2023 Cluster 1 Learner Notes

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 1/66 2023 Cluster 1 Learner Notes Site: Validum Institute Portal Course: 2023 QLD Real Estate Agent Licence course Book: 2023 Cluster 1 Learner Notes Printed by: Moodle Admin Date: Sunday, 16 July 2023, 10:42 AM

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 2/66 Topics Welcome to Cluster 1 [1] Real estate agents [1.1] What does a real estate agency do? [1.2] Roles and responsibilities of agency personnel [1.3] Agency types and business ownership structures [1.4] Career pathways [2] The agent-client relationship [2.1] Ethical standards, disclosure requirements and conduct obligations [3] Working in real estate [3.1] Employment issues [3.2] Personal presentation and professional image [4] The role of marketing and communication in client and community engagement [4.1] What is marketing? [4.2] What is a communication channel? [4.3] What is community engagement? [4.4] Bene±ts of community engagement [5] Building your pro±le [5.1] Communication strategies for clients, the community and your personal marketing strategy [5.2] Methods of promoting properties [5.3] Target market [5.4] Ethical and legal considerations in marketing [6] Continuing professional development (CPD) [7] Interacting and communicating with clients [7.1] What is rapport? [7.2] Communication Skills [7.3] Written communications [7.4] Other communication tips [7.5] Poor communication [7.6] Dealing with complaints [8] Legal requirements for real estate agencies [8.1] Licensing and registration of real estate professionals [8.2] What legislation applies to the real estate profession? [8.3] What government bodies regulate the real estate profession? [8.4] Industry bodies [9] When to get specialist advice [10] References and resources Important information about your Learner Notes

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 3/66 Welcome to Cluster 1 In this Cluster, you will learn about: how real estate agencies operate; the roles and responsibilities of various personnel in a real estate agency; the key laws and legislation which apply to the real estate industry; the eligibility and suitability requirements for licensing and registration; ethical standards for the real estate profession; how to communicate effectively with clients; how to build and manage relationships with clients; and how to build your pro±le and market yourself as a real estate agent. These are important aspects of your real estate training. These Learner Notes form part of the set of learner resources for this Cluster. Learner Activity Learner Activities are denoted by this symbol. The Learner Activities allow you to practice research and learning skills and assists in the research and learning required by real estate agents. It is highly recommended that you complete the Learner Activities as the activities will prepare you for the Assessments you will have to complete for this Cluster. These activities also provide the context for and assist you in completing the other parts of your course. In this Cluster, the Learner Activities will involve reviewing various speci±ed websites and considering the information provided on those websites. Please review these Learner Notes and any other resources for this Cluster before attempting the Assessments for this Cluster. Background A career in real estate presents an opportunity to work with a diverse range of people, and helping them with signi±cant decisions such as buying, selling or renting their home or a signi±cant investment asset. A career in real estate can be an opportunity for you to have one of the most ±nancially rewarding and satisfying careers available. However, success doesn’t come overnight and not always easily achieved. Success in real estate is no different from other careers – it takes hard work, focus, a commitment to ongoing skills development, determination and resilience. The level of success you achieve will depend not only on your knowledge and technical skills, but also on your ability to communicate and build relationships with your clients. In the real estate profession, every stage involves working with people – meeting people, communicating and interacting with people, solving problems, persuading and in²uencing people in their decision making, and ultimately, using your knowledge, skills and experience to help people achieve their real estate goals.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 4/66 [1] Real estate agents Real estate agents are people who are quali±ed and authorised by law to broker transactions relating to real property or businesses. The term “real property” is used to refer to land and any structures that are built on the land. This would include vacant land, residential properties, individual apartments or units, and townhouses. In the commercial space, real property could also include farms, hotels, motels, timeshare accommodation, of±ce buildings, shopping centres, warehouses, industrial land and whole blocks or complexes of apartments or units. A real estate agent acts as a “go-between” for a seller (owner) and a buyer of property, by facilitating and assisting with negotiations between the parties in order to reach an agreed sale price and terms for the sale of the property. The real estate agent then stays involved with the facilitation of the transaction until the property is legally transferred to the buyer. When managing properties, they work with the landlord to secure tenants, manage the tenancy and maintain the asset (property) until such time as the management agreement is terminated. In return for their services, the real estate agent receives a payment (usually called a commission) after the transaction is successfully completed (for sales) and on a monthly basis (for property management services). A lot of real estate agents deal with residential property. There are also specialist real estate agents who deal with commercial property. Learner Activity Watch these 2 videos in which current practicing real estate agents discuss what it means to work in real estate: Video 1: Georgia Pevy - Real estate goals Video 2: Karen Simons - Succeeding in real estate

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 5/66 [1.1] What does a real estate agency do? The functions and services provided by a real estate agency can be divided into 2 categories: sale of property; and renting out properties (this usually includes the ongoing management of the rental property on behalf of the landlord (called property management). Sale of property A real estate agent, after they are appointed to sell a property, will initiate a marketing campaign to attract potential buyers to the property. They then take prospective buyers to view the property and seek out a buyer for the property. The agent must always consider the owner’s wishes about price, contractual conditions and the marketing of the property. Once a buyer is found, the real estate agent facilitates the negotiations between the seller and buyer to arrive at an agreed price and terms for the sale of the property. After the contract of sale is signed, the agent remains involved in facilitating the sale transaction through to its completion (known as settlement). The main parties involved in a property sale transaction are: seller buyer real estate agent. Rental of property Real estate agents may also act for landlords in the renting out of properties. An agent will market the property for rental and arrange for potential tenants to view the property. The agent will also assess and screen potential tenants for the landlord to ±nd a suitable tenant. Once a suitable tenant is found, the agent will then act as a go-between for the landlord and the tenant in negotiating rent payments and the terms of the rental agreement. The real estate agent will also prepare the rental agreement between the landlord and tenant. After the property is rented out, the agent will act on behalf of the landlord in the day-to-day management of the property and in maintaining the rental arrangements (by collecting rent, arranging repairs and maintenance etc). The main parties involved in a property rental transaction are: landlord tenant real estate agent / property manager

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 6/66 [1.2] Roles and responsibilities of agency personnel There are various roles and responsibilities within a real estate agency of±ce. The following is an outline of the roles more commonly found in agencies and what each role involves: Principal Licensee * Also known as the Principal, Agency Principal, Licensee in Charge The Principal Licensee is the person who is in charge and ultimately responsible for everything the agency and its personnel does. The Principal Licensee is responsible at law for the supervision of the business, of all staff and the protection of client interests and monies. In most cases, the Principal Licensee is an owner of the real estate agency. Under the Property Occupations Act 2014 (Qld): a Principal Licensee must be in charge of the agency’s business (section 84); the Principal Licensee must take reasonable steps to ensure that each real estate salesperson is properly supervised and complies with the Property Occupations Act 2014 (section 87); and a Principal Licensee who has more than one place of business must ensure that each place of business has a fully licensed real estate agent in charge of that place of business (section 84). A Principal Licensee is also responsible for: ensuring that agency personnel are properly quali±ed and hold the required licences (or registrations) to perform their role; ensuring that the agency has policies and procedures which comply with legislative requirements, and that agency personnel give the same standard of service to their clients; monitoring and supervising all the agency personnel and to ensure that all agency personnel are complying with legislative requirements and agency procedures; maintaining an employment register at the business and ensuring that agency personnel act within their level of authority at all times; and managing the operation of the agency’s trust account and ensuring that agency’s trust account is operated in accordance with legislative requirements. Learner Activity Review section 84 of the Property Occupations Act 2014 (Qld) for details on the requirements for Principal Licensees. Click HERE Sales Manager A Sales Manager is in charge of the sales team in an agency. The Sales Manager is responsible for managing, training and supervising the team of salespersons in the agency, and for ensuring that the salespersons are competent in their roles, complying with legislative requirements and meeting their performance targets. Salesperson

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 7/66 A Salesperson’s roles and responsibilities include: providing market appraisals for a property; offering advice on current market conditions; obtaining listings of properties for sale; listing and marketing the property; locating buyers; arranging and overseeing inspections and open homes; and negotiating and ±nalising the sale of the property. In smaller agencies, a Salesperson can be directly involved in all aspects of marketing (such as writing ad copies, placing advertisements and posting ads online). Larger agencies may have marketing teams which carry out these functions. Property Manager Property Managers rent out and manage property on behalf of property owners (the landlords). A Property Manager is responsible to the Principal Licensee and to the clients (landlord) for the proper and effective management and control of the landlord’s property (or properties). Previously, property management was seen as a “stepping-stone” into a sales career. The prevalence of investing in property now recognises property management as a viable long term career option in its own right. There are a variety of roles in a property management department. These roles include: Property Manager - this person is responsible for handling owner and tenant issues involved in the management of rental property. They may also have an administrative role as a Senior Property Manager who co-ordinates all personnel who work in the agency’s property management department; Property management business development - this is a role that assists the property management department to grow the rent roll by adding to the number of rental properties under management, and manages the growth side of the property management department; and Property management support or assistant - usually a less experienced position that assists and supports the Property Management team. The Property Management Department’s roles and responsibilities include: sourcing new rental properties and landlord clients and building the agency’s rent roll; assessing rental properties and advising landlords on market rental prices; listing and marketing properties for rent; arranging and overseeing inspections; sourcing, assessing, screening and selecting suitable tenants; negotiating leases and rent reviews; preparing rental agreements and signing up tenants to rental agreements; collecting and supervising rental payments; regularly inspecting properties and reporting on their condition to the landlord; arranging and supervising necessary repairs and maintenance; accounting to landlords for rental monies paid; monitoring the tenant’s compliance with the rental terms; (if required) enforcing the terms of the rental; and representing the landlord at any tribunal hearings.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 8/66 All Property Managers need to have good communication and people skills, knowledge of relevant tenancy legislation (including building maintenance and WHS issues), and an understanding of the economic and external factors which affect the rental property market. Most larger agencies will have a separate Property Management department. Support staff Support and administrative staff play a critical role in keeping an agency running. Depending on their size, most agencies will have one or more support staff. The roles and responsibilities of support and administrative staff can vary agency to agency, but key functions include: answering the telephone and handling initial enquiries; face-to-face communication with clients; receiving and receipting of trust monies; clerical duties (such as preparation of legal documents, arranging advertising, word processing, database management and general accounting duties); and of±ce administration (such as general upkeep of the of±ces, ordering stationary). In some of±ces, a support or administration position may be a training ground for progression into a sales or property management career. Auctioneer Auctioneers are responsible for calling auctions where a property is being sold via auction. Auctioneers need to hold a separate auctioneers licence (many auctioneers are also fully licensed real estate agents). Larger agencies may have in-house auctioneers or real estate agents who are licensed to call auctions. In some cases, auctioneers work alone outside the agency structure, and are engaged by different agencies to call auctions on a ±xed fee per auction basis. An auctioneer’s roles and responsibilities include: liaising with the real estate agent in the lead up to the auction; familiarising themselves about the property prior to auction; liaising with the agent and the seller as to the reserve price; calling an auction; ensuring that the rules of auction are followed by participants and executing Contracts for Sale where the property is sold at the auction.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 9/66 [1.3] Agency types and business ownership structures Real estate agents and agencies can operate under many different business structures. The business structure you select will depend on the size and scale the business, taxation requirements, how much risk you are comfortable being exposed to, and how much control you require over the business. Sole trader A sole trader is a person trading as the individual legally responsible for all aspects of the business. This includes any debts and losses. This is the simplest, and most inexpensive business structure available. As a sole trader, you'll generally make all the decisions about starting and running your business, although you can employ people to help you. It is important to note that as a sole trader, you have unlimited personal liability - all your personal assets are at risk if things go wrong. Your personal assets can be seized to recover a business-related debt. Partnership A partnership is a business structure that involves a number of people who carry on a business together. You may choose a partnership over a sole trader structure for example, if you will be jointly running the business with another person or a number of people (up to 20 people). In a partnership, the partners have shared control and management of the business. It is important to note that a partnership is not a separate entity - like a sole trader, you and your business partners are personally liable for the debts of the business. Company A company is a separate legal entity, unlike a sole trader or a partnership structure. The company has the same rights as a natural person and can incur debt, sue and be sued. The company’s owners (the shareholders) can limit their personal liability and are generally not liable for company debts. A company is a complex business structure, with higher set-up and administrative costs because of additional reporting requirements. Learner Activity Click HERE for more information on the Australian Government’s business.gov.au website on business ownership in Australia. This additional information will help you with completing your assessments. You also have the option of starting a real estate business (whether you are a sole trader, partnership or company) under one of the following structures: Independent agency An independent agency operates completely autonomously and has no formal ties or af±liations with other real estate agencies. Most real estate agencies are in fact independent agencies. Franchise

