What Licence do I need as a Resident Manager?
Resident Managers have a few options available to them as far as licensing goes.
The Resident Letting Agent Licence is the most common Licence as it allows you to rent out managed units as well as operate a Trust Account. The restrictions with this Licence are that you must reside full time in the complex you manage. The principal place of business must be located in the complex you are letting. You are unable to make sales of any units within your complex.
In order to obtain your RLA or Resident Letting Agents Licence, you must first complete 6 units of competency through a Registered Training Organization like Complete Property Training.
- BSBSBM406A Manage finances or BSBSMB406A Manage small business finances
- CPPDSM4006A Establish and manage agency trust accounts
- CPPDSM4007A Identify legal and ethical requirements of property management to complete agency work
- CPPDSM4010A Lease property
- CPPDSM4015B Minimise agency and consumer risk
- CPPDSM4016A Monitor and manage lease or tenancy agreement.
Once you have successfully completed your studies your Training Organization will issue you with a Statement of Attainment which together with a PAMD Form 1-3 (Application for Resident Letting Agent’s Licence) needs to be submitted to the Office of Fair Trading Queensland. The form can be downloaded from their website. There is also a requirement to provide the OFT written proof from the Body Corporate that you can carry on a letting business within the complex.
More and more Managers are deciding to obtain a Full Real Estate Agents Licence which gives all of the same benefits of the RLA, but lifts a lot of the restrictions. One of which is the ability to make sales within your complex. You will also be able to reside offsite (with Body Corporate approval) and rent other apartments outside your complex.
The Office of Fair Trading will charge you $1160.00 for a 1 year Licence OR $2175.00 for a 3 year Licence. You will also need a police check which will cost $38.40 (correct as at Jan 2013).
This offers real diversity of income and is fast becoming the Licence of choice for most Resident Managers.
Complete Property Training offers the RLA as a 2 day intensive course
in Brisbane bi-monthly or via correspondence.