Finance for Management Rights
In essence management rights are simply the right to provide caretaking and letting services within a community title scheme. Also known as a strata title scheme, a community title scheme is generally made up of a number of individually owned lots located within a defined development that encompasses areas of common property. These schemes can include :
- High rise holiday buildings with swimming pools, gyms and tennis courts
- Inner city apartment blocks
- Suburban town house developments
- CBD short term stay apartments
- Student Accommodation
- Off the Plan
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.
Residents in these buildings could be holiday makers, corporate travelers, permanent rentals or owner occupiers.
When you purchase management rights you are typically acquiring :
- Ownership of a unit in the building. This may include title to an office / reception area. Conversely, the office / reception may be owned by the body corporate and provided to the manager for use on an exclusive basis.
- A contract with the body corporate to provide caretaking services for the property. Basically the resident manager is paid an agreed salary to ensure certain duties are carried out on a regular basis. Gardening, pool cleaning, cleaning of common areas and monitoring of by-law compliance are typical duties.
- An agreement with the body corporate to allow the resident manager to provide letting services to unit owners within the building. This agreement is exclusive insofar as the body corporate will not allow any other party to offer letting services from a unit in the property. The resident manager generates income via letting commissions and associated charges.