Management Rights

How Can A Buyer Get Ahead Of The Purchasing Pack

From First-Time Buyers to Experienced Investors

Long gone are the days of being a first-time buyer jumping across to management rights or a buyer with previous experience looking to scale up come into a purchase underprepared and chasing their tail to catch up throughout the transaction.

Whilst the industry has seen change over the years with credentials and the purchase/consent process, buyers remain best placed to focus their energy on the old analogy of what I put in is what I get out (mine comes with the vivid memory of a tennis ball being chucked at the wall capturing the momentum).

First Impressions Count

A buyer should weigh up how it is they present on paper and in person. The investment a buyer puts into themselves sets the tone with the seller and a prospective body corporate from the start.

A buyer should weigh up how it is they present on paper and in person. The investment a buyer puts into themselves sets the tone with the seller and a prospective body corporate from the start.

Be Organised from the Beginning

• Have a purchasing structure set up.
• Hold real estate or let agent licenses.

Don’t Rely Solely on Seller Tuition

These days, extra training and guidance goes a long way and tailored one-on-one tuition to a buyer’s skillset and capabilities displays thought, consideration and forward planning.

Prepare Buyer Credentials Early

Have buyer credentials ready at the beginning. The seller and the body corporate want to see a keen, passionate and energetic buyer who has put time and reflection into this purchase – a business plan, resumes, references and police checks are now standard, so instead think about what makes you as a buyer stand out?

Show Strengths but Address Weaknesses

Highlight strengths but consider weaknesses and how these can be addressed to work for the role (i.e. extra training, engaging staff or contractors for the areas where you are not yet experienced in such as maintenance, gardening or pools, or engaging professionals or service providers to assist with marketing and strategy, holiday operations, financial planning etc).

Build Relationships with the Body Corporate

Be prepared to engage with the committee and how to make the relationship with the body corporate work for everyone.

Invest in Industry Knowledge

Attend management rights purchase seminars, have industry professionals chosen and be as educated as possible on the industry and/or the ideal type of complex.

How MBA Lawyers Can Help

If you are or know of a first-time buyer or a buyer wishing to move onto the next challenge, MBA Lawyers are here to help.