RENT COMMERCIAL
‘Current COVID Procedure’
Prospective tenants wishing to apply for a property can do so by completing an application form. Each adult to be residing at the home will need to submit an application (download below). All application forms are to be completed in full including details of rental and personal references and employment details provided where appropriate, along with 100 points of Identification.
Your application is then processed in our office & discuss in depth with the Landlord, Landlord will then advise to move forward with an individual inspection of the property.
Once your application is approved, a Residential Tenancy Agreement is drawn up for both the Landlord and the Tenant to sign. This is a legally binding agreement whereby both parties agree to abide by the conditions as set out in the Agreement. The Tenancy Agreement is based on the Residential Tenancies Act 1997.
At the signing of this agreement, the tenant is required to pay the first two (2) weeks Rent & a Bond of a calendar month. This is payable via electronic fund transfer, cash at any Bendigo Bank or in our office using Eftpos (our office will supply Trust Account details). We then submit the Bond to the RTBA to hold the bond in trust for the tenant until it is released back to the tenant upon successful completion of the tenancy.
Pay rent
As with all Lease Agreements you must be able to pay your rent in a timely fashion. However, Commercial Leases may also attract an annual CPI/fixed percentage increase regardless of the business performance. The tenant will be informed of any increases in rent prior to this taking effect and the tenant should refer to the terms of the Lease Agreement for clarification.
Pay any outgoings
Outgoings are expenses relating to the business, factory or shop that the tenant has agreed to pay in addition to the rent. As a tenant you will be informed of the outgoing expenses and your responsibilities to pay these during lease negotiations. Typically small businesses are provided with a disclosure statement that clarifies the percentages of outgoings you must pay to your landlord and when they are due to be paid.
Staying power
Typically, Commercial Leases are long term and more than 5 years. There are a variety of lease options but they are generally a minimum term of 3 years with options to extend. You may have seen advertisements for 10+5; this means a 10 year minimum lease plus the option to extend for a further 5 years if you choose. You and your business need to ensure that you can stay in the property for the length of the lease. A Commercial Lease Agreement is not necessarily one that you can terminate if the business does not succeed.
Insurance
If you are a business owner you deal with risk daily, so insurance is the best tool you have to ensure that your business is safeguarded against accidents. As a business owner, reducing any risk you have will help your business succeed in the future.
You will need to consider the following types of insurance (to name a few):
