Assessment Report Natasha Seely

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Academy of Real Estate *

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CPP41419

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Finance

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Feb 20, 2024

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Version 2.0 – August 2023 Assessment Task 2: Research Project T ASK SUMMARY To complete this assessment, you will research information about various aspects of the real estate sector and prepare a report based on what you find out. The instructions below will explain the specific information that must be included in your report. R ESOURCES AND EQUIPMENT REQUIRED • Access to your learning materials • Internet access • Access to a range of websites related to real estate, including legislation and codes of practice • Access to information about specific roles within a real estate workplace, including the role of the real estate licensee in charge or person who has effective control of the office and others • Access to Microsoft Word (or a similar program) W HERE AND WHEN THIS TASK WILL BE COMPLETED The research can be conducted in your own time at any time during your enrolment period. W HAT HAPPENS IF YOU GET SOMETHING WRONG If your assessor marks any of your answers as incorrect or insufficient, they will provide feedback within the learner management system, and you will have the opportunity to resubmit. T ASK INSTRUCTIONS Your report must include the following and should be prepared as a print or digital file. Ensure your trainer can access and read the report, and that you retain a backup copy for your own records. Your report must include all parts outlined below (a template has been provided on the following pages) 1. Cover Page, including your name, unit code and unit name, and title 2. Section 1: About the Real Estate Agency 3. Section 2: Real Estate Framework 4. Section 3: Working in Real Estate 5. Section 4: Communication Strategies

Version 2.0 – August 2023 Research Report: DJ Stringer Student Name: Natasha Seely Unit Code and Name: Professional Practise (CPPREP4001) Date: 10/11/2023

Version 2.0 – August 2023 Section 1: About the Real Estate Agency (a) Create a diagram or flow chart to show a visual representation of the real estate agency and its people. This can be either a hypothetical agency or an agency that you are familiar with. Insert it into the area below. Principal David Stringer Property Consultant Deborah Bingle Property Consultant Gail Bohringer Property Manager Tenneale Wallis Director/Company Manager Tammy Stringer

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Version 2.0 – August 2023 (b) Complete the table below to explain the structure and staffing of a real estate agency and the roles of the people within it. Title Role description Responsibilities Licence requirements Regulated role? Yes or No Real estate agency licensee in charge/person in effective control Principal of the agency. Usually owns or manages the agency. Principals manage the overall activites of the agency. Hiring and supporting staff. Business financial accounts and trusts accounts. Rent Roll Management Sales figures . Real Estate Full Licence – Certificate IV in Real Estate Practice and Diploma of Property (Agency Management) Yes Real estate agent Real Estate agents work on behalf of property vendors, negotiating sales. They can not perform all duties a principal can, eg. Trust acounts Appraising property Obtaining Lisitings for sale Marketing Property Seeking buyers Advising on current market conditions Negotiating Sales Liaising with Legal Representatives Certificate IV in Real Estate Practice Yes Office receptionist/ administration worker Office Receptionist/ Administration workers primary role is to assist the real estate agent sales team and keep the office running smoothly. Generally the first point of contact for the office. First point of contact for the office. Answering phones and managing emails. Providing support to the agents Administrative duties Certificate IV in Real Estate Practice Yes

Version 2.0 – August 2023 .. .. .. .. .. . .. .. .. .. (c) Research the role of the agency principal/licensee in charge/agent in effective control and describe their responsibilities and activities in their daily work practices. Based on your research write a checklist of points of best practice for succeeding in the agency principal role. A real estate principal or licensee in charge, is in charge of the operations of the agency. They will either be the business owner/director or manage it on behalf of another owner. The principal is an integral part of the agency as they will hold the licensing required to legally operate. Holding a Full Real Estate Agent License, Certificae IV in Real Estate Practise and Diploma of Property (Agency Management) is required to become a principal of an agency. The key responsibility of the Principal is to oversee the management of the agency. Their daily activities could range from hiring and supporting staff, maintaining the business financial accounts, trust accounts and rent rolls, as well as keeping an eye on sales figures and problem solving arising issues. A principal can also sell property, conduct open homes, search for potential buyers and manage marketing. The Principal is responsible for all legalities of the agency. BEST PRACTICE FOR SUCCEEDING AS REAL ESTATE PRINCIPAL: -Understand licensing requirements -Market yourself well in local area -Keep track of business finances, incoming and outgoing -Have a good marketing plan in place -Effective time management -Professionally dressed -Effective communication skills -Community involvement -Networking -Build rapport with clients -Professional photography and videographer -Update skills regularly