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 10/66 A franchise is a business arrangement in which the owner of a brand (the franchisor) gives individual businesses (franchisees) the right to operate under the brand, and use the franchisor’s trademarks, business name, business systems, websites, supplier relationships, methodologies and resources. Franchisors often also provide franchisees with ongoing support and training. In return, the franchisee pays the franchisor a regular franchisee fee (usually calculated based on the franchisee’s revenue). Common examples of real estate franchises are Ray White, RE/MAX, LJ Hooker, McGrath and Harcourts. Marketing group This occurs when a group of independent agencies come together (like a co-operative) to seek economies of scale and to share business expenses (for example by shared advertising, standard marketing practices, a common brand name and bulk purchases of certain goods and services). A proportion of the member agencies’ revenues are invested back into member services – for example, marketing and branding, staff training and technology systems. Member agencies in a marketing group have the ability to offer different service options from their counterparts and have more ²exibility than a franchise in how they operate. That said, there could still be branding and advertising guidelines and membership rules for day to day operations. Examples of marketing groups include First National and The Professionals. Learner Activity Click HERE to read this Validum blog on a discussion on the independent and franchise agency models. To ±nd the business and agency structure that is most suitable for your needs and objectives, please see an accountant or a lawyer.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 11/66 [1.4] Career pathways In real estate, career pathways are usually de±ned by specialist roles such as property manager, sales, marketing, administration and ±nance. People who enter the industry as a second career usually choose a speci±c role such as a salesperson or property manager and tend to remain in these roles throughout their real estate career. Two examples of career paths in residential real estate are: Property management Receptionist > Property Of±cer > Property Manager > Property Management Business Development Manager > Head of Property Management Department Sales Sales Assistant > Salesperson > Sales Manager > Agency Principal

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 12/66 [2] The agent-client relationship In most instances in Queensland, a real estate agent acts on behalf of (or represents) either the: seller; or landlord. In a sale situation, the agent’s primary duty is to obtain for the seller the highest price for the property in the shortest possible time, on terms acceptable to the seller. Real estate agents could also represent a buyer in ±nding a property for purchase. Where this happens, the agent is called a buyer’s agent. Compared to other States and Territories, buyer’s agents are still relatively rare in Queensland. In a rental situation, the agent’s primary duty is to achieve for the landlord the highest rental rate for the property in the shortest possible time, with a tenant suitable to the landlord and on terms acceptable to the landlord. Agents must take their relationship with their client seriously. After all, the agent is representing the client in transactions involving a signi±cant asset(s) of the client’s. It is not surprising that the agent-client relationship is heavily regulated, with serious consequences for doing the wrong thing. At law, the agent-client relationship is de±ned by the following: Legislation The Property Occupations Act 2014 (Qld) governs how a real estate agent is required to act in relation to a client. For example, the Part 5 Conduct Standards found in the Property Occupations Regulation 2014 (Qld): prohibits an agent from acting where there is a con²ict of interest; requires an agent to verify a property’s ownership details, and ±nd out and verify material facts of a property; and requires an agent to act in accordance with the client’s instructions. Learner Activity The Part 5 Conduct Standards are discussed in detail in Cluster 1. Now is the time to re²ect on the Conduct Standards as this will assist you as complete your assessments in this Cluster. Review Part [10.1] Property Occupations Act Conduct Standards in your Cluster 1 Learner Notes to remind you of the importance of complying with legislation in your day to day role as a real estate agent. Contract A valid and legally recognised agent-client relationship is formed when the agent and the client (seller or landlord) sign a Property Occupations Form 6 Appointment or reappointment of a property agent . The Form 6 is the principal document which sets out various aspects of the agent-client relationship, including the: agent and the client’s details;

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 13/66 details of the property to be sold or rented out; the services the agent is to provide; how and when the agent is to be paid; any amounts the agent is authorised to spend; the term of the agent’s appointment; and how the parties are to deal with each other. Learner Activity Click HERE to access the Property Occupations Form 6. The Form 6 sets out the details you need to make your appointment to act valid. Further information on the Form 6 (and how to correctly complete it) will be covered in Cluster 3. Common law At common law, the relationship between agent and client is considered a ±duciary relationship. A ±duciary relationship is much more than a usual commercial, contractual relationship. A ±duciary relationship is one that is characterised by utmost good faith and con±dence, which means the agent must: act in the client’s best interests at all times; put the client’s interests before their own; fully disclose any personal interests that may adversely affect the client’s interests; not use the client relationship and any information obtained from the relationship for their own bene±t; carry out the client’s instructions (unless it would be illegal to do so); maintain the client’s con±dentiality; care for the client’s property as if it were their own; and account for all moneys or property held on behalf of the client. For further information on applicable laws, see [8.2] What legislation applies to the real estate profession? below.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 14/66 [2.1] Ethical standards, disclosure requirements and conduct obligations A real estate agent’s ethical duties is closely related to their ±duciary duty. Ethics is de±ned as the moral principles that govern a person's behaviour, or the conducting of an activity. ( https://en.oxforddictionaries.com/de±nition/ethics ) In other words, acting ethically is all about doing the right thing – this is closely related to your ±duciary duty as a real estate agent. Remember: Just because something is legal does not mean it is ethical! At the end of the day, being ethical means doing the right thing. How to be ethical From Cluster 1, you will have learnt that being ethical involves: ensuring you maintain your real estate licence or registration as required; maintaining and developing industry quali±cations to ensure your continued professional competency and currency; complying with your ±duciary duties and obligations; always acting with honesty, fairness, professionalism, and to the best of your knowledge and ability; obtaining a written authority to act for a client before you act; providing written and signed documents as required; completing all work for a client as soon as reasonably possible; promptly informing your client of any potential issues or problems with a transaction; minimising the likelihood of disputes with clients and other parties; having complaint and dispute resolution procedures and advising clients and consumers about these procedures; acting in your client’s best interests, except if it would be unlawful, unreasonable, or improper; following all your client’s instructions unless unlawful or unethical to do so; exercising skill, care, and diligence in your role as a real estate agent; acting in the best interests of clients, and putting your client’s interests before your own; disclosing to your client any personal or commercial relationships you have with any suppliers you recommend to the client; disclosing actual and potential con²icts of interest, including disclosing material facts, bene±cial interests, commission, rebates received by yourself as the agent; maintaining the con±dentiality and security of information you collect from your clients and customers; taking all verbal and written offers to a client, unless instructed otherwise by a client in writing; making all reasonable enquiries to ascertain information relevant to a transaction (for example, ±nding out and verifying material information about a property); ensuring that any advertising and communications you publish contain truthful, accurate and current information; maintaining your knowledge of relevant real estate legislation and demonstrating this knowledge and skill in all real estate activities and transactions; using clear and concise communication in all dealings with all parties to the real estate transaction. Although an agent’s primary duty is to the client, there is an obligation to be truthful and fair to all parties in a transaction.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 15/66 Prohibited conduct for an agent An agent must not: use or disclose con±dential information they obtain while acting for a client, unless authorised by the client or required by law to do so; induce or allow a client to enter into listing relationship that may lead to commission being paid to more than one agent, without ±rst giving them written advice of the possible consequences; put their interests in con²ict with those of their client by acting for another person; accept commission from both a seller and a buyer for the same transaction; induce, aid or assist a person to breach any contract; and engage in conduct that is unprofessional or detrimental to the reputation of the agency or the profession. Con²icts of interests A con²ict of interest arises when what is in a person’s best interests is not in the best interests of another person or organisation to whom the ±rst person owes loyalty. A con²ict of interest can also exist when a person must answer to two different individuals or groups whose needs are at odds with each other. In this case, serving one individual or group will injure the other. ( https://ethicsunwrapped.utexas.edu/glossary/con²ict-of-interest ) Example If a real estate agent represents both the seller and buyer in the sale of a property, this is a con²ict of interest. The seller will expect the agent to obtain the highest possible price for the property. But the buyer will expect the agent to help them get the property for the lowest possible price. If the agent were to ful±ll their duty to the seller, that would not be in the best interests of the buyer (and vice versa). Con²icts of interest can also arise when your personal or professional interests compete with or are different from those of your client. Interests can be ±nancial, personal, business, shareholdings or a role in a agency. Example A real estate agent refers sellers to a property stylist because that stylist pays the agent a sizable referral fee. There is another property stylist who costs less and does a better job, but does not pay as a good a referral fee. The agent’s personal interests (getting a good referral fee) are in con²ict with the duty owed to the client (referring the client to the best person for the job at the best possible price). The obligation on the agent to disclose any con²ict of interest is also a speci±c requirement under the Property Occupations Act 2014 . It is also a principle of common law that an agent must avoid any con²ict of interest. Under the Property Occupations Act 2014 , a real estate agent must not accept an appointment to act, or continue to act, as a real estate agent for a client, if doing so will place the agent’s duty or interests in con²ict with the client’s interests. This is a critical obligation! Agents need to be aware of the situations in which a con²ict of interest could arise. Examples of con²ict situations include: representing both the seller and the buyer in the same transaction; accepting a commission or referral fee from any supplier they recommend to a client; a family member or associate wishing to purchase a property listed by the agent;

