Risk Management in Property Agency

This document discusses the responsibilities of agents in risk management in a property agency. It defines risk in a property agency and explores specific instances of risk in different scenarios. It also covers the importance of communication strategies in identifying, managing, and mitigating risks.

Assessment

Table of Contents
TASK 1............................................................................................................................................1
Q 1.1 ...........................................................................................................................................1
Q 1.2 ...........................................................................................................................................1
Q 1.3 ...........................................................................................................................................1
Q.1.4 ...........................................................................................................................................1
Q 1.5 ...........................................................................................................................................1
Q 1.6 ...........................................................................................................................................1
Q 1.7 ...........................................................................................................................................1
Q 1.8 ...........................................................................................................................................1
Q 1.9 ...........................................................................................................................................1
Q 1.10 .........................................................................................................................................2
Q 1.11 .........................................................................................................................................3
Q 1.12 .........................................................................................................................................3
Q 1.13 .........................................................................................................................................3
Q 1.14 .........................................................................................................................................3
Q 1.15 .........................................................................................................................................3
Q 1.16 .........................................................................................................................................4
Topic 2 : Rules of Conduct..............................................................................................................5
Q 2.1............................................................................................................................................5
Q 2.2............................................................................................................................................5
Q 2.3............................................................................................................................................5
Q 2.4............................................................................................................................................5
Q 2.5............................................................................................................................................6
Q 2.6............................................................................................................................................6
Q 2.7............................................................................................................................................7
Topic 3 : Risk Management – responsibilities of agents.................................................................8
Define ‘risk’ within a property agency.......................................................................................8
Note the scenario you have chosen i.e. A, B, C or D, and explain the specific instances of risk
that may occur in relation to the scenario...................................................................................8

Why is an agent responsible for ensuring the safety and welfare of others and themselves
while carrying out their tasks? For instance, why is the agent legislatively obliged to take
responsibility for others? What is the responsibility of the agent or employer in your scenario?
.....................................................................................................................................................8
Identify components of a risk management plan for the scenario you have chosen...................9
Provide three ways that you could incorporate contingency planning for this scenario into
daily or weekly or monthly or other agency practices................................................................9
Explain the importance of communication strategies in identifying, managing and mitigating
risk in your scenario..................................................................................................................10
Topic 4 : Marketing and Quality Control......................................................................................10
Q 4.1..........................................................................................................................................10
Assume something goes wrong with your marketing strategy. Explain what it is and how you
will manage it............................................................................................................................14
REFERENCES..............................................................................................................................15

TASK 1
Q 1.1
No, Mr Smith who is a real estate agent can not become a strata managing agent if he obtains
the qualification and does the workplace experience.
Q 1.2
Yes, Mr Smith can sell residential property
Q 1.3
Yes, he can also sell rural property over 20 hectares.
Q.1.4
Yes, Mr Smith company need a corporation licence.
Q 1.5
The hierarchy of licence classes, from least experienced to most experienced is
(A) assistant agent, class 2 licence, class 1 licence.
Q 1.6
The minimum length of time required for registration is
(A) for an assistant agent to become a Class 2 agent, 1 year.
Q 1.7
Sales agreement and property management contract can not be signed by assistant agent.
Q 1.8
No, he does not meet with the all criteria for applying for a Class 1 licence under Pathway 3 -
Provisional for former licence holders.
Q 1.9
A) Two task form Part 2 – Sales
 Preparation of the marketing plan. This task will help in taking better decision and
providing accurate guidance for correctly performing activities.
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 Conducting a market campaign in order to increase the sales of property. This type of
activities must consist of conducting open homes or inspections with the accurate and
prospective buyers (Abidoye and Chan, 2018). It is crucial for undertaking the
negotiation with prospective buyers and extracting various offered. Sales person needs to
submit the offers to vendors along with execute agreements and documents with is
according to the requirement of the legislations.
B) Two tasks from Part 2 – Leasing
 This includes that task of performing or conducting marketing campaign for the property.
This type of task includes different activities such as acceptance and checking of
application and providing provision of advice or recommendation to landlord. Apart
form this it includes successful advising or unsuccessful applications.
 Leasing task includes the preparation and execution of Residential Tenancy Agreement
that is completely according to he legislative needs an requirements.
