Wed, 29 Aug 2018, Resort Brokers Australia
A resident letting agent licence is required to operate a management rights letting business. But we’re seeing more managers upgrade that qualification to a full real estate agent licence. Here’s why.
As the Australian Resident Accommodation Managers Association (ARAMA) states, in order to operate management rights, managers are required to complete six education modules, covering such things as financial management, trust accounts, legal and ethical matters, property leasing and tenancy agreements.
Once completed and assessed by a registered training organisation, provided you meet the criteria stipulated by the relevant state government authority, you’ll be licensed to rent out and manage units on behalf of owners, collect rents and operate a trust account.
But a Full Real Estate Agent Licence takes a bit more work. For a start, there are at least three times as many modules to study. Once you’ve completed the course and been granted your licence by the government authority, though, you will have much more scope to control and grow your business.
In addition to your usual letting duties you can list, show and sell properties within your apartment complex without having to work through an outside agency.
“This is an increasing trend within the industry as it provides an avenue for significantly more annual income, by way of commissions,” said Victor James, who runs Queensland-based Registered Training Organisation, Validum Institute.
“Given the strength of the relationships managers build with owners and occupiers, they are in the perfect position to sell their properties. Furthermore, owners generally prefer to appoint someone who knows the complex and has a good rapport with them,” he said.
Resort Brokers’ management rights specialists have also seen first hand the greater control fully licensed managers have over their letting pool. Many cite the ability to target investor buyers when marketing units for sale, helping to maintain or boost numbers in their letting pool.
“And let’s not forget the importance of increasing your knowledge of the industry,” said National Sales Manager, Trudy Crooks. “You invest a lot in your business, so educating yourself makes sense.
“It always pays dividends to know your industry inside out, to stay abreast of all the relevant legislation, and continue your training and professional development.”
Victor says, at Validum, those who already have a Resident Letting Agent Licence or qualification can simply study an ‘upgrade course’, which credits units of competency already attained.
In Queensland, the Office of Fair Trading issues all real estate licences. In other states, check with your local Real Estate Institute or peak industry association for requirements in your jurisdiction. These professional bodies often also offer training courses, along with TAFE and approved training organisations such as Validum.
ABOUT VALIDUM INSTITUTE
Validum Institute is a highly reputable, Brisbane-based Registered Training Organisation (RTO No.41224). It offers affordable, flexible and personally customised real estate training courses that are delivered by industry professional trainers and assessors specifically for the Queensland real estate profession. All courses are Office of Fair Trading compliant and Nationally Recognised across Australia and New Zealand. For further information: www.validum.edu.au