Expert in your field?

Ten years of experience, or one year of experience ten times over? While many people claim to be experts or specialists in their chosen profession, how can you know if they really are? Maybe they have been doing the same job year after year, but have not become any more knowledgeable or accomplished than when they first started. There is competition in every industry, but there has never been more than there is now in management rights. Currently listed on the service directory of on-site manager, there are 51 law firms, 33 accountancy practices, 23 financial institutions, and 59 real estate agencies. How many individuals at each business? I’m not sure, but obviously the total number would be in the hundreds – all of whom are apparently “experts in their field”. Personally, I haven’t even heard of the majority of these so-called industry professionals! No matter what your profession, you don’t become an expert overnight, and, unless you have contributed to your industry you won’t gain any further experience or knowledge. Time will tell how many will still be involved in this ever-changing industry in the years to come. For those of you just looking to buy into this industry, where do you start? It all may sound too confusing but it doesn’t need to be! Get the right advice from someone that works for you. Be careful of the professional who is getting paid by someone else – there’s a conflict! Are they really looking out for your best interest, or their own? Typically, management rights is an industry that is aligned with the property market which goes through a cycle of highs and lows, this in turn affects pricing, enquiry, availability, supply, and demand. Buyers are, or should be, more discerning when looking at a management rights acquisition. Ask the right questions; look for the pitfalls and the potential. Experience, or lack of, as perceived by many lenders and body corporate committees could mean that you have next to no chance of completing a contract of sale. If unprepared, I’ve seen too many buyers enter into contracts to purchase a management rights business without doing their homework first. Typically it falls over and does not settle, wasting time and money for both the buyer and the seller. Disappointing to say the least! Be prepared and get the right advice. It’s more difficult now to navigate through the purchase to contract to settlement stage. There are more things to consider, more questions to ask, and more information and experience about yourself as a purchaser required. Don’t waste your time and money unless you have someone on your side, someone with no conflict of interest, someone working exclusively for you!   472 words