As you will be collecting rent for investor owners you are required to obtain a Resident Letting Agent's Licence (Queensland) or an On-site Resident Property Managers Licence (NSW) to operate a Management Rights business.  This is a special type of Real Estate licence enabling you to collect rent from within a nominated complex and was formerly known as a “restricted” Letting Agents Licence. 

Many new Resident Managers do not have a background in managing accommodation properties but the legislation governing this licence, the Property Agents and Motor Dealers Act (PAMD Act) goes a long way to ensuring that as a new manager you will have a basic understanding of the industry and your rights and responsibilities. 

In order to obtain your RUM Licence you will need to undertake specific training. Don’t be concerned about this as everyone finds the training valuable and pretty straightforward.   Accredited Training Providers provide special courses and you may select in-house training (usually a five day course) or distance or internet learning which you can complete at your own pace.

Competency is required in selected modules of the real estate curriculum.

 The relevant Queensland modules are:

• CPPDSM401OA Lease Property
• CPPDSM4015A Minimise Agency and Consumer Risk
• CPPDSM4007A Identify Legal and Ethical Requirements of Property Management
• CPPDSM4006A Establish and Manage Agency Trust Accounts
• CPPDSM4016A Monitor and Manage Lease/Tenancy Agreements
• BSBSMB406AManage Small Business Finance

The relevant NSW modules are:

• CPPDSM3019A Communicate with Clients as Part of an Agency
• CPPDSM4080A Work in the Real Estate Industry
• CPPDSM4005A Establish and Build Client/Agency Relationships
• CPPDSM4006A Establish and Manage Agency Trust Accounts
• CPPDSM4007A Identify Legal and Ethical Requirements of Property Management to Complete Agency Work
• CPPDSM4010A Lease Property
• CPPDSM4015A Minimise Agency and Consumer Risk
• CPPDSM4016A Monitor and Manage Lease or Tenancy Agreement
• BSBRKG304B Maintain Business Records
• BSBLED401A Develop Teams and Individuals

Once you have obtained a statement of attainment confirming the successful completion of your training you may apply to the Industry Licensing Unit of the Office of Fair Trading for a Resident Letting Managers Licence.  The application form (PAMD 1-1) is available to download from the Office of Fair Trading website, www.fairtrading.qld.gov.au or by phoning 1300 658 030.  The Office of Fair Trading will undertake several verifications including a criminal history check during the application approval process which will take approximately four to six weeks to complete.

Upon selecting your Management Rights business you will obtain confirmation of the assignment of the Letting Agreement from the Body Corporate.  This document will finalise the licensing requirements.