MLR is an acronym for Management Letting Rights. Essentially Management Letting Rights grew out of the property development market for multi-unit or apartment buildings. Over time there grew a demand for an ‘on-site’ manager who would manage the day to day running of the complex in the interest of all the inhabitants.
This is when MLR’s evolved into a business enterprise. A management rights business allows the owner to have a contractual agreement with the Body Corporate to supply previously determined services, in exchange for a salary. As part of this agreement, the MLR holder may also purchase the ‘managing unit’ of the building. This gives the MLR holder vested interest in the upkeep and wellbeing of the property. If the property is unkempt for example, the value drops.
MLR holders consider their investment as a great way to earn money whilst ‘working from home’. If you require any further information about Management Letting Rights please contact us at Alert Property Group.