hi forum gurus,
if someone owned a large number of commercial properties, assuming under a trust structure, and was of the age where they were looking to retire from managing their own properties… could they appoint a trusted family friend to manage on behalf of the owner? or does the law (in Western Australia) prohibit anyone other than a licensed property manager or a family member to manage on behalf of the owner?
If a license is required, would a simple property management training course and registration be sufficient, or would the family friend need to be supervised by a licensed agent?
your thoughts are appreciated.
Thanks,
EmmaGenerally , the act will state that the property manager will break-up required to be fully licensed to manage property on behalf of another. The only possible exemption could be if that person did not have access to the owner’s bank account, the owner received all rent & made the payments of all costs etc as a non-licensed operator cannot establish a statutory trust account.
I am very cautious about commercial property as the decline in China, slowdown in economy here in Oz as a result may bring lower yields as a result. More here http://inkom.com.au/blog/should-you-dump-china-stocks
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