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 16/66 an agent wishing to buy a property listed by the agent; and recommending to a client a supplier who is the agent’s family member or associate, or is owned or connected to the agent, or the agent’s family member or associate. Under the Property Occupations Act 2014 , you must also disclose to a client if you will receive (or expect to receive) any bene±ts from a sale. As an agent, you are regarded as having a bene±cial interest in the purchase of the property (including an option to purchase the property) if the buyer: is you; is an associate of yours, such as a family member; is someone acting for either you or your associate; is a member of a corporation of which you or your associate is also a member; or is a person carrying on a business for pro±t or gain, and you or your associate have a direct or indirect right to the income or pro±ts of the buyer’s business or the purchase of the property. When you ±nd yourself in a con²ict situation, you need to either cease acting in the transaction or, at the very least, disclose the con²ict to the parties in writing. The parties may well consent to you continuing to act in the transaction after you disclose the con²ict to the parties. Make sure you obtain the parties’ consent in writing. If you are not sure if you have a con²ict situation, or you are in one but are unsure of what to do, see your agency principal or seek independent legal advice. Learner Activity For further information on Con²icts of Interest, please refer to Part [12] Practical ethics for the real estate profession of your Cluster 1 Learner Notes. You will realise by now that the real estate profession is heavily regulated. Knowing and understanding the legislation and regulations that apply to real estate will help you as you start to work in the profession.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 17/66 [3] Working in real estate This page is intentionally left blank. Please continue to the next page.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 18/66 [3.1] Employment issues Agency personnel can either be employees of an agency, or independent contractors to the agency. Working in an agency as an employee An employee in a real estate agency would have entered into employment agreement with the real estate agency. The employment agreement sets out the terms on which the employee is employed by the agency. In addition, the employee’s employment is also governed by the terms of the Real Estate Industry Award 2020 (the Award ). The Award covers people who are employed by the agency as salespeople, property managers, property of±cers etc. It sets out the minimum terms and conditions under which agency personnel may be employed. The Award also addresses the following aspects of employment: job classi±cations rates of pay rostered days off allowances payment of expenses meal breaks supply and use of mobile phones requirement to wear uniforms annual holidays and loading other forms of leave superannuation termination of employment redundancy arrangements and severance pay. Learner Activity Click HERE to see the Real Estate Award 2020. If you are employed by a real estate agency (either as a salesperson, property manager or in an administration role), the Award will apply to you, regardless if you are in a full time, part time or casual role. An employee’s employment is also subject to the National Employment Standards ( NES ). The NES consists of 10 minimum entitlements that all employers must provide to all employees, regardless of what the employment agreement or award says. These minimum entitlements cover leave, working hours, termination of employment etc. Learner Activity Click HERE to go to the Fair Work Ombudsman website and download a copy of the Fair Work Information Statement. The Fair Work Information Statement sets out the National Employment Standards. You should be given a copy of the Fair Work Information Statement by your employer at the start of your employment.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 19/66 While employees receive an award wage, their rates of commission may not be as high as that of an independent contractor. In Queensland, an employee in a real estate agency needs, as a minimum, to be registered as a real estate salesperson (which includes property managers). An employee can (if they choose) also hold a full real estate agent licence. Learner Activity For further information about employment matters, go to the Fair Work Ombudsman website at https://www.fairwork.gov.au/ The information found on this website supplements the Learner Notes. Working with an agency as an independent contractor Independent contractors are individuals who run their own business, hiring out their services to other organisations (such as real estate agencies). Unlike employees, independent contractors negotiate their own rates and working arrangements, and can work for a variety of clients at one time. In a real estate context, independent contractors negotiate their own rate of commission with the agency principal, work under their own ABN, and are responsible for their own expenses. From an external perspective, it is sometimes dif±cult to identify an independent contractor as they can carry an agency business card, use an agency email address and could even have an of±ce in the agency. An independent contractor’s entitlements and obligations differ from an employee's in many ways. For example, a real estate agent who is an independent contractor may be paid on a commission-only basis. This means that if the agent does not sell, they do not get paid. Independent contractors are also responsible for ALL their own expenses, insurance, superannuation, and do not accrue annual or sick leave like an ordinary employee. In Queensland, an independent contractor is required to hold a full real estate agent licence.

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 20/66 [3.2] Personal presentation and professional image Representing the agency Everyone who is working in an agency is an ambassador for the agency in everything they do (not just when they are interacting with clients). If the agency has a publicised mission statement or a set of values, you will be expected to align yourself with the agency’s mission and values, and to “live the values”. Some of the things people notice and which raise a client’s perception of you, or the agency are: the way you dress; the way you conduct yourself - your mannerisms, con±dence, posture, voice; your level of professionalism; and how you communicate. Dressing professionally and appropriately Like it or not, the real estate industry is still very much focussed on appearances and the ±rst impressions an agent makes with everyone they meet. The ±rst thing a client will often notice about an agent is their appearance (for example, on a brochure, business card, billboard, For Sale sign, website or in person). Clients still associate the way an agent dresses and carries themselves with the agent’s level of professionalism, competence and attitude. Often, that impression is also carried over to the agency in which the agent works. So how an agent conducts themselves will re²ect on the agency. Even if you are just starting out in real estate, it is important to appear successful and professional from day one. The clothing an agent wears should be business-like and professional. Dressing well does not mean dressing in expensive designer labels. However, you should invest in the best work attire that you can afford. Remember also that you will be spending a lot of time in your work attire in a range of conditions (indoors or outdoors and in different weather conditions) and occasions (meeting with a client, conducting a property inspection etc). The work attire you purchase and wear should: look professional; ±t well; be suitable for the activities you carry out; be comfortable to wear for long periods of time; be suitable for a range of occasions; be easy to maintain; be durable; and comply with the agency’s dress standards. You should also ensure that you have multiple sets of work clothes so that they can be rotated, or in the event of emergencies (for example, accidental spills, getting caught in a sudden downpour). Remember that what is considered appropriate dress in one agency (for example, suit and tie in a CBD-based agency) may be considered inappropriate in another (for example, an agency located in a rural town).

7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 21/66 If you are unsure of what is suitable work attire, consult the agency’s dress code or check with your manager or the agency principal, or just observe what other staff wear. Good work attire is not an expense – it is an investment. Agency uniforms Some large agencies and franchises might have a corporate uniform or some item of clothing with a corporate theme (such as a tie, scarf or jacket) that staff are expected to wear. Check with your agency principal whether your agency has any of these, and whether these items are supplied or have to be purchased by you. They are a work expense. Work health and safety considerations Regardless of what you wear, it is important to remember that you are operating in a workplace and an agent needs to be aware of work health and safety considerations. This is particularly important if an agent is spending time out of the of±ce at various properties conducting inspections or open homes, or on properties where construction or renovations are being carried out. In such situations, closed toe shoes with non-slip soles could be necessary. For agents who spend a lot of time in vehicles, shoes that do not slip off easily would be necessary. Personal grooming Another critical component of your professional image is personal grooming. The best work attire can be undone by poor personal grooming. Personal grooming involves, amongst other things, being aware of your personal hygiene. This is a critical component of presenting a professional image. More importantly from a client’s perspective, your level of personal hygiene will say a lot about you. If you have poor personal hygiene, people might feel uncomfortable around you, and clients may avoid you. As a minimum, an agent should pay attention to the following at all times: clean and tidy hair; clean hands and nails; fresh breath; no body odour; and turning away and covering their mouth when they sneeze or cough and washing their hands afterwards. Reliability and punctuality An often overlooked aspect of an agent’s personal presentation is reliability and punctuality. An agent who is punctual sends a message that they are reliable, can manage their time effectively and, most importantly, that they respect the client and value the client’s time. Even if an agent is well presented and professional in every other way, it will be dif±cult for them to succeed if they are unreliable and give off the impression that the client’s time is not important. The following are some tips for agents to improve their punctuality and reliability: not making appointments too close together; building in “time buffers” during the day so that they have ²exibility to deal with unforeseen events. Having time buffers also gives the agent room in their day to be ²exible and reschedule appointments if needed; allowing suf±cient time for travel (in particular, being aware of busy travel times and peak hour traf±c);

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 22/66 being organised and planning the day by using a diary to record all appointments and referring to it regularly and ensuring alerts are on; knowing in advance where they need to travel to and the likely travel time (use your GPS system or phone to determine time required); calling the client if they are going to be late to an appointment to let them know; and not over committing themselves or making commitments they cannot meet. Other matters Clients may also visit an agent at the of±ce – so agents should ensure that their of±ce is clean, tidy and presentable all the time. Personal presentation can also include the way an agent relates to people. When interacting with clients, colleagues or others, you should consider their age, cultural and social background, and level of seniority. It is often safer (and easier) to begin a relationship with a more formal tone, and then gradually reduce the level of formality as the parties become more comfortable with each other.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 23/66 [4] The role of marketing and communication in client and community engagement This page is intentionally left blank. Please continue to the next page.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 24/66 [4.1] What is marketing? Marketing involves attracting the right customers to a speci±c product or service you are offering. In a real estate context, marketing involves attracting the right buyer to purchase the property offered by the client. Marketing a client’s property is one of the most important services a real estate agent will provide to the client. It is one of the major reasons a client appoints an agent to sell their property. Marketing involves identifying what customers and clients want, providing them with the right range of products and services, establishing an attractive and pro±table pricing model, informing the target market about what the agency has to offer and then delivering your real estate services in the best possible way with the aim of creating repeat and referral business. In other words, the main aim of marketing is for you to develop an understanding of the clients and customers within the real estate industry and then to ensure you have the right products and services to attract the clients and customers you want to your real estate business. A well planned and developed marketing campaign will not only provide the best possible exposure and ±nd buyers for the property, it can also: identify future clients for the agent; increase awareness for the agency; raise the agency’s and the agent’s pro±le and possibly attract more listings; and demonstrate to the client that their property is actively promoted. Effective real estate marketing goes beyond simply bombarding people with real estate ²yers or social media posts. It is also about how you present yourself and your listed properties to prospective clients. The market will rate an agent’s performance by the manner and professionalism with which the agent advertises and promotes themselves and the client’s properties. Successful marketing requires a systematic and intentional effort. Marketing a property involves planning a marketing campaign, developing a marketing plan, preparing marketing materials, implementing marketing activities, and reviewing and reporting on the results of the marketing plans and activities. It is important to make sure that any marketing activity is effective in attracting the people you want to engage with (your target market). Therefore, choosing the right communication channel is critical.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 25/66 [4.2] What is a communication channel? A communication channel is a medium through which a message is transmitted to its intended audience (such as print media or broadcast (electronic) media. ( BusinessDictionary.com ) There are a number of communication channels you can use to promote your agency’s products and services and to build your and the agency’s pro±les. These channels include: advertising – in both traditional media and social media; agency website – with comprehensive outlines of the services you provide and your successes; business contacts and referrals; and community activities. However, word of mouth, networking and simply getting to know people who live and work in your community is vital for your and your agency’s success. Speci±c communication channels and their used are covered in Part [5.1] Communication strategies for clients, the community and your personal marketing strategy below.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 26/66 [4.3] What is community engagement? Community engagement is a planned two-way process where everyone in the community is given the opportunity to participate and be informed on issues that may impact on their interests. Community engagement strengthens the trust between the community, and you and the agency - by providing a platform for the community to have their voices heard, their views considered and acknowledged. Community engagement is about helping other people and only after that, promoting the agency and yourself. Community engagement should never be seen by the community as you promoting yourself. As a professional real estate agent, you should know every aspect of each neighbourhood where you or your agency operates. Most residential real estate agencies in Queensland are generally classi±ed as small businesses and located in the suburbs or towns. It is important that you interact and work with your local community to ensure a thriving real estate business. From a client’s perspective, an agent’s involvement and visibility in a community often equates to credibility. To a client, the fact that you live in and are active in the community means that you are someone they are more likely to trust and want to do business with. This helps signi±cantly in building your brand and personal pro±le in the real estate industry and the community. Being part of the community can involve working with other businesses in your suburb or surrounding area. Example You may be a regular customer at the local café. The café owner may allow you to leave your brochures or magazines for customers. In turn, you agree to promote the café to your clients by adding a coffee card to people attending your Open Homes or including a voucher for the café in your listing kit. Other examples of community engagement activities include but are not limited to: involvement in local business associations or chambers of commerce; holding fundraising activities (such as fun runs, bike rides for a cause); sponsorship of local sporting teams; involvement in community groups or charities (for example, Rotary, Meals on Wheels); participating in and/or sponsoring local events (for example, school fetes); participation in community service projects (for example, school-working bees, Red Shield Appeals, Clean Up Australia Day); public speaking at local events — talking about the business and the market, the business or personal involvement of its employees in the community; sharing information via newsletters and editorials in local media, contributing articles in community newspapers; podcasts with content that would bene±t the community – for example, information on new regulations, new developments in the area; organising a community event for the residents (for example, an Easter egg hunt, movie-in-the-park evenings); and sharing information on small businesses experience or other passions/interests that may help others. This may be created via interviews and sharing the recording or using social media platforms. It is important for the agency and the individual agent to have an annual plan for these activities. It is equally important to have the agency staff volunteer to participate. At such events, remember to wear agency uniforms or colours and use agency signage.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 27/66 Community engagement will provide you with the opportunity to develop and strengthen relationships with the community. When this engagement with clients and the community is done in a meaningful way, it helps the agent and the agency to build trust between the community, yourself and your agency. By creating relationships with other business and interacting with the community, you will provide opportunities for you to become known and also the opportunity for you to get to know your potential clients and customers (and ±nd out what their needs and wants may be, and what developments and changes may be occurring in the community). Community engagement may also be extended by use of social media. It is important to monitor your main social media channels regularly in this regard. Two examples of how real estate agencies can engage with clients and communities are the foundations set up by: LJ Hooker - https://ljhookerfoundation.org.au/ ; and Harcourts - https://harcourtsfoundation.org/ Learner Activity Click on the above links for the LJ Hooker Foundation and the Harcourts Foundation, and consider the type of community and charitable activities the foundations engage in. Learner Activity Do some research on the internet, local community newsletters or groups you are involved with, and try to ±nd examples of community involvement by your local real estate agents. This will provide you with some ideas for client and community involvement that you can use when you start working in real estate.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 28/66 [4.4] Bene±ts of community engagement The real estate industry is a competitive industry. To be successful, a real estate agent needs to build a professional and ethical reputation – community engagement will assist you and your agency to build this reputation. The bene±ts of community engagement for a real estate agent can include but are not limited to: enhancing your reputation – people see that you are contributing to and being actively engaged in the community. They see that you care about the neighbourhood and you stop being a stranger - you and the agency become a part of the community; in²uence – if an agency has an established community engagement program, it will help new agency staff to build their reputations in the community. As your reputation grows, so does the in²uence of the agency and their agents. This results in the agency becoming more competitive; connections - community engagement is a great way to build connections and to meet lots of people; attract new business - community engagement provides good opportunities for ±nding new listings, new buyers and property management. As you take part in the community projects, people will get to know you and trust your expertise; re±ne your target audience – community engagement helps you and the agency get to know the people, understand the dynamics, demographic and preferences in your farm area. This allows you to determine your target audience which will help you plan and implement more effective marketing campaigns; and showing people you care – it is often the community and the people around us who help us succeed. So, it is really important to show your appreciation by helping the community succeed also.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 29/66 [5] Building your pro±le To succeed in the competitive world of real estate, you need to stand out and offer something your competitors do not. Everyone has the ability to be a brand and to stand out and be unique. This uniqueness is what attracts people to your product or service. Therefore, building your personal brand is not an option – it is a requirement. Your personal brand should be about who you are and what you have to offer. Examples of activities you could undertake to build your own brand are: videos of your property listings shared on social media platforms such as Facebook, YouTube and Instagram; build and utilise a Facebook Business Page for sharing information on listings, useful information on anything real estate, tips for selling or buying etc. Build up followers, likes and shares to your Facebook page; promote your for milestones (such as winning of awards, achieving a record price for a suburb or number of sales in a month); producing or participating in podcasts on topical issues in real estate or speaking with experts who can assist people buying selling or renting property; use of professional photos on all advertising relating to your real estate activities with the aim of being recognised; highlight and share testimonials from happy clients and customers on all platforms and agency website; set up, manage and maintain a client and customer database and referral networks; customise your listing kit to re²ect not only the agency but you and the services you offer; and participate in all the community activities undertaken and sponsored by your agency. Take control of your personal brand. If you do not develop your personal brand, others will do it for you (and maybe not in a way you would like!). Developing your personal brand is a proactive way to control your career development and how you are perceived in the marketplace. Technology, social media and the internet are used to build your pro±le personally, as an agent and in the community. However, most business still originates from personal contact by a potential client or customer. Once that contact has been made, the way you interact with that the contact determines whether or not they will become and remain your client.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 30/66 [5.1] Communication strategies for clients, the community and your personal marketing strategy Statistics currently show that the majority of property investors who buy property (around the same location as their original purchase) conduct their repeat business through a different agent. Instead of working to build relationships with clients, some agents tend to “jump” from one transaction to another and miss out on the opportunity to win repeat business. Successful real estate agents not only keep clients happy, but they also keep them coming back to do more business. Establishing pro±table and long-lasting business relationships requires effort and consistent contact with clients and the community. However, the payoff is measurable and pleasurable – it is called repeat and referral business. Repeat and referral business is the key to your success in real estate. The following are common communication channels used by real estate agents for branding and marketing to keep themselves and their agency front of mind for their clients, contacts and the community: Newsletters and blogs Newsletters (either physical or electronic) are an effective means of providing information to your contacts. Physical newsletters can be distributed within a target area to increase your pro±le in that area. Many agents use newsletters to: provide news on current developments; provide information on market trends for a particular area; share recent listing and sale successes; provide useful tips, information and advice on real estate matters; and pro±le themselves or the agency. A properly created newsletter can showcase an agent’s expertise and experience in an area, highlight the agent’s listing and sales successes, and inform potential buyers of properties available for sale. The above information can also be published and distributed online in the form of blogs, which you can include on your website or share via social media. Most agents will use a combination of traditional newsletters and blogs. Letters and cards Letters and cards can be used to create that personal touch and for a speci±c purpose. They are short, sharp “touch points” with clients, customers, people from your network or database and members of the community. Amongst other things, they can be used to: say thank you; acknowledge a special event - like a birthday or the anniversary of when a client bought their home; invite clients to an event you are hosting, such as an exclusive viewing of a property or an annual thank you dinner; or advise clients of a charitable event you are participating in or sponsoring. For best effect, letters and cards should be posted and not mass-distributed via email. Phone calls

