Management rights licensing and compliance requirements
In most jurisdictions operators are required to be licensed and to operate a regulated trust account, forming a key part of management rights licensing and compliance requirements. For example, in Queensland resident managers must obtain a Resident Letting Agent’s License via the Office of Fair Trading Queensland (OFT). There are certain licensing educational requirements which must be met prior to the license being granted. Study for the prescribed modules is available via several training bodies as either classroom or remote learning. The modules are not difficult and can be completed in a 5 day course if necessary.
Trust account obligations in management rights compliance
An application to operate a trust account is also required to be lodged via the OFT. Without an OFT approval banks are not permitted to allow a resident manager to operate a trust account.
Legislation such as the Property Occupations Act 2014 and the Body Corporate and Community Management Act 1997 (QLD) provide the regulatory framework for licensing, compliance and operation within the management rights industry and underpin industry confidence going forward.
Finance Brokers vs Banks: A Smarter Approach to Lending
Mike Phipps Finance was recently featured on the ResortBrokers RB Radio podcast, where Paul Grant and Cameron Wicking discussed the rising demand for finance brokers in both home and commercial lending. With access to multiple lenders and a personalised approach, brokers are helping clients secure better outcomes and navigate complex finance with greater confidence.
Watch the full video to learn how finance brokers are changing the game.
Finance Brokers vs Banks: A Smarter Approach to Lending
Mike Phipps Finance was recently featured on the ResortBrokers RB Radio podcast, where Paul Grant and Cameron Wicking discussed the rising demand for finance brokers in both home and commercial lending. With access to multiple lenders and a personalised approach, brokers are helping clients secure better outcomes and navigate complex finance with greater confidence.
Watch the full video to learn how finance brokers are changing the game.
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John Mahoney, Mahoney Lawyers
“My firm and I have dealt with Mike Phipps over many years in relation to the financing of management rights. Mike has a wealth of knowledge and experience in the field which, coupled with his integrity and enthusiasm, ensures his clients are very well looked after.”
