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.