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 31/66 Prospecting property owners in a speci±c area is still something that many agents do. This involves setting aside a certain amount of time to make a certain number of prospecting calls. These calls involve the agent introducing themselves to the owner, providing the owner with some current market information about their area, and asking if the owner would like an obligation-free appraisal of their property. Successful agents also set aside time to touch base with existing contacts in their database. If done consistently, an agent should be able to touch base with each contact in their database at least once or twice a year (if not more often, depending on the size of the agent’s contact list and how much time they set aside). The following are some tips for an effective phone call: know what you are going to talk about before you pick up the phone; know why you are calling and why they would want to talk to you – know your product and services well enough that you can switch to it easily and speak with expertise; ask if it is a good time to talk, or whether you should call back; listen more than you talk – give clients an opportunity to talk and to provide you with information that you can use; and always give the client some information to make them feel that the call was worthwhile and to make them look forward to hearing from you again (instead of just chasing a listing). Databases “A client base is more than just a collection of names and contact details - it should be database of relationships” (Rick Deluca, Deluca Real Estate Group) Databases are an essential tool for all successful real estate agents. Some would even say it is the #1 tool for successful real estate agents. It is estimated that 60-90% of a real estate agent’s business can come from people they know or have done business with (underlying the importance for agents to stay in touch with their contacts). However, databases are only as good as the data they contain. The key to success is having information in your database so that you can contact people with information they need. As a minimum, a real estate agent’s database must include the following information about their contacts: full name and current address; phone number and email address; and additional current personal information (for example, is this contact looking to sell or buy? Does this contact have plans to relocate?) This additional current information gives you something to keep in touch with that contact in a way that shows interest in them. You may also wish to consider grouping your contacts by what they have in common. For example, contact all the buyers in your database annually on their settlement date and let them know they have been in their new home for [x] number of years and offer new appraisal on what their home is now worth. You can also establish interest groups within your database for contacts who: play a certain sport – for example, for contacts who are golfers - send them an email with information on a golf tournament you are sponsoring for a local community charity; or are interested in certain topics – for example, for contacts who are investors, send them an invitation to an upcoming seminar or send them an email with a recent article about the ±nancial markets.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 32/66 You can also sort your database by demographics and geographic locations. People can and should belong to more than one group in your database as this increases the number of contact points in a year. The more information you can collect about your contacts, the better. Ensure you have in place action plans with a trigger for getting in touch with your contacts. For example, after settlement day, the contact could be: within 48 hours - see if everything went according to plan; over the next 12 months – place your contacts into a group(s) based on the additional current information you have collected; and on the anniversary of settlement. All contact events should to be recorded in the database so that you have a record of last contact, and you can leverage off that for your next contact - “Hi Bob remember last time I emailed” Data must be regularly monitored to ensure that it stays current and relevant. Out of date information can lead to mistakes and embarrassment for you and your agency. Finally, always measure response rates such as how quickly people reply to email, whether it triggers return contact, or whether the recipient of the correspondence took action in response to the contact. Data on response rates provides you with information on your contacts’ interests and interactions with you. Website Websites have increasingly replaced traditional of±ces and shopfronts as the way real estate agents provide information to the public about their business and services. Websites have the following advantages: they are where you showcase your properties for sale and demonstrate to your client the marketing you are undertaking and provide statistics to the sellers on interest levels in their property; clients can access your website anytime and from anywhere – which means they can obtain the information they need whenever they want it (as opposed to only being able to visit your of±ce or contact you during business hours); you can provide a lot of information via a website in a short amount of time on relevant real estate topics; an agency can pro±le individual agency team members and services they provide; a website can create a favourable impression with your potential clients and customers before they even meet you; it is easier to include favourable client reviews and testimonials on a website than in an of±ce; and a website makes it easier for potential clients to know about you, which increases the likelihood that they will engage with and do business with you. Involvement in the local community From a client’s perspective, an agent’s involvement and visibility in a community often equates to credibility. To a client, the fact that you live in the community and are active in the community means that you are someone they are more likely to trust and want to do business with. Involvement in the community can take many forms, including but not limited to: involvement in local business associations or chambers of commerce; sponsorship of local sporting teams; involvement in community groups or charities (for example, Rotary, Meals on Wheels); sponsorship of local events (for example, local street festivals, school fetes etc);

