Hard work, a well-located, quality product and round-the-clock accessibility.
According to New Zealand couple Jim and Jocelyn Lancaster, proprietors of The Lancaster Group, these three simple concepts are the core ingredients for success in the management rights industry.
Having recently purchased the management rights to the Emporio precinct in the largest sale of its kind on the Sunshine Coast, the successful husband and wife team flew into Maroochydore last weekend to inspect the newly constructed Emporio residential and commercial buildings in preparation for when apartment owners and tenants move in in a few months’ time.
Mr Lancaster said he and his wife had always enjoyed the Sunshine Coast lifestyle and jumped at the opportunity to acquire the Emporio management rights earlier this year.
“Over the years we have been offered the opportunity to manage many off the plan properties and have turned down 90 per cent of them as they do not meet our criteria for what makes a successful property,” Mr Lancaster said.
“I saw Emporio advertised and due to the size, design and extensive planning that has gone into the development, as well as its potential as a business, I would have to say it was the best opportunity I’ve come across in more than a decade,” he said.
“To be successful in this industry you need to have a good product — that is, apartments that sell themselves based their size, quality of fixtures and fittings, their situation within the main city centre, and the amenities and facilities that are attached to the complex. Emporio fits all that criteria.”
Mr Lancaster said he and his wife had been involved in the management rights industry for almost 20 years and had noticed a shortfall in the market on a previous trip to Australia.
“After closely studying the service accommodation industry, we found short office hours were commonplace and many managers closed their doors on Sundays, despite strong demand for a more accessible and convenient service,” Mr Lancaster said.
“We felt the standard of management could be improved by offering managers that operated on a 24/7 basis to provide a better service to guests and enhance the apartment owners’ returns.”
Mr Lancaster said Emporio purchasers could expect to have an experienced operator on site around the clock to handle any maintenance issues, manage long-term letting and keep a watchful eye over all investment properties.
“Investors need not be burdened with selecting tenants or contracting real estate agents to complete this task — we can take care of this and much more on site,” Mr Lancaster said.
“We’re very hands-on when operating properties; you will see us attending to the maintenance of the grounds and common cleaning. Our people do whatever it takes to develop and maintain a positive relationship with investors and tenants alike.”