agreement called a “caretaking agreement” is created and then sold to an individual or company who then carried out these duties for remuneration.
To ensure the long term letting services are available an agreement called a “letting agreement” is created and then sold to an individual or company who then carried out property letting services (much like a real estate). The vast majority of income for management and letting rights is earned through offering property letting services, however it is the fulfilment of the caretaking service which allows the privilege to provide a property letting service. It is very important to understand the relationship between caretaking and letting agreements and that offering a property letting services in management rights is a privilege and not a right!
Management rights is frequently referred to as the ultimate home-based lifestyle business and being involved in the industry can be a very rewarding experience. Other than licensing requirements, no specific qualifications are necessary, but good communication and business management skills are essential.
Want to know more about management rights 101, like where to start then contact Troy Edwards on 0416 060 372 or directly via email troy@tdkm.com.au.
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