REIQ Best Practice Guidelines v03.23 - Flipbook - Page 90
the prospective lessee’s suitability (such as
online court check, police check, personal
references).
43. INSPECTIONS
Member C&I Agents should:
(a) conduct inspections for the property at a time,
day and frequency approved by the Client (and
existing lessee if applicable);
(b) request permission for a private inspection by
giving the Client (and lessee) as much notice as
practicable; and
(c) only allow prospective buyers to take
photographs or videos of the property with the
permission of the Client (and existing lessee, if
applicable)
44. PROSPECTIVE LESSEE’S
(a) Member C&I Agents should prepare a criteria
for a suitable lessee based on their Client’s
instructions which they may use to assess the
suitability of prospective lessees.
(b) Member C&I Agents should obtain sufficient
information about a prospective lessee and any
proposed guarantor. Member C&I Agents
should verify and confirm:
i.
ii.
iii.
the prospective lessee’s identity (such
as photo identification, proof of
citizenship or residency status, ASIC
company search to verify a registered
company, obtaining a copy of any trust
deed or power of attorney);
information about the prospective
lessee’s business (such as CV,
references from former lessors,
property managers);
the prospective lessee’s financial
circumstances
(such
as
bank
statements, credit history check,
statement of assets and liabilities
prepared by an accountant, tax return);
and
REIQ BEST PRACTICE GUIDELINES
V08.23
45. ASSESSING SUITABILITY OF A
PROSPECTIVE LESSEE
Member C&I Agents should assess the suitability
of a prospective lessee and be satisfied that:
(a) the prospective lessee has sufficient financial
means to meet their obligations under a lease
without placing themselves into financial
hardship;
(b) the prospective lessee is a suitable business
with a good rental history, credit history and is
not currently party to any proceedings which
would effect their ability to fulfil their
obligations under a lease;
(c) the type of business conducted by the lessee
and whether it is suitable for the use of the
property or if any approvals would need to be
obtained; and
(d) there are no apparent circumstances as to why
the prospective lessee is not a suitable lessee
for the property.
46. CLIENT INSTRUCTIONS
(a) Member C&I Agents must comply with the
Client’s instructions with respect to the extent
of involvement the Client wishes to have in
selecting a lessee. Member C&I Agents must
provide the Client with any information
requested about a prospective lessee for their
consideration.
(b) Notwithstanding the Client’s extent of
involvement in selecting the lessee, Member
C&I Agents must obtain written confirmation
from their Client to approve a prospective
lessee.
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