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!