As more and more sectional title schemes are developed, more and more managing agents will be needed. Community scheme management is, however, becoming ever-more complex and demanding.
Few trustees know much about or are particularly concerned about the Consumer Protection Act, the National Occupational Health and Safety Act, the Promotion of Access to Information Act, the Protection of Personal Information Act, and a rash of other recent legislation that has affected scheme management.
Even supposing (and this is a stretch) that the average sectional title owner knows enough about the currently applicable sectional title legislation to serve as an effective trustee of their scheme, it’s highly unlikely that they know enough about the other legislation that impacts scheme management. Enter the managing agent, an expert who spends all his or her working hours dealing with scheme management according to all the legislated requirements. This person also has contacts in the service industries that supply community schemes, knows which are effective, available and most economical to use.
Managing agencies range from small, one-person sole proprietorships that manage two or three schemes, to large, national firms with huge staff complements of portfolio managers and their personal assistants that manage hundreds of buildings.
There are many individuals who dream of starting their own agencies, some as small businesses, some for retirement income and some as entrepreneurs intending to build large, thriving businesses. Paddocks, in pursuit of its goal of providing skills and knowledge of real and practical value to those involved in community scheme management, has developed a new course for those wanting to start their own managing agency.
The Start and Manage a Sectional Title Managing Agency short course focuses on managing agency as a business, rather than providing the specialist training available from other Paddocks courses. The course is presented in nine modules and starts by introducing the concept of entrepreneurship, its processes and what makes a successful entrepreneur. It goes on to investigate the law that applies, from broad economic policies to local municipal bylaws and regulations. Business planning, including preparation of a business plan, financial planning and management, human resources, and marketing are all dealt with from the specific perspective of the managing agency as a business.
Managing agency is a flexible and sustainable business model that accommodates small, medium and large practitioners. Sectional title is a flexible property development methodology that can be used for residential, commercial, retail, industrial, and crucially, mixed-use schemes, all of which need skilled management that, realistically, is increasingly beyond the ability of volunteer owner trustee managers.
If your dream is to take advantage of this rapidly growing business opportunity, the Start and Manage a Sectional Title Managing Agency short course will equip you to rise to the challenge.
Paddocks is a specialist sectional title and home owners’ association law firm that provides education through online courses, workshops, books, consulting, community forums and more.
For more information, visit paddocks.
Words: Anton Kelly of Paddocks