Preparation of Management Rights Buyer
As Management Rights Agents we are often the first contact your buyer has with the industry.
So it is really important the buyer is financially ready and has spoken to a Management Rights banker/broker so they understand the limits of their purchase.
Ensure they understand the caretaking and letting agreements for the Management Rights they are purchasing. The buyer needs to understand that these contracts are the basis by which they undertake their daily duties and receive remuneration (Body Corporate salary).
As the outgoing manager, you have a responsibility to provide as much training as you can and encourage the buyer (incoming manager) to undertake as much training as possible. Including providing any information you have about the body corporate interview. The management rights agent and management rights solicitor will also assist in this area but it needs to be made clear to the buyer they need to understand their role when they take over the business any areas of concern the body corporate may have regarding the complex. The more prepared the buyer is then obviously the better the Body Corporate interview will go and hence approval so you can move on to your next adventure (no approval and the seller will need the agent to find another buyer).