Version 2.0 – August 2023 (d) Conduct research on the topic of common business structures used in the real estate industry. Provide a short summary to explain your findings related to a suitable business structure for a real estate agency. After reseaching a variety of Real Estate Agencies, I have found most are structured to operate with a Director or Principal, at the head of the agency, usually acting as a Sales Agent as well, in some cases, the Principal will have a Executive Assistant to help manage daily tasks and responsibilities. A team of Sales Agents who are responsible for their own clients and negotiations. A Property Manager, who is responsible for the rent role and oversee’s all rental property inquiries, maintenance of the property and tenancy responsibilites. The Property Manager may have an assistant to help with their daily tasks and open homes. There will also be a Receptionist responsible for all administration duties as well as being the first point of contact for the office. (e) Regardless of the business structure chosen to operate a real agency, list 3 elements that a business structure MUST include for the real estate agency to operate legally. In order for a Real Estate Agency to operate leagaly in Australia, it must have a principal or head office, where the business is controlled. The principal office must be in the state where the director is licensed.

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Version 2.0 – August 2023 An agency must also have a trust account with an authorised financial institution before trust monies are received. These monies include, sales deposits and rental payments. The name of the agency must be on all trust receipts and cheques. If managing residential rental properties, the agency must also register with the Residential Tenancies Bond Authority(RBTA) as an RBTA Agent. Under the Estate Agents Act 1980, the agency must display a copy of the directors license where it can be easily seen, it must include the agency’s trading name. (f) Identify and explain, at least three functions/services that real estate agencies perform? Services a real estate agency should offer are: Residential property sales. Real estate agencies should provide agents who guide and assist their sellers when marketing a property and also find them the right price and sell under the best terms in accordance with the seller. Buying residential property. Agencies should provide sellers agents who will determine a clients needs and financial abilities to assist in finding properties that will be suitable for the buyer. Agencies should perform all negotiations and managing of contracts. Rentals. Agencies should provide a property manager who will take care of all rental agreements, insuring the properties on the rent role are suitably tenanted and the required maintenance is undertaken when needed. Property Valuation: Agencies should perform a regular comparative market analysis in order to estimate a properties value for property valuation services and to establish a realistic market price. Section 2: Real Estate Framework

Version 2.0 – August 2023 (a) Who is the regulator for real estate in your state or territory? Office of Fair Trading (OFT) (b) In one paragraph or a dot point list, describe what the regulator does. Office of Fair Trading (OFT) is the Queensland Government agency responsible for regulating the real estate Industry. The OFT issues licences and registrations for real estate agents, letting agents and auctioneers who want to conduct property transactions in Queensland. The OFT also penalises agents and agencies that break the law. (c) Provide a link or reference to the most up to date information about the scope and function of the regulator in relation to real estate practice in your state or territory. Office of Fair Trading – www.qld.gov.au/fair-trading (d) Who is eligible to hold a real estate licence in your state or territory? Provide a screenshot or link to the source of your information. To be eligible to hold a real estate licence in Queensland, you must be 18 years or older and pass the required training courses.

