Anti Money Laundering Bill 2009 and how it effects you when selling your motel.

As an accredited business broker and in order to ensure I give the best possible service to clients I am continually undertaking further education. The latest issue which effects real estate agents and subsequently moteliers selling their business is the Anti Money Laundering Bill 2009

The anti money laundering bill was introduced in 2009 and is being phased in over different sectors of NZ over a period of time. The Government has made changes to the law. Businesses are now required to put preventative measures in place to help tackle money laundering and financing of terrorism. The legislation extends the current AML/CFT regime to lawyers, conveyancers, accountants, real estate agents, sports and race betting, and businesses that deal in certain high value goods. The AML/CFT Phase 2 Regulations, which outline how various AML/CFT measures will work in practice, were approved in December 2017. In July 2018 Lawyers and conveyancers were the first sector required to comply and real estate agents have to comply from January 2019.

So how does this all effect you as a motelier? Basically under the compliance regime we are required to verify the identity of all vendors we deal with in our business. This requires us to provide

1)evidence of the clients name, verified by passport or drivers licence

2)physical address verified by a utility bill or similar.

For those of you who have dealt with your lawyer since July 2018 you will have been asked for this information by them. You will still need to provide it to your real estate agent as well.

In the case of a company the company details are required and the above information for anyone owning more than 25% of the shares, individuals with effective control of the company and all individuals acting on behalf of the company.

For a trust the trust deed is required and all trustees or settlors need to provide the individual information as above.

If a power of attorney is in place a copy of the power of attorney is required plus the individual details as above for that entity and the individual acting as the POA.

In addition to the above there may be a requirement to verify the source of income from the entity we are dealing with. However this is probably unlikely in the case of a motel for sale.

It is unlawful from January to list a motel without completing this customer due diligence first so it is important that if you want to sell your motel you have these items available for the broker either before or at the time of listing.

As always if you have any questions don’t hesitate to contact me.

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John and Anne Retire after more than 48 years

After more than 48 years in Real Estate, most of those specializing in the motel industry John and Anne Griffin are hanging up their business hats to retire and fulfill their bucket list. John Griffin Realty Ltd. Will continue providing specialized motel industry service under the new management of Kathie and Richard Shepard.

John has achieved many milestones in his successful career. He is known as an industry expert and referred to for advice by many sectors of the industry. He is an accredited REINZ business broker and has been awarded A Fellow of The Real Estate Institute, Life membership of The Motel Association of New Zealand and The Waikato Motel Association and is the Waikato Representative on the REINZ business broker’s sector group. (more…)

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Is running a motel a 24/7 nightmare?

motel nightmareThis is one of the most common questions I get asked by potential buyers. Often people are discouraged form motelling by friends and family who say. Oh no you will be stuck there like a prison not being able to go anywhere.

This is well meaning advice from people who care but the reality is a different picture. (more…)

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Flooring trends in accommodation

flooring trendsHere is an interesting article about the trends for flooring in hotels and why certain products are being chosen. This certainly relates to Motels and other accommodation sectors as well.

Hotel Flooring Trends 2016

By Angela Fedele
Tuesday, January 19th, 2016

Despite increasing competition from serviced apartments and the likes of Airbnb, the hotel market is prospering.
According to Statista, the revenue of the global hotel industry was US$457 billion in 2011, with Euromonitor International forecasting a US$550 billion revenue in 2016. (more…)

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John Griffin makes Info News

John GriffinJohn Griffin Leads the Way in Motel Specialisation
Thursday 17 December 2015, 9:46AM
By Media PA
61 views

John Griffin, owner of John Griffin Realty, is a 48-year industry veteran with a solid foundation of clients and a reputation as New Zealand’s most experienced motel broker. (more…)

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Advocacy and Expert Advice

Hamilton-based John Griffin Realty offer expert advice and advocacy in a range of areas throughout the motel industry.

CREDIT: Media PA

Hamilton-based John Griffin Realty offer expert advice and advocacy in a range of areas throughout the motel industry.Monday 12 October 2015, 9:54AM
By Media PA
80 views

By Trish Watson

John Griffin and Kathie Shepard from Hamilton-based John Griffin Realty Ltd. offer a range of expert services to those looking for advocacy or advice in the New Zealand motel industry. (more…)

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New Zealand’s most experienced motel broker John Griffin Realty knows it is the little things that keeps guests coming back

August 31, 2015

HAMILTON-BASED John Griffin Realty Ltd is New Zealand’s most experienced motel broker. With a wealth of knowledge and involvement in the motel industry John Griffin and Kathie Shepard of John Griffin Realty Ltd have the expertise that could help your business.

Kathie Shepard, a motel broker from John Griffin Realty Ltd, has 10 years experience in operating a motel and knows that it is the little things such as thanking guests that keeps them coming back. (more…)

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Keeping up with the times

Social Media Marketing Campaign

At John Griffin Realty ltd we like to keep abreast of the modern trends and changes so we can give you the correct advice when looking at selling your motel. In light of this we have been looking at social media marketing campaigns and have decided to invest in one ourselves, monitor the results and then be informed enough to give our opinion to our clients. (more…)

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