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 33/66 organising a community event for the residents (for example, an Easter egg hunt, movie-in-the-park evenings); or participation in community service projects (for example, school working bees, Red Shield Appeals, Clean Up Australia Day). Property portals Property portals are websites where real estate agents list properties for sale. The obvious examples of property portals are: www.realestate.com.au www.domain.com.au www.realestateview.com.au Property portals make it easier for people to search and ±nd properties of interest to them. At the same time, they allow the agent to demonstrate to potential sellers how active an agent and agency is in the market, the type of properties the agent sells, their marketing and sales approach, and their professionalism and success. Social media The real estate industry has embraced social media as a means of marketing and communicating with clients, customers and the public. Social media platforms such as Facebook, Twitter, Instagram and YouTube are used by real estate agents (and agencies) to market themselves and the properties they have listed. The effective use of social media requires some thought and planning beforehand. Effective use of social media does not mean being on all social media platforms for the sake of it. In deciding which social media platforms to use and how each platform integrates with others, consider: which platform is best suited to the information that you want to provide to your target audience. (For example, a video testimonial on your website with will make more sense than a tweeted client review on Twitter); which platform does your target audience use predominantly; which platform allows you to distribute information quickly. (For example, a tweet on Twitter will be quicker to create than a video for YouTube); and which platform is the easiest for your target audience to view your information. (For example, a Facebook post linked to a web article on median price increases will be quicker to download and view than a YouTube video on the same topic) Other examples include: posting a new listing on Facebook or Instagram will be quicker than putting a video of the new listing on YouTube; or announcing a record sale price for a suburb will be more effective if you used Twitter rather than Instagram. For more further information on using social media – click HERE . At the end of the day, when building your personal pro±le, ±nd your own style. You don’t have to do what everyone else is doing and follow the crowd. Use your style and uniqueness to attract the clients you want.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 34/66 Learner Activity For great tips on building your personal brand, read the article by Laura Lake, Tips on Creating and Growing Your Personal Brand . The article can be found here - https://www.thebalance.com/creating-and-growing-personal-brand-2295814 Learner Activity Access a local real estate agency’s website, review the website and: Consider how professional it looks, what do you like about it and what don’t you like? Choose one of their salespeople and review their: pro±le on the agency website listings on the property portal they use social media presence. What do they use and how well do you think they use social media? Also ask - have you seen their presence in your local area? How do they promote themselves? This will give you some idea on what to do and what not to do when you start building your own personal pro±le in real estate.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 35/66 [5.2] Methods of promoting properties There are numerous ways an agent can prompt properties for sale or rent. The agent should discuss with the client what marketing methods are appropriate and should be used to promote the property. A marketing plan for the property could comprise of various promotional activities, such as: Internet advertising and online listings on property portals As a platform for real estate advertising, the internet is ideal. Internet listings are the ±rst point of call for most buyers and tenants prior to seeing the property in person. Combining the internet with traditional methods of marketing and advertising creates a well-balanced promotional campaign. Online real estate websites provide excellent exposure for sales listings. It provides for 24/7 availability of information, and can distribute high de±nition imagery, ²oor plans, virtual tours and more. Online listing portals also allow potential buyers to browse and compare a wide range of properties with ease. Buyers can also ±nd the property through various means (for example, searching by suburb, property type, price, features (like number of bedrooms) or by listing agent). Common online listing websites include: www.realestate.com.au www.domain.com.au www.realestateview.com.au Realestate.com.au also allows agents to email new listing alerts to their database of people who have asked to be updated. Marketing groups and agency franchise networks also offer online listings as part of their marketing services through their websites. Learner Activity Clink on the links above for the property portals and take some time to explore what each portal has to offer and review some of the listings in your area. This will assist you in completing your assessment. Social media Social media (for example, Facebook and Instagram) are popular and effective way of creating exposure. However, agents need to be aware of the limitations of social media platforms, for example: social media platforms are intended for “social” interaction. Users may not appreciate undisguised advertisements or being “sold to”. You should therefore avoid “hard sells” via social media; and social media platforms are not conducive for posting large amounts of content. So your content needs to be effective at grabbing attention quickly and directing the audience to another platform for further information (such as your online listing page or agency website). Social media advertising is ideal for event-based marketing (for example, doing a live post from an open home or an auction). Click HERE to access the social media articles and resources in your Portal.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 36/66 Signage Erecting “For Sale” signage in front of a listed property is the traditional method of creating exposure for the property. It is great for attracting the attention of passing traf±c and potential buyers driving around the area. It is also a good way of creating exposure for you and your agency. It is also possible to get signage with backlighting or digital signboards which will increase the wow factor. The cost of signs depends on the size and type of signboard. Signboards with text and photos general cost more than generic “For Sale” signs. Others Other forms of marketing activities include: direct marketing – mailouts, text messages or emails to contact lists, the agency’s database of potential buyers or speci±c clients; print advertising – brochures, letterbox drops, property magazines, agency newsletters; agency publications or property guides; open homes and inspections; direct marketing to the agency’s database of potential buyers; business to business marketing; and letterbox drops.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 37/66 [5.3] Target market You also need to come up with a target buyer pro±le. The target buyer pro±le will determine how you position or “pitch” a property. Ask: What kind of buyer is the property most suited to (and are therefore most likely to buy the property)? (For example, investors, renovators, families needing more space, downsizers). Different buyer groups will have different budgets and timeframes for purchasing. What features should you emphasize which are most attractive to your target buyers ? (For example, number of bedrooms, pool, distance to public transport, schools, kitchen features, number of car spaces in garage etc). What is your target market’s perception of value? What are the lifestyle choices, values, opinions, personality characteristics and interests of your target market? Your target buyer pro±le will determine what you need to say in your marketing messages to get their attention and cause them to take action. All property marketing should be aimed at a target market. The type of property will usually establish the target market. Your promotional activities then should be selected with the target market in mind. Examples of target markets are: First home buyers – is the property suitable and priced to attract ±rst home buyers? Investors – is the property ideal for investment with good rates of return? Tree changers / sea changers – is the property suited for people looking for a change? Home renovators – is the property in need of some refurbishment, updates or upgrades? Empty nesters – is the property close to amenities, small/compact ideal for a couple who are looking to downsize? Families – does the property have suf±cient space, and is the property close to good schools, parks and public transport? Professional couples or singles – is the property in the CBD or close to large employment hubs with entertainment close by? As stated above, the characteristics of the property will assist in determining the category of buyer and your promotional messages should be crafted to reach that targeted buyer.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 38/66 [5.4] Ethical and legal considerations in marketing Ethics and con²ict of interest have been discussed in Part [2.1] Ethical standards, disclosure requirements and conduct obligations . Further to the ethical conduct and standards discussed above, it is vital for you as an agent to know and comply with these ethical standards when carrying out any marketing activities and in all methods of communication. Examples of unethical conduct in marketing practices include but are not limited to: discrimination in real estate transactions; any act of misrepresentation; exaggeration of relevant information; and any intentional act that is contrary to the best interests of your client. Unethical and breaches of legislation is one of the greatest risk in marketing and advertising for real estate agents. Advertising Advertising is a key method for marketing and promoting a property. Advertising is a key area of risk for real estate agents and agencies for the following reasons: the very nature of advertising is that it must appeal to the emotions and excite people enough to attract a response, but at the same time it must be truthful and accurate; everyone interprets things differently or has different opinions. What is confusing to one person may make complete sense to another person; advertising copy is subject to mistakes. This is why each and every piece of advertising and marketing material must be proofread and edited before being published or used; and everything is in writing so there is indisputable proof of what information was contained in an advertisement. Ethical considerations The aim of marketing is to connect people to products and services. For marketing to be successful, it must be carried out professionally and ethically. In real estate, there are rules of conduct that need to be followed. The general rule for all real estate professionals is to always act ethically by being honest, fair, professional, trustworthy. As a real estate agent, any marketing decisions will need to be made in line with ethical and legislative requirements. In relation to marketing, being ethical involves applying standards of fairness and truthfulness to marketing decisions, behaviour and practice. As previously discussed, one of the hallmarks to being ethical is to be trusted and have a reputation as a trustworthy agent. Creating trust in your real estate agency should be seen as a top priority. A reputation for being trustworthy will attract clients (who will in turn give you business). Trust is closely aligned to your ±duciary duty you owe to your client. Remember - The ±duciary duty you owe to your client requires that you do not put your personal interests before your duty to your client, and you must not pro±t from your position as a ±duciary unless the client consents. Legal considerations

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 39/66 The Property Occupations Act 2014 and Australian Consumer Law prohibit certain types of conduct in advertising and promotion – these include: making a false or misleading representation in connection with the sale of property (for example, providing incorrect information that leads a buyer to decide to buy a property); making false or misleading representations about the location, characteristics, permitted uses, and value of the property, potential income from the leasing of the property, date and price of previous sales. A breach of this prohibition could result in a ±ne of 540 penalty units ($83,592.00); leading a customer to a wrong conclusion or impression – for example, telling a hesitant buyer that you have other offers on a property in order to get the buyer to make an offer (when in fact there are no other offers). Another example is advertising that a property has water views when in fact it does not; offering gifts, prizes or other free items with the intention of not providing them, or not providing them as offered; making statements that the agent has no reasonable grounds for making - for example, telling an investor that council will allow high rises to be built on the street (increasing the value of the land), when in fact there are no such plans; deliberately concealing material facts about the property (for example, not telling a potential buyer that the property contains asbestos); misleading and deceptive conduct towards buyers and sellers; bait advertising; and unconscionable conduct. In many cases, it makes no difference whether you intended to mislead or deceive – what matters is how your statements or marketing materials are perceived. You can also mislead and deceive a customer or client by remaining silent (in other words, not telling or withholding from the client or customer any relevant informaiton about the property). Bait advertising occurs when you represent a property is for sale at a speci±ed price, and you know that the client will not sell the property for that price. Legislation prohibits bait advertising because it gives buyers a false impression about the price a seller will accept for a property. See Fig 1 for an example of an advertisement that would be considered bait advertising. Click HERE to download a printable PDF copy of Fig 1. If you use an “offers over” price tag, the Of±ce of Fair Trading expects that the amount stated is the minimum amount the seller is willing to accept for the property. The client’s minimum selling price is the list price noted on the Form 6. Finally, ensure your advertisements do not discriminate against certain groups of people.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 40/66 As an agent, it is your responsibility to make the client aware of the legislative requirements around marketing. If you are caught breaching the law, it is NOT a defence to say you were just following your client’s instructions. Learner Activity The ACCC website has a section speci±cally for real estate and deals with how the Australian Consumer Law applies to real estate services. Click on this link - https://www.accc.gov.au/consumers/health-home-travel/real-estate Read through the information. This information will apply to your day to day interactions with consumers and customers in real estate. It also shows you how the ACCC interprets and applies the ACL legislation. More importantly, this webpage also contains strategies to help real estate professionals minimise the likelihood of misleading customers and clients. False and misleading representations in real estate marketing and advertising False and misleading statements remains one of the highest risk areas in real estate. Misleading or deceiving a seller or buyer or landlord or tenant can lead to breaches of the Australian Consumer Law , the Property Occupations Act 2014 (Qld) and the Fair Trading Act 1989 (Queensland). Under section 29 of the Australian Consumer Law, a person is prohibited from making false or misleading representations in connection with the supply, possible supply or promotion of goods or services. Examples of breaches of section 29 include but are not limited to: inaccurate descriptions of price can be considered misleading. Be careful and accurate when using phrases such as “ Offers over… ” or “ Prices from $[x]…. ” failing to disclose that a property being advertised is now under contract; inaccurate information about the characteristics of a property; making unsubstantiated claims about the future return or use of a property (you must have reasonable grounds for all the statements you make); and over-editing of photos and videos – for example, to remove unsightly aspects of a property. Staying out of trouble Making a false or misleading representation can occur as a result of an agent’s ignorance or insuf±cient information about a listed property and the legislation. However, you are the professional and you must be aware of everything relating to the sale, renting or management of a property. Every agency should have marketing and advertising guidelines and ensure that all staff are trained in and follow these guidelines. As a minimum, the advertising and marketing guidelines should address the following: include the full price in advertisements (not just an instalment or deposit amount). When using a “starting price” or “priced from” ±gure, also include an average price or the number of properties available at the lower price; ensure the accuracy of information in your advertisement copy by checking facts and ±gures before ±nalising the copy for release; ensure another staff member or manager proofreads and edits the copy (including reviewing all photos and videos to be used); if required, ask the Principal Licensee or sales manager or senior property manager to check all materials and images before ±nalising production or placement;

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 41/66 ask the seller (or landlord) to check the accuracy of the proposed marketing material and any statements made about the property and sign off on the information; check and update advertisements as the marketing campaign changes. For example, if the cheapest property has sold and is no longer available, the “starting from” price in the advertisement must be updated; and ensure that any properties featured in display material are updated with sold or under-contract signs and stickers. Learner Activity For any property that your local real estate agent has for sale: collect or download a brochure (if any); and review the property on their website. Consider all these marketing activities having regard to the guidelines above. Make notes of any issues you see in the marketing or advertising materials. Penalties for breaching legislation It is absolutely critical you get your marketing content (both printed and verbal) right! The principal licensee is ultimately responsible for the marketing material prepared by people in the agency. The penalties for breaching the Property Occupations Act 2014 can be as high as 540 penalty units ($83,592.00). The penalties for breaching the Australian Consumer Law 2010 are: $220,000 for individuals; and $1,100,000 for companies. Bait advertising is an offence under the Australian Consumer Law 2010 and carries a maximum penalty of $220,000 for individuals and $1,100,000 for corporations. If the client instructs an agent to engage in bait advertising (for example, by specifying marketing strategy instructions on the Form 6), then the client is also engaging in bait advertising.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 42/66 [6] Continuing professional development (CPD) As a real estate professional, it is important throughout your career to: maintain your skills and knowledge base; be aware of any market, technological, political and economic developments which affect the real estate and property industry; keep current with any legal and regulatory requirements and changes affecting the real estate and property industry; continually develop new skills to better service your clients; and identify areas in which you can improve, personally and professionally. Continued training, education and professional development are critical for real estate professionals. Clients need to be con±dent that their agent has the skills, knowledge and experience to help the client achieve their desired result. Agents may well have general skills and experience, but CPD is an avenue for acquiring new skills and knowledge. This helps agents respond to change and adopt new work practices in response to changing laws and regulations, industry developments and consumer requirements. The bene±ts of CPD include: ensuring that your capabilities keep pace with the current standards in the profession; ensuring that you maintain and enhance the skills, knowledge and experience you need to deliver a professional service to your customers, clients and the community; ensuring that you and your knowledge stay relevant and up to date. Agents who stand still get left behind; helping you contribute to your team by becoming more effective in the workplace. This will also help you advance in your career and progress into more senior positions where you can lead, manage, in²uence, coach and mentor others; helping you to stay interested and interesting. CPD can provide you with new ideas, and exposes you to new possibilities, new knowledge and new skill areas; providing a deeper understanding of what it means to be a professional, along with a greater appreciation of the implications and the impact of the work you do; and increased public con±dence in individual agents and the real estate profession as a whole. Unlike other States and Territories (for example, Western Australia, Tasmania, New South Wales and the ACT), CPD is not currently mandatory in Queensland. However, sometime in the future, it is likely that Queensland will adopt the approach taken by other States, and impose a requirement for mandatory CPD. What this could mean is that Queensland real estate professionals will need to show that they have completed a prescribed amount of CPD (possibly measured in hours) in order to maintain their licence each year. As a ±rst step, a real estate professional should regularly conduct a self-assessment of their skills and knowledge to determine if they have any areas for improvement. A meaningful self-assessment will allow an agent to identify ways to build strengths and minimise weaknesses. An agent may also ask their work colleagues and supervisors to provide input into any areas for improvement. Once the areas of improvement are identi±ed, an agent could then seek out opportunities for further training in those areas (for example, in-house training, attendance at conferences, webinars, specialist coaching, subscription to journals etc.)

