Management Rights Explained
Management Rights is a business that gives the resident owner of a lot, within a community living complex, the right to fulfill the role of Caretaker in order to operate a letting business of the units, within the complex, on behalf of non-resident owners.
When you purchase a Management Rights business, it gives the right to the resident owner of a lot contained within a community living complex, the role of caretaker and to operate a letting business of units within that complex on behalf of non-resident owners.
This person is usually referred to as the Resident Manager.
Having management rights to a complex mean you live onsite, you take care of the common property on behalf of the Body Corporate. This may mean taking care of the pool and BBQ areas, keeping the grounds tidy). You may also be able to let units in the complex on a rental basis, called a Letting Agent, but you will need a special licence to do this.
Most complexes are either permanent (long term) letting or holiday (short term letting). Some complexes, particularly on the Gold Coast, can be a combination of both.
How important are unit entitlements?
Many people believe unit entitlements only exist to determine voting rights in the event a “poll” is called at a general meeting of an Owners Corporation. Essentially, voting is conducted on a “one person, one vote” basis at a general meeting unless an owner asks for voting to be determined […]