Buying a Property Management Business?

No, thanks Pumpkin, that's why I started this thread. I want to hear to bad and the good.

Sounds much the same as a difficult client, unfortunately if that is your account if you are stuck with them.

 

Yep!

 

What’s your end goal? If that is too far out, where do you plan to be in 5 years time re:

1. Number of offices
2. Number of staff
3. Number of properties under management
4. Gross revenue
5. Net profit
6. ...

 

Too soon to say what my end goal would be. At this stage I don't even have a license.

I would likely start out just small and go from there. So just me, just an office and a building of some type earning enough to put food on the table. If I can do that for a few years and be successful then we could start thinking about expansion.

 

I don’t want to be cruel but that is buying a job, not a business.

 

I still have a copy of this book from when it first hit the book shops,and if you don't know the end goal then buy a copy of this book it changed the way i thought in business and one's personal life ..imho..
The E-Myth Revisited

 

Why dont you go and work with a small management business for a while to get a feel for if its what you want to do long term and whether it makes you happy and suits your skills?

Otherwise getting the full license and buying a roll seems to be jumping in the deep end a bit.

 

Not cruel at all, just quite literal. I would not be foolish enough to just buy a business straight off the bat without any experience.

 

Thanks Mel, it's looking like the more sensible way forward.

 

@Curiouso123 Give me a call sometime if you want to brainstorm your options. I'm QLD based too.

 

When an individual buys property management rights in Queensland, does the contract between the previous property manager (the seller) and the body corporate continue? Or does the Body Corporate need to get into a new contract with the new property manager?

 

@Anne Smith - the outgoing manager has to secure a new management agreement or procure an assignment of the existing agreement (dependent upon the state legislation which regulates Strata Management).

 

In NSW you will need to complete the diploma course to recieve your class 1 licence (which a licensee has to hold), you will also need to complete 2 years work (to have some experience) before you will be able to own a real estate/property management business. Its very costly and time consuming, unsure the requirements in QLD but may be the way to go if easier to navigate.

I would definitely recommend working at an agency in the field to ensure you enjoy it before diving into the deep end and spending lots of money on something you may not like.

 

Particularly one that comes with so much risk. I’ve seen people get themselves into very sticky situations purchasing managements rights. Body corporate committees can be very tricky to deal with depending what type of owners are on the committee. Another thing to remember is each one of your apartments that sells to an owner occupier or an investor (With an outside agent) instantly knocks thousands of dollars off the value of your rent roll/business

 

No licence requirement??

 

People wonder why service levels are low.

Welcome to Qld.

 

Oh wow....*speechless*

How can a strata manager not be licenced??? That's ludicrous.

 

It's Qld, they're honest as the day is longer during DST.