One of the basic business arrangements in management rights in Gold Coast and other parts of Australia includes a letting agreement with the body corporate. This indicates your rights to conduct a letting business within the community titles scheme. This agreement is necessary for the sales and security of the business.
The body corporate grants the letting agreement and bestows the exclusive rights on operating the business. A typical agreement will require you to promote the complex, manage the standard and conduct of the tenants, and maintain a reception area.
Freedom of Choice
One legal principle in the Australian law indicates that property owners can use their business any way they see fit. This only means that letting the units is not compulsory. You can either live in the unit or leave it untenanted or locked. Few owners, however, choose an off-site letting service. Some hire resident managers in the hope of the improvement of the entire property.
Residing in the Property
Living on the property gives many advantages over outside agents. You can attend to urgent matters if you need to. You can perform minor repairs and maintenance without hiring a tradesperson. This type of management right system was established in Queensland and is now spreading to other states.
Letting the Property
When letting the property, it is the person who uses the services that has to pay. The body corporate will not pay you anything to offer the letting service. In letting, however, you need to have a separate agreement with the owners who want to let their units through you.
You can provide additional services to your guests and tenants to earn extra income. Other services may include cleaning, repair and maintenance, equipment hire, or sales of theme park tickets and tour packages.
You can operate management rights business in all styles of development, such as a townhouse, traditional unit, student accommodation, retirement villages, and other types of property innovation. It is considered a safe investment with identifiable returns, which can give you peace of mind not found in many business environments.