Are you looking at investing in property as a long-term investment? Properties are a good choice, but like other investments, they come with a risk. However, as long as you mitigate and reduce risks, you have a good chance of increasing its value and making it profitable for a long time. One way to get into this type of business is to buy management rights in Brisbane; this is also a lucrative way to earn money and is a nice addition to your portfolio.
How Do You Make Money as the Resident Manager?
When you buy management rights, you become a caretaker and have the right to operate a letting business of the units in a complex on behalf of the non-resident owners, explains an expert from Resortbrokers.com.au. As a manager of the property, the body corporate pays for your salary for the following responsibilities:
- Keep the common property in good condition
- Oversee that the tenants follow the by-laws
- A manager reports about any matter regarding the complex, whether it is good or bad
Other than the salary given by the body corporate, a resident manager can act as a letting agent. Through this agreement, he or she gets a commission and management fees paid by individual unit owners for getting good tenants and making sure the rental property is in top condition.
What Do You Get as a Resident Manager?
Many take the path of getting management rights when they want to enter the property business for many reasons, some of which include:
- They get to live at the complex even if they don’t completely own it
- Act as a caretaker for the common property such as the BBQ area, swimming pool, gardens and lawns to name a few on behalf of the body corporate
- They have the right to let units in the complex for either a permanent or holiday term
This is just one of the options to think about when you plan to enter the property business. Management rights allow you to make money for both long and short-term tenants.