C) two tasks from Part 3 – Property and strata management
 This will includes that task and capabilities of read plans, drawing as well as
specifications for residential buildings (Akinsomi, Mkhabela and Taderera, 2018). It is
crucial that this type of task is correctly and accurately performed with the motive of
correctly managing the property and strata management.
 It is essential to create as well as maintain an accurate asset management plan or system.
As per the plan required task and practices will be performed accordingly.
Q 1.10
What work experience requirements will an applicant for a Class 1 licence have to show?
The work experience that is required by the application for a Class 1 licence includes
(A)Diploma of Property (Agency Management) (CPP51119), or (b) Diploma of Property
Services (Agency Management) (CPP50307).
Q 1.11
How many of the tasks shown in the schedule have to be completed by an applicant for a
Class 2 licence?
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There are different task that is shown in the schedule that have to be completed by an
applicant for a Class 2 licence includes at least 9 tasks listed in Part 1 of Schedule 1, and (b) at
least 5 tasks listed in Part 2 of Schedule 1.
Q 1.12
Which is the only type of licence that does not need CPD?
Assistance Stock and Station agents (Livestock only condition) is the only type of licence
that does not need CPD (Bieda, 2018). There is no requirement for CDP for the person who is
the holder of Assistance Agent in Stock and Station and have condition imposed on their
certificate restriction them in order to act as the agents for the sales of livestock only.
Q 1.13
On what date will the NSW Office of Fair Trading start taking enforcement actions to
ensure that agents are complying with the new regulatory environment?
From the date of 23 March 2020, the NSW office of the Fair Trading start taking
enforcement action in order to ensure the agents are complying with the new regulatory
environment and new regulatory obligation under the Property and Stock agents Act 2020.
Q 1.14
Section 52 of the Property and Stock Agents Act notes a penalty for non-compliance of up to 200
penalty units (Bollinger and Pagliari, 2019). If the value of a penalty unit is defined in Schedule
15 of the Property and Stock Agents Act as being $2,200, what is the maximum fine for breach
of requirements to disclose material facts?
The maximum fine is $ 440000 for the breach of requirement to disclose material facts.
Q 1.15
What is a licensee-in charge?
Licensee in charge can be describe as the individual who is accountable for either to
carries on business under a Class 1 licence or is responsible to be in charge of the business under
the section 31 of the Act. Licensee in charge is a person that is majorly responsible for proper
supervision of the business which they are in charge as well as it is crucial to hold Class 1
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licence in the category with is relevant to the business. For example it is crucial that LIC of the
real estate agency most hold a class 1 real estate agent's licence.
Q 1.16
What is the purpose of the licensee in charge being the only person who can authorise the
release of monies from the trust account?
There is only licensee who is in charge that may authorise the withdrawal of money from
the a trust account. In this agent is not authorise for the withdrawal of money form trust account
unless the agent hold a Class 1 licence (Doan and Nguyen, 2018). The main purpose of the
licensee in charge being only person who can authorise the release of money from the trust
account is to make licensees in charge of the ultimately accountable for any trust money that has
been released form the agency's trust accounts.
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Topic 2 : Rules of Conduct
Q 2.1
a) Be able to access the legislation to find out answers to questions
f) Encourage staff to not operate on myth or outdated rules but to access the legislation and use it
to make suggestions about how the agency operates
g) Use the legislation to inform my behaviours and actions as a property professional
Q 2.2
Fiduciary obligations refer to the legal commitment or duty of a person to act in the best
interest of their respective client (Downs, Sebastian and Woltering, 2017). They exist when the
relationship with the clients involves a particular trust, confidence as well as the fiduciary in
order to exercise expertise. Both responsibilities as well as duties of a fiduciary are legal as well
as ethical.
Q 2.3
The agent who is working for that particular agency should speak regarding the same
with the landlord. The agent should tell the landlord that paying the rental income monthly and
that too when the tenancy starts from will avoid the typical stress on the staff which is usually
caused at the end of month. This will help in clearing out the matter as well as the agency will be
able to continue the practice.
Q 2.4
The reason why licensees as well as the certificate holders are prohibited from receiving
gifts or benefits over a certain amount is S53F of the Property and Stock Agents Act has set up a
prohibition on agents to receive or request gifts for another person or for themselves (Glaeser
and et. al., 2017). This is because the there can be circumstances that can give rise to a conflict
between them. The amount of $60 is the same as the limit of dollar under reforms to laws that
govern agents.
