In most jurisdictions operators are required to be licensed and to operate a regulated trust account. For example, in Queensland resident managers must obtain a Resident Letting Agent’s License via the Office of Fair Trading (OFT). There are certain licensing educational requirements which must be met prior to the license being granted. Study for the prescribed modules is available via several training bodies as either classroom or remote learning. The modules are not difficult and can be completed in a 5 day course if necessary. An application to operate a trust account is also required to be lodged via the OFT. Without an OFT approval banks are not permitted to allow a resident manager to operate a trust account.
Legislation such as the Property Agents and Motor Dealers Act and the Body Corporate and Community Management Act provide reliable legal frameworks for operators within the industry and underpin industry confidence going forward.
You can download the information detailed within our ‘Management Rights’ section as a printable PDF for future reference. Click here to access the PDF document.
I have had the privilege of dealing with Paul Grant at Mike Phipps Finance for the purchase of a Quest re-sale.
I must admit that it is a very rare day that I can say that my experience has categorically exceeded my expectations. I say this with considerable industry experience in Banking and Finance having worked across three Australian Banking Corporations over 18 years, and another five years leading accommodation businesses dealing with numerous financers.
If you are looking to find a business partner that has deep industry understanding that will add value to your journey, then I could not recommend anyone else.
In fact, I look forward to conducting more business with Paul and Mike Phipps Finance as they are the No 1 operator in the industry. Thank you for all your time and support.
John Mackenzie - New Quest Franchisee
MR sales team are proud of their association with Mike in his past professional life and we were very happy to be involved with Mike in his new venture that resulted in the first management rights finance deal as Mike Phipps Finance.
Jake Clarke - Director
Management Rights Sales
“My firm and I have dealt with Mike Phipps over many years in relation to the financing of management rights.
Mike has a wealth of knowledge and experience in the field which, coupled with his
integrity and enthusiasm, ensures his clients are very well looked after.”
John Mahoney - Mahoney Lawyers
Our firm has dealt with Mike Phipps over many years assisting our mutual clients with the most tax effective lending options for their acquisition of management rights, motels, hotels, caravan parks and various other accommodation business opportunities.
Mike’s professionalism, integrity and personalised approach ensure our clients are always in good hands and get the best result every time.
"We’ve never looked back and appreciate the consistent support from you and your team throughout your time with your previous employer.
We wish you all the best with Mike Phipps Finance and have no doubt that you will guide many more new and experienced managers through the financial labyrinth of the Management Rights
industry for many years to come."
Gordon & Suzanne Higman
Mike Phipps Finance Management Rights and Accommodation Specialists Phippsfin Pty Ltd ACN 139 124 673 Australian Credit Licence 364 314