In today’s world, we all want instant access to information, especially when you’re looking to buy. So why do some agents advertise management rights businesses with as little detail as possible? In some cases, even with no photos or generic images of a beach and a café. We all know what the beach and a café looks like! What about the actual location? You all want to know at least the name of the suburb, such as the awfully specific and informative ‘Greater Gold Coast’ or ‘Central Sunshine Coast’. Have you ever heard of these? Because I certainly haven’t!
The Cambridge English Dictionary definition of the word ‘advertise’ is: “to make something known generally or in public, in order to sell it.” So, why advertise a management rights business for sale with as little detail as possible? Is omitting key information really helpful for a vendor trying to obtain a potential buyer?
Advertising portals such as on-site manager have description criteria that, if completed in full alongside actual photos, would give the potential purchaser a good, general description of the complex. Yet, many continue to be vague!
Some agents like using the abbreviation ‘TBC’ or ‘TBA’ on details such as: units in the rental pool, total amount of units, length or term or agreement, and body corporate salary – just to name a few. This should be basic information for any sales agent to collect prior to the listing, so if the agent can’t gather this information, they’re not doing their job!
And, if the agent blames the manager for lack of information or not wanting information about their building advertised my first question is always: Why? What’s wrong with that building?
So, is lack of information on an advertisement helping a vendor obtain a sale? Certainly not!
Many management rights businesses are multi-listed with as many as five different agencies advertising the same property at the same time – yet, often with different facts and figures. What does this tell you? No one has bothered to check that apples are apples.
A professional working for YOU would give you an unbiased, professional opinion, with all the business facts and figures to make you own decision.
Remember to be smart! Buying a management rights business is typically the largest financial purchase most people make. Get help to guide you through this process, or it can end up a very costly experience.
So, if you’re a manager selling, check your agent has done a good job of advertising. If you’re a buyer looking, only enquire when an advertisement has all the information. Better yet, use a management rights specialists buyers agent who can provide you with all of the facts!
I cannot agree with Wes strongly enough on this. It serves no purpose to ‘advertise’ a management rights with absolutely no information – I am often asked if we can run a listing with absolutely *no* information on it, not even a general location. People just want an ad that says “We have ‘something’ for sale, somewhere” and somehow think that’s going to translate into a sale. It’s just silly. If you want to generate enquiries, you need to market effectively and with solid financials and information.