Q 2.5
Rule 22 states that the rental money as well as sales money should be kept in trust
accounts that are separate from each other. This is the responsibility of an agent who is the
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licensee in charge of a business. He should ensure that both rent as well as sales deposits are not
kept in the same account.
Q 2.6
The chosen schedule is Schedule 2, which includes rules that are specific to real estate
agents and assistant real agents. The schedule is comprised of two parts, the first part is related to
real estate and business sales (Gnat, 2019). On the other hand, the second part deals with
property management. The first part is applicable to the real estate agents as well assistant real
agents who are responsible for performing leasing functions as well as sales related to real estate.
The rules that are involved in this particular part include a sales inspection report is required for
all businesses or properties. Besides this, the vendor has to be informed about the offer and so
on. Whereas the second part is applicable to real estate agents as well as real estate agents and is
related to property management. Some examples of the rules that are included in this part are
notifying the tenant about the appointment to sell, maintenance as well as repair of the rental
property, using collection agent to collect rent etc. Two rules of conduct are explained below -
Confirmation of specific instructions – property management services : This rule
states that at the time of or before entering into a particular agency agreement wherein an agent
provides services related to property management in respect of the leasing of a residential
property or a rural land, it is important for the agent to prepare for inclusion in the agency
agreement. Some of the duties of the agent include entering into a residential tenancy agreement
and signing the same. Besides this they also have the duty of undertaking inspections of a
particular property and so on.
Inspection Report : As soon after entering into an agency agreement in respect of the
management of property, an agent must prepare an inspection report and give it to the owner of
the property. The inspection report should include the name of the agent, license number as well
as the business address (Humphreys, Nowak and Zhou, 2019). Apart from this, it should also
include the address of the property, a description about the interior as well as exterior condition
of the property. Lastly, the date on which the report is prepared, the name as well as address of
the owner should also be included in the report.
Q 2.7
Requirement to report suspected theft of livestock
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An agent who suspects that livestock may have been stolen or obtained unlawfully at an
auction for the sale of livestock or at any other time must inform a police officer as soon as
possible about the cause of the suspect ion.
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Topic 3 : Risk Management – responsibilities of agents
Define ‘risk’ within a property agency
Risk within a property agency can be defined as the chance of something happening that
can have an impact on the overall objectives of the business. There can be certain factors that can
affect the ongoing processes within the company (Kumar and et. al., 2019). All property
agencies, both large as well as small are at the risk of getting affected. These risk factors can
either be external to the agency or internal.
Note the scenario you have chosen i.e. A, B, C or D, and explain the specific instances of risk
that may occur in relation to the scenario
In scenario D, Alannah is a business broker who organizes an inspection of the site with
the vendor as well as a potential buyer. Being a business broker, she is keen on avoiding all kinds
of risks. These include any kind of physical danger to the client, vendor as well as herself during
the inspection. Some instances of risk can include exposure to a certain kind of chemical,
explosion or fire. There can also be a risk of injury due to hazards at the inspection site and can
include slips and trips, being hit by moving objects etc. therefore, it is important for Alannah to
take into account the different risks so that their impact can be minimized and the inspection can
be conducted in a smooth manner. Other risks can include heat stress, noise, cold exposure,
electrical hazards etc.
Why is an agent responsible for ensuring the safety and welfare of others and themselves while
carrying out their tasks? For instance, why is the agent legislatively obliged to take
responsibility for others? What is the responsibility of the agent or employer in your
scenario?
An agent is responsible for ensuring the safety as well as welfare of others and
themselves while carrying out their tasks because it is their responsibility. They should cooperate
with employer in regard to safety, health as well as welfare to work. This ensures that the agents
are able to carry out their tasks in an effective manner (Li, Wang and Lin, 2018). The agent is
legislatively obliged to take responsibility for others because they are under an agreement for the
same. In the given scenario, is is the responsibility of Alannah to ensure that the site is safe and
free from any kind of major risks that can prove to be dangerous for the vendor, the buyer as well
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as for her. She should check that the site has proper electricity in order to make sure that there
are no issues during the inspection.