Version 2.0 – August 2023 Apply for a real estate agent licence | Your rights, crime and the law | Queensland Government (www.qld.gov.au)

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Version 2.0 – August 2023 Section 3: Working in Real Estate (a) Go online. Locate information about the licence requirements for each of the real estate tasks below. Identify the person who can perform these tasks in your state or territory . INSTRUCTIONS: For each of the real estate tasks select the correct answer from the available multiple-choice options. If more than one is applicable, select all that apply. You only need to answer the section relevant to your state/territory. NSW Negotiating with a person to enter into a residential sales transaction or contract Class 1 Agent in Real Estate – Sales and Leasing Class 2 Agent in Real Estate – Sales and Leasing Assistant Agent in Real Estate – Certificate holder Class 1 Agent in Real Estate – Business Agent Withdrawing money from a trust account: Class 1 Agent in Real Estate – Sales and Leasing Class 2 Agent in Real Estate – Sales and Leasing Assistant Agent in Real Estate – Certificate holder Class 1 Agent in Real Estate – Business Agent Selling a business or professional practice: Class 1 Agent in Real Estate – Sales and Leasing Class 2 Agent in Real Estate – Sales and Leasing Assistant Agent in Real Estate – Certificate holder Class 1 Agent in Real Estate – Business Agent Giving possession of residential premises under a lease: Class 1 Agent in Real Estate – Sales and Leasing Class 2 Agent in Real Estate – Sales and Leasing Assistant Agent in Real Estate – Certificate holder Class 1 Agent in Real Estate – Business Agent Inspecting a residential property: Class 1 Agent in Real Estate – Sales and Leasing Class 2 Agent in Real Estate – Sales and Leasing Assistant Agent in Real Estate – Certificate holder Class 1 Agent in Real Estate – Business Agent QLD Auction a property: Licensed real estate agent (holding a licence) Real estate salesperson (holding a registration certificate) Licensed auctioneer Manage the units in a complex on behalf of a body corporate: Resident letting agent licence

Version 2.0 – August 2023 Real estate salesperson (holding a registration certificate) Licensed auctioneer Lease out a business: Real estate agent (business letting) Licensed auctioneer Real estate assistant VIC Negotiating and finalising a contract of sale for a residential property: Real estate agent Agent’s representative Officer in effective control Managing the principal office of a real estate agency which is part of a corporation: Agent’s assistant Principal agent Officer in effective control Managing the principal office of a real estate agency which is part of a partnership: Real estate agent Principal agent Officer in effective control Verify statements from trust account: Any signatory to the account Principal agent Agent’s representative ACT Negotiating and finalising a contract of sale for a residential property: Receptionist Assistant agent Officer in effective control Can employ salespeople: Agent’s assistant Reception staff Real estate agent Collecting payment under a lease of rural land. Conditional real estate agent Stock and station agent Real estate agent

Version 2.0 – August 2023 (b) Search for three real estate job listings currently available either in print or online. In the areas below, for each advertised position, provide details relating to the terms and conditions of each position. Job Opportunity 1 Link: Property Manager Job in Broadbeach, Gold Coast QLD - SEEK Location: Broadbeach Job Title/Role: Property Manager Job Description: Manage a small boutique portfolio Provide exceptional service to owners and tenants Conducting inspections Organise repairs and maintenance Managing compliance Attending QCAT hearings Qualifications: Real estate sales certificate Experience: Previous experience in property managers position Property Me and IRE experience Salary/Benefits $50,000 - $60,000 pa with bonus scheme Training and development to progress career Company Car Full Time Employment Type: Job Opportunity 2 Link: Executive Assistant to Leading Agent Job in Broadbeach, Gold Coast QLD - SEEK Location: Broadbeach Job Title/Role: Executive Assistant to Leading Agent Job Description: Organising calendars travel for leading agent Administration & Marketing of property campaigns Liasing with suppliers and vendors Handling social media advertising Assisting in execution of team business and marketing plans Preparing Form 6’s and Contracts Qualifications: Current Real Estate Sales Certificate Experience: Minimum of 4 years experience in a similar role in the real estate industry Experience with REIQ contracts Salary/Benefits Full Time Employment Type: Job Opportunity 3 Link: Real Estate Agent Job in Burleigh Waters, Gold Coast QLD - SEEK Location: Burleigh Heads Job Title/Role: Real Estate Agent Job Description: Conduct market analyses determining properties value Guide clients through buying or selling process

