For all you management rights operators out there, I believe that there are five (5) basic rules you need to follow, to ensure that you protect your considerable investment in your business. Treat your owners as your partners Never, never, never take your owners for...Read More
This month I am encouraging all building managers who operate a letting business to do a quick health check on how they handle GST on room tariffs and rent charged to guests and tenants. In the ordinary course of a standard letting business, individual owners (who...Read More
Forget what you think you know about Managed Investment Schemes in a Management Rights business. Or, more accurately, try to remember what your lawyer told you about Management Investment Schemes when you bought your Management Rights business and forget what everyone...Read More
This isn’t the first time I’ve written an article about knowing the difference between exercising an option in a building manager agreement and topping up a building manager agreement – and history teaches that it won’t be the last. What motivates me to raise this...Read More
No one wants to make a bad deal, and definitely no one wants to be forced into a bad deal. That’s just not fair. In recent years there has been an increasing push to tackle this issue with new laws specifically targeting and punishing people who force or manipulate...Read More
The major decisions that are made by a Body Corporate are decided by a vote of the owners at a general meeting. Some decisions require a simple majority, while more contentious matters might require a unanimous resolution of all owners attending the meeting. No matter...Read More
Fortunately, for the vast majority of people reading this, the story I’m about to tell is one you were completely oblivious of. For building managers in NSW in particular, ignorance is bliss and you were actually able to get some sleep for the last few months. In...Read More
The by-laws for a strata scheme are often an essential component of the onsite manager’s business and can add a lot of extra value to the business by granting exclusive rights to the onsite manager. It is very common for the by-laws in a strata scheme to be overly...Read More
One of the most common duties you will find in a caretaking agreement is an obligation on the manager to keep safe all the keys (fobs, swipe cards etc.) needed to access the complex. The manager is required to store the keys securely and only share them with persons...Read More
A common element of the quintessential Management Rights business model is the manager living in and owning a lot in the complex. For some complexes, the extra services that the owners receive from an onsite manager can be the deciding factor in why there is an onsite...Read More