Identify components of a risk management plan for the scenario you have chosen
A risk management plan is an important document that is primarily used by a project
manager in order to forecast risks, estimate their impact as well as define measures to address the
same. There are different components of a risk management plan that are applicable for the
scenario that has been chosen. These include definitions that define the risks as well as rank them
on the basis of priority, like, low, medium, high, very high etc (Monfared and Pavlov, 2019). The
next component is assumptions and they can have a significant impact on the overall analysis of
various risks (Risk Management Plan Components, 2020). Next, there is a list of various
categories of risks. The list is highly specific to the industry that it is being used for. For
instance, in context of the given scenario, the list will include risk categories that are related to
the site that is being inspected. A risk register will also be included and it will contain a list of
the very important risks that can be faced during the site inspection process and how can they be
dealt with.
Provide three ways that you could incorporate contingency planning for this scenario into daily
or weekly or monthly or other agency practices
A contingency plan can be defined as a course of action that is designed to help an
agency or organization to respond to a significant event of the future or a situation that may or
may not occur. The plan is also sometimes referred to as Plan B, which means that it can be used
as an alternative for action. Contingency planning is generally incorporated when a risk presents
itself and its main purpose is to reduce the impact of the risk when it taken place. In case of lack
of contingency planning, the risk can impact the project completely and that too in a negative
manner. In the given scenario, if a risk shows up during the site inspection, the business broker,
Alannah should be prepared with a contingent plan so that the risk can be reduced.
This includes being aware of the surroundings of the site and having the contact details of
service providers or agencies that she thinks would be useful in case of an emergency and help in
reducing the impact of the risk (Ozalp and Akinci, 2017). Another way in which contingency
planning can be incorporated for this project includes that Alannah should hire an investigator
who will carry out a last minute inspection in order to make sure that there are no specific risks
that can affect the overall site inspection process. Lastly, Alannah should have a detailed 3D
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model of the site as a soft copy. So that if a sudden risk comes up, the business broker can give a
virtual tour to the vendor as well as the buyer. This way, the site inspection will be carried out
effectively even in case a sudden risk comes up.
Explain the importance of communication strategies in identifying, managing and mitigating risk
in your scenario
Communication can be defined as the process of exchanging information with the help of
symbols, signs or language that is understood by both, the speaker as well as the receiver. It is
important because it bridges the gap between people and facilitates understanding.
Communication strategies are important and help in maintaining relationships, which allows
businesses or agencies to work efficiently and achieve their overall goals as well as objectives.
They can either be verbal or visual or non-verbal. There are various communication strategies
that can be used in order to identify, manage as well as mitigate different risks in the given
scenario. For example, one of the major strategies that can be implemented in the given scenario,
include being flexible with others (Palm and Pauli, 2018). This means that if Alannah identifies a
particular risk at the inspection site, she should inform the vendor as well as the buyer
immediately, in order to avoid any kind of confusion. It is important for her to have strong verbal
as well as non-verbal communication skills. Visual communication can also be used in case if a
sudden risk comes up. The risks that are identified and can occur at the site, should be discussed
the vendor and buyer beforehand. As a result, effective communication will allow Alannah to
manage and mitigate the identified risks in an effective manner and reduce their overall impact.
Therefore, communication strategies make sure that all individuals who are involved in a
particular project or activity have adequate information about the same so that they can
communicate effectively if there is a need.
Topic 4 : Marketing and Quality Control
Q 4.1
Marketing can be describe as the process of identifying customer needs as well as
attracting large number of customers towards business with the motive of increasing sales and
profits. It is essential for ABC organisation to successfully conduct marketing practices as it will
lead to have major impact on growth or development of business. ABC company is dealing in
the real estate sector as well as conducting different activities. Marketing is a wider term and it
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includes various aspects which is significant for providing various benefits to organisation.
Through marketing practices respective company will be able to create and develop strong image
about business and its offering in market area. This will lead to significant impact over
successfully performance of the business and attracting large number of customers towards
business as well as enhancing organisational practices. Marketing process includes various
strategies that is effective for successfully attracting more customers towards business.
Respective organisation has planned to provide new services to customers that is effective for
meeting with the need and want of customers.
What is the purpose of your marketing?
The main purpose of this marketing plan is to enhance the information about the new
services and offering of the company to potential customers. This will be significant for
increasing the awareness about respective company offers to customers in order to attain desired
goals. ABC organisation has introduced the new and innovative services of virtual tour.