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 43/66 Some agencies have scheduled performance reviews (quarterly or annually) in which an agent’s performance is assessed, professional progress is measured and CPD needs are determined. Larger agencies may even run a mandatory in-house CPD program for their staff or have budget allocations for agents to attend external training.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 44/66 [7] Interacting and communicating with clients To be successful in the real estate industry, an agent will need to have good communication skills and to build rapport with the people you meet. Technology is no substitute for the personal touch – this is an agent’s most powerful asset. To fully utilise this asset, you need to develop and practice interpersonal rapport techniques and genuinely care about the people you deal with. While some people are naturally better communicators, good communication skills can be learned by everyone. That said, do not think that you can just “wing it” – intentionally and consistently building on your communications skills will give you an edge over your competitors. Having good communication skills means being able to convey information to people clearly and simply, in a way that ensures people understand you and take the desired action . It is about sending and receiving messages clearly and being able to read your audience. It means being able to give and understand information, learn new things, make requests, ask questions and explain things easily. It also means that you can adapt yourself to new and different situations, read the behaviour of other people, negotiate to reach agreement, have dif±cult conversations with ease, and avoid and resolve con²ict. A large part of good communication is about being empathetic, so you can understand how others will interpret your words and behaviour. Communication is a two-way street, so being a good listener is also critical. The end goal of developing good communications skills is to be able to build a good rapport with the people you meet.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 45/66 [7.1] What is rapport? Learner Activity Read the following article on building rapport - https://www.mindtools.com/pages/article/building-rapport.htm You MUST read this article as it is a required part of your learning and will assist you in completing your assessment. Rapport forms the basis of meaningful, close and harmonious relationships between people. It is the sense of connection you get when you meet someone you like and trust, and whose point of view you understand. From an agent’s perspective, when a person likes and trusts you and feels you understand their point of view, they are more likely to want to do business with you. According to research, when you have a rapport with someone, you share: mutual attentiveness – you are both focused on, and interested in, what the other person is saying or doing; positivity – you are both friendly and happy, and you show care and concern for one another; and coordination – the feeling of being "in sync" with one another, so that you share a common understanding. Your energy levels, tone and body language are also similar. Rapport can appear instantly – when you "click" with someone – or develop slowly over time. It can grow naturally, or you can deliberately set out to build it. When you have a rapport with someone, you are better placed to in²uence, learn and persuade, as the trust that you have built up means other people are more likely to accept your ideas, to share information, and to create opportunities together.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 46/66 [7.2] Communication Skills The following are examples of good communications skills and rapport building techniques which can be used to identify a client’s needs, objectives and interests: Present a positive and professional image Refer to [3.2] Personal presentation and professional image above. Analytical skills This is the ability to analyse the information you are given in the overall context of the discussions and to use that information to further your position. Paraphrase or summarise information, positions and points of agreement to con±rm your understanding. Active listening It is not possible to be a good communicator or negotiator if you are not a good listener. To be successful in almost any career, you need to know the difference between listening and hearing. A good listener not only hears what the other party is saying; they also understand the meaning of what is spoken Active listening involves open-ended exploratory questions, listening attentively to the other person’s concerns, needs, noting their current position(s), observing their body language and non-verbal communication cues, and being able to paraphrase what you have heard to ensure you have correctly heard and acknowledged the other party’s position. It also involves acknowledging what the other party has said and being able to explain their viewpoint. (Remember: acknowledging what the other party has said does not mean you agree with them. What it means is that you can appreciate their position). Taking notes is also an important part of active listening. It provides a natural break in a conversation, and indicates that you are taking the client’s issues seriously. The act of writing something down also helps you process the information you are being given. As a courtesy, inform the other person beforehand that you will be taking notes and ask if they are ok with it. When listening, do not : let your attention lapse or mind wander; listen with a closed mind, ignore body language, not only of the person speaking but anyone else present (such as their spouse); interrupt - allow time for the other party to ±nish what they are saying; answer questions until they have been fully asked; and be afraid of silence. Silence is a powerful tool in drawing out real issues or in calming a potentially heated discussion. Learner Activity Watch the following YouTube video on what makes a good active listener – https://www.youtube.com/watch?v=rzsVh8YwZEQ Body language

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 47/66 Statistics say that most of our communication is non-verbal. Non-verbal communication is expressed through your body posture, your actions and other physical or facial expressions. When words and body language do not align, the listener will choose to believe the body language. An impression is formed within the ±rst few seconds of an interaction. Your body language needs to be of a professional standard and send a positive message to your client at all times. Body language can be used as a barrier, or it can indicate openness. Good posture makes you look better and feel better; more con±dent, energetic and purposeful. Remember - slouching, folded arms and facial expressions and gestures can all communicate messages to clients without you saying a word. Empathy Empathy is about understanding other people by seeing things from their perspective and recognising their feelings. It means that you can see things from their point of view, and that you acknowledge the way they feel. It does not mean you have to agree with them – all it means is that you recognise the existence (as distinct from the correctness or validity) of the other person’s perspective and the fact (as distinct from the reason) that they feel a certain way about a situation. Observation skills This involves taking note of the other party’s body language to understand what they are really thinking and feeling. Assess and interpret behaviours, moods and reactions of the parties involved through their body language. Are they engaged in the conversation (e.g. leaning in when you speak), or are they defensive or disinterested (e.g. leaning back, arms crossed, head down)? Effective questioning Ask the right questions to gather information or focus the parties involved. And actually listen to the answer. Most people like talking about themselves, and the more genuine interest you show in them, the more likely they are to relax and open up. Use open-ended questions to discover personal information: perhaps you share the same hobbies, grew up in the same city, or support the same sports team. There are different types of questions you can ask, as follows: Open-ended questions are questions that cannot be answered with a yes or no. These questions tend to start with What, How, Why, When or Who. Since the other party cannot simply respond with a yes or no, it encourages further dialogue. In a real estate context, open ended questions could include: When do you need to move? Where do the children go to school? Which feature appeals to you the most? Why are you moving? Closed questions are the opposite of open-ended questions and are intended to elicit simple yes-no answers. These questions tend to start with phrases like Is, Do, Will or Were. In a real estate context, closed questions could include: Is this location close enough to public transport for you? Will you need ±nance to purchase the property? Do you need a ±fth bedroom?

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 48/66 Leading and clarifying questions are used to lead the other party into your way of thinking or to clarify their position. Leading questions usually need to be followed closely by helpful suggestions. You present alternatives, not with the intent of leading the other party towards a predetermined conclusion, rather to discover the client’s underlying needs, wants or concerns. For example, if an agent simply asked a client what they were looking for in a house, the response would most likely be noncommittal. But if the agent followed up with leading questions, they could in fact steer the client toward prioritising and clarifying their requirements. Examples of leading and clarifying questions include: Do you have a deadline for selling? Why are you moving? Have you bought another property? Are you upsizing or downsizing? Do you have a timeframe for selling? Such questions will establish whether the seller is seriously motivated to sell or just testing the market - and whether their new purchase is likely to be in your area, thereby extending the service you can offer. Con±rming questions are useful for indicating to the client that you have really heard what they say. At the same time, they allow you to con±rm that you understand what the client said. Con±rming questions are about playing back what has been said, and not adding your comments to it. An example of a con±rming question might be “So what you are saying is that you are prepared to take a lower price in exchange for a shorter settlement period?” Closing questions are used to determine if the other party is ready to do something or decide on something. Asking a closing question stimulates thought in the client and encourages commitment. A very common and widely encountered closing question is when a waiter asks “Are you ready to order?” Closing questions are just that – questions. They are not ±nal statements of fact. Often the question can also reveal what the client does not want. But by asking the closing questions you will have gained more clarity about their requirements – not least of all what they do not want. Good closing questions incorporate choices for the client and make it easy for the client to decide. They can be used during any part of a conversation. For example, “Shall I call you on Tuesday to see if you wish to go ahead or would Wednesday be better?”

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 49/66 [7.3] Written communications In the real estate industry, a lot of communication (especially important communications) still occurs in writing. Email is the most widely used form of written communication. Remember that written communications take a more permanent and unforgiving form than verbal communications (the recipient can view an email on screen multiple times or print out hard copies). Mistakes and typos will stand out more. Attention to detail is critical (especially around client names, property addresses, dates and dollar ±gures). Clients may well form an impression of an agent based on how the agent writes, for example: rambling and disorganised emails create an impression that the agent is disorganised and undisciplined; getting the spelling of a client’s name wrong can lead to an inference that the agent does not really care about the client (if they did, they would have taken the time to con±rm the spelling); or getting property descriptions, dates and dollar amounts wrong show a lack of attention to detail. A client who has entrusted the sale of a signi±cant asset to an agent has every right to be concerned if the agent is not even getting the basic transaction details right. It is therefore important that agents take care when communicating to clients in writing. The following are some tips to ensure effective written communications: ensure you have entered the correct email addresses. Sending an email to the wrong recipient can have serious rami±cations, especially if the email contained con±dential or sensitive information; check your spelling, especially of names and addresses; use punctuation and paragraphs to break up your content and to make it easier for your audience to digest and comprehend. Start a new idea or topic in a new paragraph; consider your audience and direct your message speci±cally to them. Make it easy for your audience to read your communications and act on them; highlight any information you need your audience to note (for example, dollar amounts, deadlines); write in such a way as to minimise confusion or ambiguity – write in plain English; be aware of the size of any attachments you include in your emails. Documents with photos and colour can sometimes be very large and may be blocked by the recipient’s email servers; and do not rush. Take time to read and check your email before you send it.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 50/66 [7.4] Other communication tips Other tips for effective communications include: humour is great for building rapport, but use it with care. Not everyone can take a joke, and what might seem acceptable to you could offend others. If you think it is likely that your humour will be taken the wrong way, avoid using humour; accept criticism calmly and objectively - take it as feedback. Acknowledge the criticism and apologise sincerely if you are in the wrong. Do not probe any further or get defensive. But if the criticism is about an important issue that the client really needs to know about or you feel the client has misunderstood the situation, then speak up. (For example, if the client is criticising you about the cost of the marketing campaign which you feel is necessary, then you should explain to the client why it was necessary to spend that much); eye contact - during conversations, maintain eye contact. This indicates that you are con±dent and engaged with the other person; be tactful – consider how the other person could react and choose your words carefully. Certain clients may be sensitive to certain issues or words. It’s your job to identify any sensitivities in your early conversations and to remember what these are. Saying the right thing in differing circumstances is dif±cult. Deciding how often to use the client’s name, how to address them and (where there is more than one person present) who to direct your questions to, is important to successful relationships. You might have the right message, but if the delivery is wrong, this will undermine the importance of what you say; encouraging prompts - you can encourage the other person to continue talking by using short statements such as “Mmm…”, “Yes…”, “De±nitely…”, "Excellent…" or "That's wonderful…” Prompts like these indicate that you are listening and engaged; and be yourself - your unique personality is something that no one else can replicate. The important thing is to be authentic and be comfortable with being you. Many people fall into the trap of thinking that a successful real estate professional needs to have a larger-than-life personality, and try to adopt that persona that when it is not really them. Different clients will prefer and gravitate towards different types of personalities. Do not worry – there are enough clients for everyone. Dealing with people from a different cultural background A successful agent needs to be able to communicate with, and relate to, people from a range of social, economic and cultural backgrounds. If English is your client’s second language: be patient; speak as clearly as possible and use simple terms; break up your information into manageable chunks; be conscious of not using slang or local phrases (for example, “It’s a done deal”); when the other person indicates that they do not understand what you are saying, do not just slowly repeat your words at an increased volume. Find another way to say what you want to say; consider using illustrations or other visual aids (for example, if you are explaining the sale process, you might want to draw a ²owchart or diagram of the steps as you speak); observe the other person’s non-verbal cues closely to determine if they are engaged and comprehending what you are saying; pause and ask if they have any questions; if you are unsure of what the other person has said, ask and clarify; be aware that some cultures are not direct with their yes’s and no’s;

