Reply from: Robert

4:46pm Saturday, 05 January 2008

Is it possible to set up my account to get emails for new or updated MR listings only? Thank you.

Reply from: Nick Buick

05 January 2008

Hi Robert,

There's a few different ways you can stay in-the-loop with TPM's latest listings.

Firstly: You may wish to subscribe to the newsletter.
Either tick: receive email updates when enquiring on a listing, or use the receive email updates form located in the bottom left corner of the website. We will then email you the top 10 featured MR listings each month along with any other industry news at hand. You can unsubscribe at any time.

Secondly: The entire listings database can be subscribed to as an RSS feed which will allow you to easily see the latest updates.
You can view the RSS feed here: http://www.thepropertymanager.com.au/rss.xml

In fact, the whole point of RSS is its versatility: The above link can work with hundreds of different programs and websites all meeting different needs. So, for instance, if you wanted to be emailed any new listings as these were created you could simply go to this website: http://www.rssfwd.com/ and enter http://www.thepropertymanager.com.au/rss.xml into the subscribe field - and presto, the website will email you every time a new listing is updated until you tell it to stop. There's tons of other things you can put our RSS feed into - just have a surf around for RSS readers on the net and experiment for yourself.

Reply from: Chantelle

1:43pm Tuesday, 11 March 2008

Hi i am interested in property management as a career and i was wondering if you could let me know how and what i have to do to get my foot in the door ?

Reply from: Kerry

12:48pm Thursday, 13 March 2008

We are currently looking at the possibility of selling our home and investing in a management rights business. But I was wondering if someone could explain to me what the rate of tax would be? Do you pay normal income tax or do you pay business tax on the profits of the business? Also, regarding the income advertised in the management rights businesses 'for sale', is this income calculated before having to pay cleaners etc. or after this business expense.In the case of a holiday/resort business with a very large letting pool I imagine that having to pay for help with cleaning would be a necessary expense.

Reply from: Terry McMiles

5:11pm Saturday, 15 March 2008

Hi Kerry, I'm an independent Management Rights Broker on the Gold Coast & you are welcome to email or call me with any queries. Re your specific questions. . .

Your tax on income is normal income tax rates. When you buy Management Rights there are usually 2 contracts, one for the residence, one for the business. It is common for the residence to be bought in your joint names so that when you sell you don't have to pay income tax on your Capital Gains as you are selling your principal place of residence and income tax is not an issue. It is also common for the business of operating the management rights to be bought in a Trust or a Pty Ltd Company or a combination of both, so that you have limited liability protection and so that the income can be split and apportioned to your advantage for income tax purposes. Your Accountant will be best to talk to and advise you on this when the time comes.

The income advertised should always be the nett income after costs that would be applicable to a 2 person team running the business. Therefore if the size of the complex meant that 2 people would also need extra help for cleaning or any other work that falls under their list of duties in their agreement with the body corporate, then the cost of that hired labour should be deducted before the nett $ return is quoted.

I personally don't publish income details in my advertisements but offer a full Financial Report on any Complexes that I have for sale which lists all costs and this is available to interested purchasers who are prepared to sign a confidentiality agreement. This report clearly points out the basis on which the returns are calculated so as to avoid any misconceptions.

I hope that helps,

Terry Mc Miles

Reply from: lynda west

6:43pm Tuesday, 25 March 2008

we are wanting to move to Gold Coast area, and looking at property management, just need a couple of questions answered please.
after looking at your website I notice there is a income amount and remuneration amount - whats the difference? do you get both?
also is this a lifestyle that would be ok for school aged children?
regards
lynda

Reply from: Terry McMiles

1:55pm Wednesday, 26 March 2008

Hello Lynda,
You do get both amounts however one is also included in the other. Let me explain. The remuneration amount is the income per annum but payable monthly that you receive from the body corporate in return for your caretaking duties.
The income amount is the total income derived from the normal activities of the management rights business after costs and expenses are deducted. Therefore it includes the body corporate remuneration, plus the commissions and letting fees from the other side of the business (lettings to permanent tenants or holiday guests), plus income from tours/Theme Park ticket sales if applicable, hire of equipment, Maintenance work you may do less all costs associated with earning the income.
Therefore the income figure will be total nett income before tax.

There are plenty of Management Rights owners who have school age children, most prefer the permanent complexes where managers accommodation tends to be bigger than holiday buildings where owners unit may be only small. Most permanent Complexes have swimming pools, some have tennis courts and most will have some proportion of tenants who will also have children.

I hope this helps,
Terry McMiles (Independent Gold Coast Broker)

Reply from: Anne Draper

10:38am Thursday, 08 May 2008

If a maintenance man does odd jobs after company time is there a form we can have them sign. Also, can we have residents sign a form making them aware that the company insurance will not cover after hour work?

Reply from: Kerrie-ann Kallis

2:58pm Saturday, 17 May 2008

We have just purchased our 1st MR complex and are loving it; however the previous RLA's have left us in a real mess. Not only did they leave after 1.5 days of training, our PABX system was unusable and had to be re-installed, but what has us most concerned is that they did a pre settlement disbursement to the owners and paid out all pre bookings and deposits. They did hand us a chq for $10k+ for deposits on forward bookings (which they claimed was correct and asked for a commission chq to be deposited to their bank acc), but that list was far from complete. We have discovered numerous pre booking deposits unaccounted for, we are accommodating guests free of charge (still having to pay linen & cleaning charges and getting no commissions) as they have disbursed the pre paid funds, we are unable to refund any cxled bookings as we do not hold the deposit. A Rental Bond has not been lodged and remains unaccounted for with a note in the tenants file “to be paid out of trust account”. Can somebody please advise us what to do about these “cowboys”? Who have even just written new dates over old tenancy agreements and had them countersigned by both parties!