Marketing practices of this organisation will be to provide information to customers about the
innovative virtual tour offering of the organisation that is significant for improving the
experience of customers with the company (Rajakallio and et. al., 2018). ABC organisation will
contact with customers through digital platform in order to provide real estate solution to
customers in COVID 19 Pandemic. This marketing practices will include personalized or
informative mail to potential customers so that they can get idea about the new services of
organisation.
What is your competitive advantage? What sets you apart from your competition?
Competitive advantage refer as the way organisation in gaining edge over other rival
companies. This will lead to positively impact business practices as well as enhance business
market area as compare to competition. ABC company is consider new and innovative
technology in order to successfully and effectively conducting business practices in more
effective manner. Advance technology that is consider by organisation is significant for making
respective company apart form the competition with in the market area. ABC real estate
company is focusing on the needs and wants of customers as well as developing effective
relationship with customers. This is significant for gaining company edge over other companies
as well as enhancing business practices significantly.
Who is your target market? Ideally, who would be an ideal customer for your services?
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Once organisation has determine the propose of marketing plan as well as competitive
advantage over other rival companies it is essential for respective company to identify the target
market. This will help company to create accurate pitch strategy as well as successfully attract
more customers towards business (Sardaro, Bozzo and Fucilli, 2018). Target market can be
describe as the potential customers who have high chances to purchase the products and offering
of the company. For ABC company, target customers are people of Australia who have potential
to chase residential or any kind of properly. This will includes the customers who have interest in
real estate properties and have significant amount of financial resources to invest in properties.
What marketing weapons will you use? What strategies will you use to get people to know
who you are and what you do?
Marketing forms an important component for an organization to attract a greater number
of potential customers and retain the existing ones. Using the appropriate marketing weapons can
allow a company to market its products as well as services in an effective manner. Some of the
marketing weapons that can be used to generate awareness among customers about the business
and what it does can include encouraging the involvement of the community, online marketing,
customer research as well as content marketing. Online marketing can including increasing
online presence across various social media platform in order to increase engagement among
users. Different digital technologies including desktop computers, smartphones etc. will be used
to promote the new service of virtual tour innovation so that the 3D tours can be developed to
provide the virtual buyers the experience of walking from their homes itself. Similarly, in content
writing strategy, pictures, videos etc. will be used for a targetted audience.
What is your identity? What is the personality of your business?
The identity of a business can be defined as the different characteristics through which
the customers identify it and its products (Stein, 2019). The identity of the respective company
will be the font of the logo. It will be blue in colour and the design will make the business stand
out from other real estate businesses in the market. On the other hand, the business personality
generally represents the way an organization perceives, interprets and evaluates to existing
opportunities as well as threats in the business. The personality represents the people who work
for the company and their values, different business processes etc. for the respective business,
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the personality will be helping vend0ors as well as buyers. The business will be passionate and
comprise of employees who are confident, motivated as well as risk takers.
What is your budget as a % of your gross sales? How much are you committing to invest
on growing your business?
A budget can be defined as an estimation of expenses as well as revenues over a specific
period of time. It is re-evaluated on a regular basis in order to match the demands of the business
(Suciati, Purwohedi and Ahmad, 2018). There are different types of budgets that can be used
based on the purpose as well as type of expenses. A budget basically allows a business to create
a plan that can help in making sure that the different expenses in the business are under control.
MARKETING BUDGET
PARTICULARS I Year II Year III Year IV Year V Year
Initial amount 3000 7500 11500 15660 15540
Investing 8500 9000 20000 28000 13500
TOTAL 11500 16500 31500 18460 29040
MARKETING OUTLAY
Promotion 5000 2850 3050 3560 3000
Sales advertisements 2000 1800 3000 1500 1100
Direct selling 3500 1600 4500 2500 4600
TOTAL 10500 6250 10550 7560 8700
In the growing business, we are currently planning on investing £7000 in order to attract
a greater number of potential customers and retain the existing ones. Preparing a well-planned
budget will help us in identifying the different expenses and controlling them in an effective
manner (Taylor, 2018). Besides this, a budget will the business in keeping track of all the various
financial goals that the company has set and allow it to achieve its goals as well as objectives in
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an effective manner. The business would not invest a huge amount but rather a moderate sum of
money in order to grow itself and reach out to a greater number of people.