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 51/66 be aware that in some cultures, direct eye contact is seen as a sign of disrespect or challenge to authority; be aware that some cultures do not regard signed documents or agreements with the same ±nality or seriousness as the Western culture. Instead, they regard a signed document as the beginning of the negotiation (This is relevant for your signed Form 6’s, Contracts of Sale or tenancy agreements); and consider the use of an interpreter.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 52/66 [7.5] Poor communication Poor communication skills leave an opening for disputes to occur. Poor communication almost inevitably cause information to be misinterpreted or misunderstood, which is one of the most common causes of disputes. Examples of poor communication include: failing to communicate all the required information or the whole message; assuming that the other person knows what you are talking about; poorly expressed and delivered messages — poor choice of words, badly organised words and ideas, inadequate vocabulary, lack of clarity and poor delivery; giving an inappropriate level of information or content for the recipient – using complex terms, talking down to people and over-reliance on industry jargon; poor timing of communication — talking to people when they are busy or pre-occupied; not paying attention — tuning in and out, not actually listening; being impatient — not giving the other person a chance to express themselves or respond; and not being willing to listen or having the wrong attitude — being defensive about what is being said and/or disliking the person who is giving the message without regard for the message.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 53/66 [7.6] Dealing with complaints Please refer to [13.5] Dealing with complaints in your Cluster 1 Learner Notes.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 54/66 [8] Legal requirements for real estate agencies As you are aware from the learning in Cluster 1, the real estate industry and real estate agents are governed by a range of Commonwealth and Queensland laws. There is legislation which applies generally to any business and/or all individuals conducting any kind of business. Other legislation applies speci±cally to the real estate industry. There is also common law – these are laws which arise out of decisions made by judges in court cases. The main examples of common law relevant to the real estate industry are the laws of contract and negligence.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 55/66 [8.1] Licensing and registration of real estate professionals Under the Property Occupations Act 2014 (Qld), all real estate salespersons, property managers and onsite managers of apartment complexes or resorts (resident letting agents) must be licensed or registered with the Of±ce of Fair Trading ( OFT ). In some cases, agency administrative or support staff who are involved in showing properties to potential buyers or opening up properties for inspections will also need to be registered with the OFT. For residential real estate, the following are the main categories of licensing or registration in Queensland: Registered salesperson (or registration certi±cate) – a person must register with the OFT to work as a salesperson or property manager for a real estate agent. A registered salesperson can only work as an employee of an agency or a licensed real estate agent. A registered salesperson can only operate the agency’s trust account if authorised by the Agency Principal to do so; Real estate agent licence (or full licence) – a person must be fully licenced by the OFT as a real estate agent if the person wishes to own or manage a real estate agency. Also, only fully licensed real estate agents can work as an independent contractor to a real estate agency, and can operate the agency’s trust account; Resident letting agent – the resident letting agent ( RLA ) licence allows a person to rent out and manage units in a building complex (on behalf of the owners and body corporate), collect rents in the complex and operate a trust account. The holder of an RLA licence must have a registered of±ce in one of the building complexes they manage; and Auctioneers licence – allows a person to call auctions and to sell property by auctions. Suitability and eligibility Before the OFT will licence or register a person, the person must: be 18 years or over; have passed the relevant training course required by the OFT (such as this course); and be either an Australian citizen or a permanent resident or hold a visa which allows them to work in Australia. A person is not suitable to hold a real estate agent licence or registration if they: are currently disquali±ed from holding a licence or registration certi±cate; or have been convicted within the past 5 years of a serious offence (which includes violent offences (including threats to use violence), fraud and dishonesty, drug traf±cking, extortion, arson, unlawful stalking, or offences of a sexual nature). Additionally in the case of a real estate agent licence, a person cannot be an insolvent under administration. Learner Activity Explore the full list of the OFT’s suitability, eligibility and training requirements for licensing by clicking HERE. The information on this webpage will help you complete your assessment and forms part of your learning. Consequences of working without a licence or registration or lending a license.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 56/66 A person who is found to be working in real estate without a licence or registration can be ±ned up to 200 penalty units ($30,960.00) or be jailed for up to 2 years. An agency or business who employs a person who is unlicensed or unregistered can be ±ned up to 200 penalty units ($30,960.00). A person who sells, hires out or lends a licence or registration is also guilty of an offence and can be ±ned up to 200 penalty units ($30,960.00) or be jailed for up to 2 years. Learner Activity Click HERE for more information on the penalties that apply to the Queensland real estate profession. The information in this Act will help you complete your assessment.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 57/66 [8.2] What legislation applies to the real estate profession? The following legislation is relevant to the real estate profession in Queensland. A brief summary of each piece of legislation is included below. For more detailed information, please refer to your Cluster 1 Learner Notes . Property Occupations Act 2014 (Qld) This Act is the main piece of legislation regulating the Queensland real estate industry. It is administered and enforced by Of±ce of Fair Trading. Amongst other things, the Property Occupations Act : requires real estate agents and salespersons working in Queensland to be licenced (or registered); regulates how property is marketed, bought and sold in Queensland; regulates the conduct of real estate agents and salespersons in their dealings with clients; regulates the conduct of auctioneers and resident letting agents; governs the rights and obligations between real estate agents and their client; and establishes certain standards of conduct which real estate agents need to abide by. Agents Financial Administration Act 2014 (Qld) This Act is the main piece of Queensland legislation regulating how real estate agents operate and manage agency trust accounts. It is administered and enforced by the Of±ce of Fair Trading. The Act aims to ensure that trust moneys held by agents on behalf of clients are properly dealt with and can be accurately accounted for at all times. Amongst other things, the Act: requires real estate agents to open trust accounts only with banks and ±nancial institutions approved by the Of±ce of Fair Trading; regulates how real estate agents are to receive moneys into their trust accounts (for example, issue of receipts within certain timeframes, banking of cash deposits promptly); regulates how and when real estate are to disburse moneys from their trust accounts; requires real estate trust accounts to be audited annually; requires real estate agents to keep trust moneys separate from general moneys; and requires trust account records to be kept for 5 years. Learner Activity Click HERE to see the guide to Queensland trust account requirements published by the Of±ce of Fair Trading. Residential Tenancies and Rooming Accommodation Act 2008 (Qld) This Act is the main piece of Queensland legislation regulating residential tenancies. It is administered by the Residential Tenancies Authority ( RTA ). Amongst other things, the Act: regulates the rights and obligations of landlords, tenants and agents / property managers;

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 58/66 establishes the rules for how tenancy agreements are formed, what needs to be included in them, and the termination of tenancy agreements; establishes the rules for how bond monies are collected, held and claimed; sets out the length of notice a landlord needs to give a tenant before taking certain action (for example, entry into the property, requesting a tenant to leave); contains dispute resolution procedures for any disputes between landlords and tenants; and prescribes the forms to be used in day-to-day rental transactions (e.g. RTA Form 9 Entry notice, standard tenancy agreement terms, entry condition reports). Privacy Act 1988 (Cth) This Act regulates how companies collect, hold, use and disclose personal information about individuals. The Privacy Act is administered and enforced by the Of±ce of the Australian Information Commissioner ( OAIC ). Amongst other things, the Act: regulates how businesses (with more than $3 million annual turnover) collect, store and manage personal information of individuals; gives individuals the rights to access and request correction of their personal information held by an organisation; permits an organisation to only collect personal information that is reasonably necessary for one or more of its functions or activities; requires an organisation to securely store the personal information it holds; requires an organisation to keep the personal information it holds up-to-date, accurate and complete; prohibits an organisation from using or disclosing personal information for certain purposes unless exceptions apply (for example, the individual has given their consent, or the organisation is required to disclose the information to law enforcement bodies); and establishes certain rules for using an individual’s personal information for marketing. Work health and safety legislation There is Commonwealth and Queensland work health and safety ( WHS ) legislation which applies to workplaces. Both the Commonwealth and Queensland legislation are called the Work Health and Safety Act 2011 . There are some differences between the Commonwealth and Queensland Acts but both Acts: impose an obligation on businesses to ensure a safe workplace for personnel; and require business to take steps to minimise health and safety risks in the workplace. Under WHS legislation, company vehicles can be considered a workplace, and open homes may be considered a workplace for salespersons and agency personnel Anti-discrimination legislation At a Commonwealth level, there are several anti-discrimination Acts: Age Discrimination Act 2004 Disability Discrimination Act 1992 Racial Discrimination Act 1975 Sex Discrimination Act 1984 Queensland has a single piece of anti-discrimination legislation - the Anti-Discrimination Act 1991 (Qld).

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 59/66 This legislation prohibits discrimination on grounds of age, disability, race, sex, impairment, relationship status, religious or political beliefs, gender orientation. The legislation applies to employment, provision of goods and services, disposal of land, accommodation etc (so it very much applies to the real estate industry). Fair Trading Act 1989 (Qld) This Act is a key piece of Queensland consumer protection legislation and is administered and enforced by the Of±ce of Fair Trading. Amongst other things, it: regulates how individuals and businesses conduct business with each other and consumers; and applies the Australian Consumer Law in Queensland. Competition and Consumer Act 2010 (Cth) This Act is the main piece of Commonwealth consumer and competition legislation. It is administered and enforced by the Australian Competition and Consumer Commission ( ACCC ). The Act is national law. It applies in all States and Territories and it governs how companies deal with their competitors, suppliers and customers. Amongst other things, the Act: promotes fair and truthful competition and dealings with consumers; establishes the Australian Consumer law; requires businesses to be accurate in their advertising; prohibits misleading and deceptive statements and conduct in relation to goods, services, land and employment; and prohibits unconscionable conduct and bait advertising. The Australian Consumer Law is the main piece of consumer protection legislation in Australia and regulates how businesses in Australia deal with consumers (including but not limited misleading or deceptive conduct, unconscionable conduct, unfair practices and conditions and warranties). Spam Act 2003 (Cth) Spam is any unwanted email that advertises goods and services ( https://www.acma.gov.au/what-spam#spam- rules ). The Spam Act 2003 (Cth) regulates the sending of unsolicited commercial electronic messages (such as emails, text messages or instant messages) in Australia. The Act requires that unsolicited commercial electronic messages must meet the following requirements: permission – before it is sent, it must ±rst have the permission of the intended recipient; identity of sender – the message must accurately identify your name or business name, and include correct contact details for you or your business; and ability to unsubscribe – the message must make it easy for recipients to unsubscribe from future messages. In particular, the message is required to include an unsubscribe option that: presents unsubscribe instructions clearly; honours a request to unsubscribe within 5 working days; does not require the payment of a fee; does not cost more than the usual amount for using the address (such as a standard text charge); and is functional for at least 30 days after you sent the message.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 60/66 The Australian Communications and Media Authority (ACMA) is a statutory authority that enforces the Spam Act 2003. For more information on ACMA, go to https://www.acma.gov.au/ Do Not Call Register Act 2006 (Cth) The Do Not Call Register is a secure database where individuals and organisations can register, check or remove their Australian telephone, mobile and fax numbers to opt out of receiving most unsolicited telemarketing calls and faxes. Once registered, a number will stay on the register inde±nitely unless the number owner or their representative removes the number. Telemarketers have 30 days to recognise the registration of a number and to stop contacting that number. To identify registered numbers, organisations are able to check—or ‘wash’—their calling lists against the register. Lists are submitted, checked and returned with all registered numbers identi±ed. To protect the privacy of registrants, organisations are only given information on the numbers submitted. Any organisation that either calls or faxes a number listed on the register, or arranges for this to occur, may be breaking the law and could face penalties. There are a number of exemptions such as market research calls, charities, and political parties. However, real estate agents are not exempt from the legislation. The Do Not Call Register scheme is administered by ACMA. For more information, see: https://www.donotcall.gov.au/about/about-the-do-not-call-register/ https://www.acma.gov.au/protect-yourself-unwanted-calls-and-faxes

