RESORT NEWS - TIPS SERIES: TRAINING
Training
is a long-term investment The management rights industry generates $55.5 billion to the Australian economy annually and that number is only rising as more Australians embrace density living options in both the long-stay residential and short-stay tourism accommodation sectors. Resident managers are required to have a broad and robust knowledge of everything from legislation and compliance requirements, to administration and property management, to marketing, customer service and stakeholder communication. They have wide-ranging responsibilities and obligations to owners, residents and other stakeholders - and their role underlies more than 230 federal and state acts and regulations. It would be an understatement to say it could be overwhelming for a new entrant to the industry. Education and personal development are areas
Trevor Rawnsley, CEO, ARAMA
ARAMA, the peak body for the management rights industry, has long identified as critically important for the industry to thrive into the future. Many of our members are ‘mum-and-dad’ or independent operators – and subsequently we have fostered a positive ‘members helping members’ culture over many years. However, in a sophisticated industry faced with tremendous growth and such a high profile, there is a genuine need for a focus on continuous learning to effectively and responsibly navigate the opportunities and challenges that arise.
The Management Rights Industry Training Program (MRITP) In order to continue to lift the skills, abilities and qualifications of all participants in the industry, in 2018 ARAMA developed the Management Rights Industry Training Program (MRITP) – a first of its kind program designed specifically for people entering the industry as operators for the first time. This program offers newcomers an insightful introduction to management rights with a wealth of information covering everything from the legal landscape and managing stakeholder relationships to financial management and compliance. More specifically, the MRITP covers the following core areas that underpin the running of a successful management rights business:
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Body corporate committees, their structure, and how to work with them effectively
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The role of fair trading
and the importance of trust accounts The role of the Residential Tenancy Authority •
The role of the Body Corporate Commissioners Office
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The role of the body corporate manager
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The role of the body scorporate committee
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Letting lots in strata buildings
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Legislative reform to licensing laws
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The importance of building and maintaining relationships
ARAMA carefully selects facilitators with leading edge practical experience who are renowned as being the best in the business. This allows program attendees to gain insight from their experience and success – and ask practical questions with practical responses. At the end of the program, participants are equipped with a greater understanding of all the major components needed to better manage a successful management rights business. RESORT NEWS - APRIL 2020