Tag Archives: audit

ONLY FOOLS AND HORSES

Only Fools and Horses?  See HERE

I’m writing this blog to give you a “heads up” if you own a Unit or Apartment in a complex, or are thinking about buying one.

There are plenty of people who attempt to get rich quickly and don’t care how much stress, pain and suffering they inflict along the way. There are others who don’t care about the people they are engaged (and paid) to work for and treat them with contempt.

I’m going to talk about Bodies Corporate, also referred to in the USA for example, as I understand it, as Homeowners Associations (common-interest developments – CIDs) and the like, and the Managers of such complexes.

I’ve been the Chairman of 2 Bodies Corporate and both times for me it was a non-remunerated nightmare.

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HAND ME THAT ROPE

A while back a client came to me somewhat puzzled.  He owned a few investment properties and ran a successful interstate business with more than 20 staff.  He was a man I thought was very much “on the ball” and “honest as the day was long”.

One of his properties was a Holiday/Vacation Let, managed by a Live In, On Site Management team that here in Queensland we know as a “Management Rights”.  Almost anyone who can obtain a rudimentary government licence can buy Management Rights to a group of properties, a 3 level complex or a massive 70 story high rise.

Don’t get me started on how easy it is to obtain a licence to operate, in some cases, a multi-million dollar business with thousands of clients, sophisticated software packages and heavy legal responsibilities.

By the way, I hold a full Real Estate Licence in the State of Queensland, which is almost a year’s study and plenty of examinations, and Trust (Escrow) Account Audits.

Anyway, I digress!

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