Reply from: Kathryn

10:58am Thursday, 12 June 2008

Hi there,
Just wondering if you can tell me where I can find out what the responsibilities of an onsite manager can be found?

I live in a complex of townhouses. The other day, I found men pulling the tiles off our roof and replacing them .... apparently organised by the onsite manager who neglected to tell anyone in the complex this would be happening.

As you can imagine, hearing a complete stranger on my roof pulling off tiles really scarred me (and also the noise woke our baby). I had no idea if someone was breaking in or what was going on.

When confronting the manager he said its not his responsibilty to inform us that this would be happening (he will not do a letterbox drop or phone calls because it will take up too much of his time) & he also said he didnt know when the trademen were coming because its been raining lately ....

I would like to find out what his reponsibilities are as a manager ... I find his tecnique unacceptable and there are numerious other instances like this that have happen in the past.

Many thanks for your help,
Kathryn

Reply from: Philip

7:27pm Monday, 03 November 2008

Hi,

We are thinking of buying into management rights, however we are concerned by the downturn in the world economy.

Would the'Net Income' for many of the advertised properties be stated as at the time when the economy was OK?

Is it likely that the 'Net Income' will go down as a result of the current economic climate?

Thanks,
Philip

Reply from: Megan Skehan

1:06pm Wednesday, 18 February 2009

As a new manager of a complex, could you advise me if there is any way to screen prospective tenants from other off-site agents? We have had numerous BAD tenants who have damaged properties and common areas, and someone has suggested there is a protocal whereby I can see applications and be a part of interviews by liasing with the external agents???

Reply from: jacob inks

4:28am Friday, 20 February 2009

do you need a degree in property management to collect rent from tennants or can you work under someone else in florida?

Reply from: Bill

1:16am Sunday, 21 June 2009

An advisor at Fair Trading told me on the phone that the requirement for a RLA to reside on the property did not say that that RLA must own the property.
My lawyer says that elsewhere in legislation it is a requirement that the RLA own the Manager's Unit.
Q1: Is it possible for one RLA to own the Managers Unit but live off-site while another RLA resides in the Managers Unit and performs all the RLA duties?
Q2: Can 2 (or 3) RLA's be appointed to one complex?
Q3: Provided there are no external modifications or changes in appearance, can an attached garage (on front of a Townhouse) be converted into a Managers Office and would that likely increase the value of the business? What are the pros and cons of having an Office on the title?
Thanks.

Reply from: Raine Fong

2:19pm Wednesday, 31 August 2011

I am interested to purchase Management Rights of Retirement village. However, my main concern is the re-sell parts. Will it be hard to sell off as there is 'only price but no market'?

Reply from: Honor

6:52am Tuesday, 25 October 2011

I am interested in purchasing a management rights business in NSW. The seller insists that we do not need any financial information other than the info Ken Windows has given out - when his info was given to him by the seller!! He also insists that profit and loss is not 'done in this business'. I don't understand why any sane perosn would buy a busines without a profit and loss statement. Can you please explain why a management rights business is different to any other business purchase.

Reply from: Nick Buick

8:00am Tuesday, 25 October 2011

"Can you please explain why a management rights business is different to any other business purchase."
That's easy: It Isn't.
Why do you think we display "Net Income" on listings (Total income before tax, after expenses)? Do your due diligence.

Reply from: Honor

6:48am Thursday, 27 October 2011

Thank you for confirming our thougthts - we will definitley tread carefully with this one and we hope others will be just as cautious.

Reply from: brad gordon

6:23am Friday, 25 November 2011

I had a query regarding permanent property management rigths. When you purchase the MR you will get the BC payment. When I take over the actual net income would be Just the BC renumeration and then I would have to lease units over several years to get the net income value that the previous owner was earning.Im assuming this is the case. Is this correct? I have not seen this clarified in any of my readings.

Thanks Brad

Reply from: Nick Buick

12:22pm Saturday, 26 November 2011

Hi Brad. In Management Rights you normally get 2 main income streams. The first is the remuneration. This is typically paid to you quarterly and it is paid directly by the Bodies Corporate at a pre-agreed rate (as per your contract) to complete the care taking duties set out in your contract (such as mowing lawns, changing light bulbs in common areas, putting bins out, sweeping hall ways, etc, etc). Most of our listings indicate this rate as "remuneration".
The second income stream you generate for yourself. You do this by operating your own letting business within the complex. This doesn't really have anything to do with the Body Corporate, it's your own business and you run it as you see fit. Owners may appoint you to let out their units, and as you are onsite, you'll be the man-on-the-ground so to speak who, theoretically, will get most of the rentals in the complex into your letting pool. For this you charge a commission and you take this from rent each month before paying the rest on to the owners as their rent. This total income (including 'remuneration'), AFTER expenses but BEFORE tax is called the Net Income and is indicated on most of our listings. So to find out how much the letting income is generating, you can subtract the Remuneration from the Net Income and that's your letting business income after expenses. Of course each complex is different. Some managers may also make income selling theme park tickets, operating vending machines, etc, etc. But generally, it's the Letting Business that it responsible for the bulk of the income. Hope this makes sense.

Reply from: brad gordon

8:53am Sunday, 27 November 2011

Thanks for the clarification Nick

Just a follow up question. If I purchase permanent property rights where all the units were currently leased and the net income was 140K would this mean Im likey to get 140K when I take over. I would just have to keep the units all let to continue to earn the 140K.

Thanks Brad

Reply from: Nick Buick

9:21am Monday, 05 December 2011

In such a case, the Net would be specified as "ACTUAL" (as opposed to "PROJECTED") which should mean, yes, that is the actual income being generated for the last financial year and assuming everything stays the same, it should mean the same income this year.