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Version 2.0 – August 2023 Negotiate and close deals to all parties satisfaction Stay current with market trends and industry practices Qualifications: Proven track record as a successful real estate agent Current Real Estate Sales Certificate Experience: Proven track record as a successful real estate agent Salary/Benefits Full time Employment Type:

Version 2.0 – August 2023 (c) Imagine you are wishing to work in one of the above positions. Find details of at least two different and relevant professional development opportunities that could be useful to continue to build your skills and knowledge. Include information about how these opportunities would help you continue to learn over time. Job Opportunity Number: Professional Development Opportunity 1 (Job Opportunity One) Property Manager REIQ CDP Program Dispute Resolution for Property Managers Professional Development Opportunity 2: REIQ CDP Program Prepare for Minimum Housing Standards How these opportunities help you learn over time: The Dispute Resolution for Property Managers program will help to enhance their dispute resolution capabilities and successfully manage client and tenant relationships. The Prepare for Minimum Housing Standards program will keep property managers a step ahead of the 2023 changes in minimum housing standards and advise clients appropriately.

Version 2.0 – August 2023 (d) Create two flow charts and include details of possible professional development pathways for persons who wants to build their skills and qualifications in the industry in each of the following real estate roles; • Property Manager • Residential Salesperson Consider what each person would need to do in their early, mid and late career and qualifications they will need to achieve the employment goals. Insert an image of the possible professional development pathways for each role in spaces below. Pathway 1 – Property Manager Pathway 2 – Residential Salesperson Section 4: Communication Strategies (a) Imagine you are working with a client, such as a vendor or a customer such as a potential buyer. Complete the table below to explain these three communication strategies that you could use with parties to a real estate transaction or interaction. Give an example of a situation where you could use each strategy effectively.

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Version 2.0 – August 2023 Communication strategy Your explanation An example where you could use this strategy Online/remote communication Communication via Video Call or Zoom. Zoom meetings could be utilised when the buyer or vendor is from out of town or oversee’s. Nonverbal communication Emailing, Reports, Contracts and Telephone Messages. Sending sales email’s to potential vendors when their property is not currently on the market. Active listening A combination of Attentive, Encouraging, and Reflective Listening to develop and build strong relationships Listening effectively when a buyer is explaining their wants and needs from a property when conducting a property search with them. (b) For each of the situations below, identify the communication strategy being used and explain how effective you think it will be: Jonti ignores a customer who is waiting, clearly annoyed, at the reception counter of the real estate office with a complaint form in their hand. Jonti does not look at the customer and turns her body away from them. She continues with her current phone call, taking her time in wrapping up the call before finally acknowledging that the customer is waiting to make a complaint. Effective /Ineffective Communication Strategy Used Explanation of effectiveness. Ineffective Non- Verbal Communication It would have been more effective if Jonti had of acknowledged the customer. She could have simply got eye contact with the customer and smiled – noting she will be with her soon. She could have then told the person on the call would they mind if she put them on hold for a moment while she addressed the customer waiting at the counter. By ignoring the complaint, Jonti could have made the situation worse by angering the waiting customer further.

Version 2.0 – August 2023 Paul paraphrases a complaint made by a customer, using similar words to their own. He asks them to repeat some parts of the complaint and he takes notes as they are speaking Effective /Ineffective Communication Strategy Used Explanation of effectiveness. Effective Active Listening and Effective Questioning. When Paul paraphrases the complaint, he is showing the customer he is listening to what they are saying and paying attention to their needs. When he askes them to repeat and starts taking notes, it shows the customer he is going to action their complaint, rather than just ignore it. Maxine gives a complaints policy document to a customer and reads it out to them. She gives them her card and highlights her mobile number. She writes a date on the back of the card and tells the customer she will respond to them by this date. Effective /Ineffective Communication Strategy Used Explanation of effectiveness. Ineffective Non Verbal Communication By not actioning an outcome immediately Maxine might be showing the customer that their complaint is not of high importance. Maxine might have been better to action the complaint right away so they didn’t think she was showing resistance to their complaint. By reading the complaints policy document to the customer she could possibly be showing anger and resistance to the customer and their complaint, resulting in the customer becoming more upset.