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 61/66 [8.3] What government bodies regulate the real estate profession? In Queensland, there are numerous government bodies which regulate how businesses are operated. These government bodies oversee and enforce speci±c legislation which apply generally to all businesses, real estate or otherwise. Of particular relevance to the real estate industry are the following: Of±ce of Fair Trading (OFT) The Queensland OFT is the main consumer protection body in Queensland. It aims to provide a safe and fair marketplace for Queensland businesses and consumers. The OFT enforces the Australian Consumer Law in Queensland, is responsible for any product safety recalls, and handles consumer complaints. Signi±cantly, the OFT is the main regulatory body for the Queensland real estate industry, and it administers the licensing or registration scheme for real estate professionals, regulates the conduct of real estate professionals in Queensland, and regulates the operation of trust accounts by real estate professionals. The OFT administers and enforces the Property Occupations Act 2014 (Qld) and the Agents Financial Administration Act 2014 (Qld). Learner Activity Go to the OFT’s website at https://www.qld.gov.au/law/fair-trading for information on the role that the OFT plays in regulating businesses in Queensland. For information on how the OFT regulates the real estate profession - go to Regulated industries, licensing and legislation > Property industry regulation Watch the following video in which the Of±ce of Fair Trading discusses its role in regulating the real estate profession - Click HERE Australian Competition and Consumer Commission (ACCC) The ACCC is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 (Cth) and promote competition and fair trading for the bene±t of all Australians. Particularly relevant to the real estate profession are the Australian Consumer Law provisions in the Competition and Consumer Act 2010 (Cth). See [8.2] What legislation applies to the real estate profession? above. Learner Activity Further information on the ACCC can be found by on its website at https://www.accc.gov.au/ Residential Tenancies Authority (RTA) The RTA is the Queensland Government statutory authority that administers the Residential Tenancies and Rooming Accommodation Act 2008 (Qld).

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 62/66 The RTA works with all sector groups including tenants, property managers and owners, community and industry stakeholder groups and the Queensland Government. It provides tenancy information, bond management, dispute resolution, investigation, and policy and education services in relation to residential tenancies in Queensland. Although the RTA primarily regulates how landlords and tenants conduct themselves, real estate professionals who provide property management services need to be totally familiar with the requirements of the Act as they act on behalf of landlords. Learner Activity Further information on the RTA can be found on its website at https://www.rta.qld.gov.au/ The website provides information on bonds, renting and managing properties, dispute resolution and the landlords’ and tenants’ rights and obligations under Queensland law. Property Managers often access the RTA website during their day to day work for information - so if you plan to work as a property manager, we suggest spending some time to familiarise yourself with the RTA website. Fair Work Ombudsman The Fair Work Ombudsman is an independent Commonwealth statutory of±ce. It administers and enforces the Fair Work Act 2009 (Cth) and its services are free to all workers and employers in Australia. The main roles of the Ombudsman are to promote harmonious, productive and cooperative workplace relations, and ensure compliance with Australian workplace laws. It provides the following services to the public (including employers and employees): a single point of contact for reliable and timely information about Australia's workplace relations system; educating people working in Australia about fair work practices, rights and obligations; assessing complaints or suspected breaches of workplace laws, awards and registered agreements and some Fair Work Commission orders; litigating in some circumstances to enforce workplace laws and deter people from doing wrong in the community; and building strong and effective relationships with industry, unions and other stakeholders. Learner Activity Further information on the Fair Work Ombudsman and Australian employment law can be found at https://www.fairwork.gov.au/ Others Australian Human Rights Commission – administers anti-discrimination legislation - https://www.humanrights.gov.au/ Of±ce of the Australian Information Commissioner – administers and enforces the Privacy Act 1988 (Cth) - https://www.oaic.gov.au/

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 63/66 [8.4] Industry bodies The three (3) main real estate industry bodies are: Real Estate Institute of Queensland (REIQ) The REIQ is the main real estate professional association in Queensland. Its members comprise of agency of±ces and real estate professionals including principal licensees, salespeople, property managers, resident unit managers, auctioneers, business brokers, buyers’ agents, and commercial and industrial agents in Queensland. Membership to the REIQ is optional. The REIQ’s functions include: undertaking political advocacy on behalf of its members and the profession; providing property research, advice and training to members; acting as a source of real estate products and services; and providing a platform for dispute resolution between member agents. Australian Property Institute (API) The Australian Property Institute is a membership organisation for property professionals that develops and supports its members to advise the community and business. The API: sets and maintains the highest standards of professional practice, education, ethics and professional conduct for its members. In turn, the work of the API raises the bar for the entire property profession; advocates for its members with a range of stakeholders. It does not represent one sector of the property profession but a wide range of property professionals; and provides professional recognition for each member. API membership requires minimum quali±cations and experience. Learner Activity Further information on the API can be found at their website at https://www.api.org.au Property Council of Australia (PCA) The Property Council of Australia is an advocacy group for the Australian property industry. The Property Council champions the interests of companies that represent the full spectrum of the industry, including the real estate profession, developers and investors. Learner Activity Further information on the PCA can be found at their website at https://www.propertycouncil.com.au

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 64/66 [9] When to get specialist advice Real estate practice involves many other related commercial areas and professions. While real estate agents are experts in what they do, it is unrealistic to expect real estate agents to be experts in all the areas that could possibly be relevant to real estate. Indeed, it is dangerous for real estate agents to give advice on issues or matters in which they are not experts. It is therefore important for real estate agents to be able to identify situations which require specialist advice and to have a network of specialists they can contact for advice or to refer a client to. If you are working within an agency, a good place to start will be to ask your immediate manager or agency principal. Real estate professionals with more experience may have encountered the very issues you are now facing and can help you resolve them. If they cannot help you, chances are that they know someone who can. A real estate agent should get to know at least two specialists in each of the following categories in case the agent (or a client) encounters an issue that needs to be resolved: Registered valuers – for those instances where a client (or a bank) requires a de±nite valuation for a property. As an agent, you can only provide appraisals as to the likely selling price of a property. Only a quali±ed and registered valuer can issue a valuation for a property; Accountant – to advise on any ±nancial, taxation, sale or rental structuring issues. For example, a client may ask you which is the most tax effective way to purchase an investment property, or to lease a property. Or you may be asked about what property expenses are tax deductible. Taxation laws are extremely complicated and constantly changing – on such issues, the client is better served by an accountant; Builder – to advise on the impact of any construction issues and how identi±ed construction issues can be recti±ed or repaired, or to advise on whether or not a property or any additions or extensions comply with the Building Code; Structural engineer or civil engineer – to advise on any issues with the structure or foundation of a property, or any civil works that are required in relation to a property; Lawyer – to advise on any legal issues or matters that need to be addressed in a Contract of Sale or Tenancy Agreement; Finance or mortgage broker – to advise on a client’s ability to borrow money and to work out the client’s borrowing capacity; Town planner – to advise on any possible zoning issues and any future zoning plans; and Architect – to advise on what renovations or modi±cations can be made to a property. In selecting your network of specialists, be sure to choose specialists who are properly quali±ed, solutions- focussed, able to get along with you and your clients, and have a good reputation within their ±elds.

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 65/66 [10] References and resources Clive Turner and John Trone, Australian Commercial Law , 30 edition (2015), Thomson Reuters Of±ce of Fair Trading - https://www.qld.gov.au/law/fair-trading Residential Tenancies Authority - https://www.rta.qld.gov.au/ Australian Competition and Consumer Commission - https://www.accc.gov.au/ Of±ce of Fair Trading’s real estate and property industry page - https://www.qld.gov.au/law/laws-regulated- industries-and-accountability/queensland-laws-and-regulations/regulated-industries-and- licensing/regulated-industries-licensing-and-legislation/property-industry-regulation Fair Work Ombudsman - https://www.fairwork.gov.au/ Commonwealth business website - www.business.gov.au Queensland Government’s Business Queensland website - https://www.business.qld.gov.au/ Australian Human Rights Commission – https://www.humanrights.gov.au/ Of±ce of the Australian Information Commissioner – https://www.oaic.gov.au/ Australian Communications and Media Authority (ACMA) - https://www.acma.gov.au/ Real Estate Institute of Australia, A Career in Real Estate - https://reia.asn.au/agents/training/a-career-in-real- estate/ Article on good communications skills - https://www.careerfaqs.com.au/news/news-and-views/excellent- communication-skills-what-does-it-really-mean Article on building rapport - https://www.mindtools.com/pages/article/building-rapport.htm th

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7/16/23, 10:42 AM 2023 Cluster 1 Learner Notes https://www.validumportal.com.au/learn/mod/book/tool/print/index.php?id=1570 66/66 Important information about your Learner Notes The content in these Learner Notes has been prepared to the best efforts and knowledge of Validum Institute. Industry practice and trends, and legal and regulatory requirements and forms are constantly changing. While Validum Institute will take reasonable steps to maintain the resources contained in these Learner Notes or on the Validum Institute Portal, no guarantee is given that the resources provided in these Learner Notes or on the Validum Institute Portal are correct, complete and up-to-date at all times. If you are working in the real estate industry, it is your responsibility as a licenced or registered real estate professional to ensure that you understand the relevant legislation and how they impact on your activities and conduct. It is your responsibility to stay current with all the latest requirements, to use current legislative forms and to be aware of industry best practice. All resources in these Learner Notes and in the Validum Institute Portal are prepared for educational and training purposes only. To the extent that these resources refer to legal requirements or issues, these materials are not considered to be providing legal advice. If learners have any legal issues or queries arising out of reviewing these resources, learners should obtain professional legal advice. We do not guarantee, warrant or represent that any learner will pass any Assessment as a result of using these Learner Notes or the resources on the Validum Institute Portal. Validum Institute is not responsible for, and expressly disclaims all liability resulting in or for damages of any kind arising out of use, reference to or reliance on such resources. If you believe that any of the resources contained in these Learner Notes are incorrect or require updating, please feel free to contact us. This product is the property of Validum Group Pty Limited and its use is subject to the provisions of the Copyright Act 1968 (Cth). It is intended to be used by learners for study purposes. It may not be reproduced by whatever means or used or modi±ed for the purpose of generating income through sale or licensing without the prior written permission of Validum Group Pty Limited. Any inquiries concerning use of the product, for purposes other than its stated intention, should be directed to  info@validumgroup.com.au .

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2023 Cluster 1 Learner Notes

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