REIQ Best Practice Guidelines v03.23 - Flipbook - Page 87
PART B – COMMERCIAL & INDUSTRIAL PROPERTY MANAGEMENT
32. NEW APPOINTMENT
In conjunction with the PO Form 6 & Commercial
Property Management Schedule & Terms Member
C&I Agents are encouraged to use REIQ
Commercial Property Management Checklist.
33. LEGISLATIVE COMPLIANCE
(a) Member C&I Agents must comply with the
sections of the Property Law Act and PO Act
(and Regulations) which apply to commercial
property management and should keep up to
date with amendments, from time to time.
(b) Member C&I Agents or their Clients may
terminate an appointment subject to any
relevant contractual provisions.
34. PROPERTY MANAGEMENT SERVICES
(a) Member C&I Agents must identify the scope of
the services they may provide to the Client and
their fees in connection with the services, such
as:
i.
advertising a property for lease and
locating a suitable lessee;
ii.
negotiating terms of a commercial
lease;
iii.
paying outgoings/disbursements of
the property on behalf of the Client;
iv.
issuing invoices to the lessee for rent
and outgoings;
v.
calculating outgoings in accordance
with the terms of the commercial lease;
vi.
conducting rent reviews in accordance
with the terms of the commercial lease;
vii.
conducting inspections;
REIQ BEST PRACTICE GUIDELINES
V08.23
viii.
attending to matters on behalf of the
Client in compliance with the
commercial lease;
ix.
issuing notices to the lessee; and
x.
administration and ad hoc duties.
(b) Member C&I Agents’ fees must be
particularised in Part 8 of the PO Form 6 or an
annexure.
(c) If a Member C&I Agent is authorised to pay any
amount on behalf of a Client in relation to the
property, the maximum authorised amount
must be set out in the PO Form 6. If a Member
C&I Agent is required to make a payment
greater than the maximum authorised amount,
the Member C&I Agent must obtain
instructions in writing from the Client
authorising the amount to be paid by the
Member.
(d) The Member C&I Agent should obtain any
documents, notices or invoices it reasonably
requires to carry out its services in relation to
the property. If the Client does not provide the
Member C&I Agent with such information it
requires, the Member C&I Agent should give
the Client a warning advising of what services
the Client will not be able to carry out as a
result (for example, if a Member C&I Agent is
instructed to make payment of an outgoing
but is not provided the notice or invoice with
payment details).
35. TRANSFER OF PROPERTY MANAGER
If the Member C&I Agent is appointed to manage
a property with an existing lessee, the Member C&I
Agent should:
(a) obtain all documents and information required
from the Client or the former property
manager (if applicable) to manage the
property and carry out their services; and
(b) provide a notice to the lessee advising of that
they have been appointed and any other
information the lessee may require.
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