Buying Management Rights: How Resident Managers Earn Income

If you want the benefits of working from home and maintaining a good income, then you should try buying property management rights from real estate brokers. This allows you to work as a resident unit manager (RUM) who supports everything within a building complex, while you live in it as well. The complex offers many units for let, which will become your responsibility.

If you’re worried about the income of resident managers, you should read the following to know how you’ll earn money:

Body Corporate Salary

Like a caretaking agreement, the owner of the building complex (body corporate) will pay you a specific amount to fulfil specific duties. These include accommodating the needs of the tenants, maintaining the condition of the building, or advertising the complex to get more tenants. They will also fund everything you need to spend on, like material replacement or hiring tradesmen for repairs, so you won’t have to deduct anything from your income.

Letting Commission Income

The body corporate gives you the sole rights to operate the building complex, whether it’s a holiday, permanent, student, or corporate type. After finding potential tenants, you can get a letting commission if you make them sign the leasing contract. The commission is about 12% of the gross rental for holiday types, while 7.5% for the permanent types.

Building Complex Services

When you buy management rights, it’s possible to run other services within the building complex. Ask permission from the body corporate before you can proceed. For instance, you can run a cleaning or laundry business for long-term tenants and take all the income from it. Receiving commissions from booking tours and car rentals is also acceptable.

These are the ways to earn an income if you decide to become a resident manager. Look for reliable real estate brokers to buy management rights in your area and start earning in the comfort of your home.