Over the course of 2017 we have seen multiple cases of managers forgetting to exercise their options or failing to exercise an option properly. In one week alone we saw 3 such cases.
Whilst in most cases we have been able to rescue the situation and obtain new agreements (albeit in some cases on more favourable terms for the body corporate) there have been some where the body corporate took the opportunity to tell the manager to forget about ever having management rights and to move on.
At the risk of repeating what we have stated in this and other publications many times before: As soon as you buy management rights or obtain new agreements, diarise not only the dates by which all options must be exercised but dates a few weeks in advance of those dates so that you do not miss the relevant date. Forget it and you may have to forget your rights.
Property Bridge 2024
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