How to Transition From Your Job or Redundancy into Buying Management Rights

Sometimes you need a change in your life, and sometimes you get one whether you want it or not. Maybe you’re unhappy in your current job and looking for a new career? Maybe you’ve been made redundant and you’re not sure what you’re next move is? Before you start to edit your resume and send it out to potential employers, consider another option: Body Corporate Management Rights.

Imagine yourself (and your partner, if you have one) owning your own apartment in a holiday resort or gated community of townhouses and taking on building caretaker and letting duties. You’ll be able to work from home managing the needs of others in the community and organising your own routine. Plus you’ll have both your unit and your shares of ownership in the business as capital assets.

This is what’s possible when you purchase property rights within a community title scheme, also called a strata title scheme. You’ll have the option of having your own living space, an office or reception area to use and a stake in the business and its future. Plus you’ll have separate sources of income both from caretaking duties and from letting duties.

It’s not for everyone. But for the right kind of person, it’s a dream lifestyle. And Strata Mastery can help you to make the dream a reality. Leave the rat race behind and find your freedom again.

how to transition from your job into management rights

Is Buying Management Rights for me?

Before you purchase Management Rights, ask yourself a few questions:

Are you a people person?

Are you up for a challenge and do you enjoy learning new things?

Do you get along well with others and find satisfaction in helping them out?

Are you an effective communicator, firm enough to law down some rules when necessary but fair and diplomatic enough to resolve conflicts?

Are you a motivated go-getter who likes to make money on your own schedule, not the schedule that someone else has designed for you?

If you’ve answered yes to most or all of these questions, it’s highly likely that you’re the kind of person that could benefit from buying Management Rights.

How do I transition into Management Rights?

When you transition from a job or redundancy into purchasing Management Rights, you essentially go from working for somebody else to running your own business. There are ways to make this transition run more smoothly.

If you’re starting any business, it pays to know as much as you can about the industry you’re going into. In the case of strata title, it’s property management and building compliance. That means understanding what you’re buying and doing research into the particular legal and tax factors involved. Having the right contacts to step you through the buying process is imperative. Strata Mastery can assist.

What kind of property business do you want to run? There are different types of Management Rights and you may have an affinity for some over others. If you’ve previously worked in tourism, you could try resort / holiday Management Rights. If you’ve worked in business and can work co-operatively with other businesspeople, a commercial environment might be right for you. You may have worked in an industry in which solving disputes or keeping individuals with their own unique interests satisfied was just part of the job. As you learn more about Management Rights, you’ll discover which skills from previous roles you can bring to your new endeavour.

If you’ve previously worked in an office or another highly structured environment, setting your own routine might present a challenge. There are many articles on the Internet that provide helpful techniques on working from home effectively with tips like use a task list, schedule your own working hours (and break times) and even to dress for the occasion.

Like anything else, be careful whose advice you buy. Make sure your support comes from an ABMA Industry Accredited Practitioner such as Strata Mastery to avoid financial pitfalls and headaches. We’ll help you every step of the way on your Management Rights journey.

How can Strata Mastery help with Management Rights?

If you’re looking at buying Management Rights for the first time, Strata Mastery will equip you with the knowledge that you need to “take control of your investment”, as our motto goes. We offer a number of educational strata courses focusing on different aspects of Management Rights. We offer ABMA (Australian Building Management) Code – Building Compliance Training to help you to better understand your scheme infrastructure and your regulatory compliance obligations to ensure that your business runs smoothly. Strata Mastery also provide Body Corporate Best Practice Training Programs to ensure that business owner/operators adhere to the Body Corporate & Community Management Act. Strata Mastery also assist buyers with “Skills In Practice” training (where applicable), such as, how to physically mow a lawn? How to test and clean the swimming pool or how to prepare a Hazardous Materials Register etc. to comply with Workplace Health and Safety obligations. Of course, preparation is always key! For a new owner buying Management Rights for the first time, one of the best programs Strata Mastery have to offer is the 3 to 4 Day “New Entrant” Training Program. This course highlights many of the different aspects of Management Rights from essential services to performance management, building maintenance and caretaking responsibilities.

Further to the above, Strata Mastery will put you in touch with the leading industry Management Rights Brokers, Valuers, Lawyers, Accountants and Financiers. Having the right team around you from day one is imperative to your business success!

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