Page 47 - Tropic Magazine Issue 13

INDUSTRY • PROFILE

What are management
rights?
Kirsten and Chenoa from Resort
Brokers explain.

To fully understand management
rights, it is important to learn
what ‘strata title’ means. This
Management rights are a major focus
for Kirsten and Chenoa’s is a system first introduced in
Australia in 1961 to allow the
legal ownership of a portion
(known as a ‘lot’) of a building
or complex. In the case of
management rights, these ‘lots’
can be units in a walk-up or high-
A recent sale - The Cooktown Hotel or “Top Pub”. Pic courtesy TTNQ rise, or villas and townhouses
in a complex, and there are
hundreds scattered across the
in blind and give it a red-hot go, or you can also have a high-flying career in
practice until you become a pro. I’m a business broking. Cairns and Port Douglas region.
natural go-getter and like to challenge Chenoa: As the youngest female They are generally purchased by
myself, so after a few years into working in the industry nationally, I people wishing to live in them
running the family business in Cairns, can really see things differently. In my permanently (‘owner occupiers’),
I started my own consultancy and relief view, the accommodation industry is people wishing to live in them on
management business, specialising ever-changing and evolving, if and only occasion (‘lock-ups’) or people
in management rights. When Resort if we apply technology. Buyers are more looking to rent them to holiday or
Brokers approached me in 2016 to join connected and informed than ever, long-term tenants (‘investors’).
their team, it was a natural progression making them much savvier. Kirsten Everything else in the parcel of
for me. I’ve always believed that the and I are both passionate, strong and land NOT contained within the
harder you work for something, the independent women and we intend strata titled lots is defined as the
greater you’ll feel when you achieve it. on taking the industry to the next level ‘common property’. This includes
by the way we present ourselves, the things like stairwells, driveways,
How does your personal style translate way we approach the marketing of our visitor parking, paths, gardens,
to results in your work? product, and the way we not just sell, main gates, rubbish areas and
Kirsten: It’s quite a remarkable but educate and empower buyers in the lifts as well as recreational
coincidence that Chenoa and I both process. facilities such as a pool, gym,
started selling businesses at the age of tennis court, sauna, or BBQ
27. I had a 5-year-old when I started, How do you see the Cairns economy areas. This property is owned by
and Chenoa is having her first baby at the moment and over the coming 12 the ‘owners association’ which
just now. It’s not often that a female months? comprises of all ‘lot’ owners. All
with young children would take on Kirsten: There has never been a more owners must contribute to the
such a challenging commission-based exciting time for savvy investors to buy maintenance of the ‘common
sales role, but it just feels like the two in Cairns. The region’s visitor economy property’ through a levy payment
of us have an innate calling for this has performed strongly over the past system. When developers built
type of work. I hustled for the first two years, boosting accommodation these properties, it made sense
10 years in this industry as not only a trading figures and investment for them to make provision
female, but also as a business owner demand. The latest Dransfield Hotel for an on-site manager who
and highest performing sales person Futures 2018 industry report showed, would ensure the long-term
in the region. I learnt how to respect while occupancy rates increased 2.3% maintenance for the ‘common
my time, and I apply an organised and in FY2017, room rates had risen by 10% property’ and provide a letting
disciplined style to my work. After to $156.65. service for investors wanting to
some ups and downs, I have learnt that Chenoa: Even more impressive is rent/let their ‘lot(s)’. In a nutshell,
life is a gift, and I need to take care of that revenue per available room ‘management rights’ is the
it, so I take time out regularly with my (RevPAR) was up 13.4%, leading the business of on-site caretaking
daughter and constantly read books country in year-on-year growth and and letting of Strata Titled units.
and learn new ways to improve my outperforming already robust prior Visit the Resort Brokers
language and understanding of human expectations, which has produced website for a free copy of the
behaviour and all things business. I’ve excellent trading figures on which to Management Rights Made Easy.
been waiting my whole career to find sell accommodation businesses, while
a like-minded, hard working woman the outlook for continued growth
like Chenoa to join me in this industry points to good upside for incoming MORE: resortbrokers.com.au
and show that women who are mothers investors. So, things are looking great!

47 • tropicnow.com.au