Assume something goes wrong with your marketing strategy. Explain what it is and how you
will manage it
There can be certain risks that can impact the overall business activities as well as its
strategy (Wu, Heerink and Yu, 2020). If something goes wrong with the marketing strategy that
has been planned, like the competition in the market increases and the competitors develop
strategies that are having a negative impact on our business, we will have to manage the same in
an effective manner. For this, the respective business will conduct a competitive analysis in order
to understand their strategy and develop new strategies that are effective and will yield better
results.
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REFERENCES
Books & Journals
Abidoye, R. B. and Chan, A. P., 2018. Hedonic valuation of real estate properties in Nigeria.
Journal of African Real Estate Research. 3(1). pp.122-140.
Akinsomi, O., Mkhabela, N. and Taderera, M., 2018. The role of macro-economic indicators in
explaining direct commercial real estate returns: evidence from South Africa. Journal of
Property Research. 35(1). pp.28-52.
Bieda, A., 2018. Conditional model of real estate valuation for land located in different land use
zones. Real Estate Management and Valuation. 26(1). pp.122-130.
Bollinger, M. A. and Pagliari, J. L., 2019. Another Look at Private Real Estate Returns by
Strategy. The Journal of Portfolio Management. 45(7). pp.95-112.
Doan, T. and Nguyen, N. Q., 2018. Boards of directors and firm leverage: Evidence from real
estate investment trusts. Journal of Corporate Finance. 51. pp.109-124.
Downs, D. H., Sebastian, S. P. and Woltering, R. O., 2017. Real estate fund openings and
cannibalization. Real Estate Economics. 45(4). pp.791-828.
Glaeser, E. and et. al., 2017. A real estate boom with Chinese characteristics. Journal of
Economic Perspectives. 31(1). pp.93-116.
Gnat, S., 2019. Spatial weight matrix impact on real estate hierarchical clustering in the process
of mass valuation. Oeconomia Copernicana. 10(1). pp.131-151.
Humphreys, B. R., Nowak, A. and Zhou, Y., 2019. Superstition and real estate prices:
transaction-level evidence from the US housing market. Applied Economics. 51(26).
pp.2818-2841.
Kumar, E. S. and et. al., 2019. Location identification for real estate investment using data
analytics. International Journal of Data Science and Analytics. 8(3). pp.299-323.
Li, Q., Wang, Q. and Lin, Z., 2018. Effects of consumer visit to online community and product
channel on local sales of large consumer goods: Evidence from real estate industry. The
Journal of Strategic Information Systems. 27(2). pp.191-204.
Monfared, S. and Pavlov, A., 2019. Political Risk Affects Real Estate Markets. The Journal of
Real Estate Finance and Economics. 58(1). pp.1-20.
Ozalp, A. Y. and Akinci, H., 2017. The use of hedonic pricing method to determine the
parameters affecting residential real estate prices. Arabian Journal of Geosciences.
10(24). p.535.
Palm, P. and Pauli, K. S., 2018. Bridging the Gap in real estate education: higher-order learning
and industry incorporation. Journal of Real Estate Practice and Education. 21(1).
pp.59-75.
Rajakallio, K. and et. al., 2018. Creating urban platforms—Opportunities and challenges for
innovation in commercial real estate development. Cities. 77. pp.92-103.
Sardaro, R., Bozzo, F. and Fucilli, V., 2018. High-voltage overhead transmission lines and
farmland value: Evidences from the real estate market in Apulia, southern Italy. Energy
Policy. 119. pp.449-457.
Stein, S., 2019. Capital city: gentrification and the real estate state. Verso Books.
Suciati, R., Purwohedi, U. and Ahmad, G. N., 2018. Analysis factor of capital structure property
and real estate companies in Indonesia. Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB).
6(2). pp.103-117.
Taylor, K. Y., 2018. How Real Estate Segregated America. Dissent. 65(4). pp.23-32.
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Wu, Y., Heerink, N. and Yu, L., 2020. Real estate boom and resource misallocation in
manufacturing industries: Evidence from China. China Economic Review. 60.
p.101400.
Online
Risk Management Plan Components. 2020. [Online]. Available
through:<https://www.projectengineer.net/risk-management-plan-components/>.
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