Raine & Horne grabs bigger slice of multi-billion dollar management rights industry
Media release - 26th October, 2012
New Onsite Rights office poised to take advantage of growth in management rights industry
- Changing attitudes to residential living are creating a boom in the management rights industry
- In Queensland, the management rights industry turns over approximately $2.5 billion annually
- Management rights businesses are an appealing option for mum and dad entrepreneurs
Leading real estate group Raine & Horne is continuing to build its strong reputation in Queensland’s ‘management rights’ industry, with the launch of Raine & Horne Onsite Rights.
Led by experienced management rights professionals, Bryan McPhail and Mark Fluhart, Raine & Horne Onsite Rights, located at 15/16 Metroplex Ave, Murarrie, is a timely expansion of their successful Raine & Horne Onsite Sales business.
“Raine & Horne Onsite Sales and Raine & Horne Onsite Rights are specialist businesses designed to service the management rights industry, which principally deals with the management of holiday and permanent accommodation residential schemes in Queensland,” says Mr Fluhart.
The management rights industry revolves around an agreement between the local body corporate and an ‘onsite manager’ (or resident manager) of a complex. The onsite manager is part caretaker and part letting agent.
“Having an onsite manager is a much more personal way of dealing with local building issues and tenancies, and an onsite manager can really help build a sense of community within the complex,” says Mr Fluhart.
“Raine & Horne Onsite Rights will broker sales where the onsite manager wishes to sell the entire management rights business, rather than just a specific apartment,” explains Mr Fluhart, who is also Vice President of the Brisbane branch of the Australian Resident Accommodation Managers Association (ARAMA).
Mr Fluhart says the purchase of a management rights business is an appealing prospect for mum and dad entrepreneurs looking to buy a business with flexible hours that they can operate from home.
“Generally speaking, most of our purchasers are aged between 45 and 60, and for those looking to purchase a management rights business, entry level complexes start from around $350,000.”
In addition, Mr Fluhart says the median sale price for a management rights business is around $750,000, while some management rights businesses can sell for up to $15 million.
“The management rights industry in Queensland turns over around $2.5 billion a year in revenue, generated through tourism and permanent placement,” he notes.
Mr Fluhart cites Australia’s shifting attitude to high rise living as one reason why management rights has enjoyed increased popularity in the Sunshine State.
“With the continuous rise in house prices, the quintessential Australian dream of owning a home with a backyard and picket fence is no longer possible for many people.
“Instead, more people are choosing high density dwellings, run by community title schemes. It is the cheaper alternative to a free-standing home,” says Mr Fluhart.
“This positions Raine & Horne Onsite Rights perfectly in an industry that will continue to grow rapidly over the next 15-20 years, nationwide.”
Angus Raine, CEO, Raine & Horne, says the decision to launch the new Raine & Horne Onsite Rights office continues the Superbrand’s long-term commitment to the management rights market.
“Management rights is a highly specialised field that requires a detailed knowledge of the industry.
“We are very fortunate to have expert operators such as Mark and Bryan at the helm of Raine & Horne Onsite Rights.
“Their knowledge and reputation in the industry is second to none,” says Mr Raine.
If you are considering a career in management rights, either as a purchaser or as an agent, or if you wish to know more about management rights in Queensland, contact Raine & Horne Onsite Rights on (07) 3399 1944.
For further media information contact:
Mark Fluhart, Co-Principal Raine & Horne Onsite Sales and Onsite Rights on 0432 749 074
Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400