Prepare for Professional Practice in Real Estate

This document provides information about the regulatory framework of the property service industry, steps to be employed in the real estate industry, business identity, and job description for different roles in the industry. It also discusses the importance of professional development in real estate and how it helps in achieving the goals and objectives of the company.

CPPREP4001 Prepare for
Professional Practice in Real Estate

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Regulatory framework of the property service industry..............................................................3
Steps to take to be employed.......................................................................................................4
Business identity that is utilized and rationalized........................................................................5
Task 2...............................................................................................................................................6
Advertisement for sales...............................................................................................................6
Advertisement for property management....................................................................................6
Advertisement for administration................................................................................................7
Task 3...............................................................................................................................................8
a) Job Description........................................................................................................................8
b) An example of each role’s contractual and fiduciary responsibilities....................................9
Task 4.............................................................................................................................................10
Task 5.............................................................................................................................................14
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Real estate can be defined as land which is being purchase with permanent changes attached
with it. It includes, natural or man made changes such as, water, trees, buildings or any other.
Professional development is important because it helps in building good image in market and
employees should develop some skills which can be applied to generate more profit and it will
help in satisfying needs of customers. LJ Hooker is a real estate industry which was founded in
1928 by Sir Leslie Joseph Hooker (Glaeser and et.al., 2017). Its headquarter is situated in
Sydney, Australia and it serves many areas such as, Australia, New Zealand, Indonesia, China,
Hong Kong, Papua New Guinea and Vanuatu. There are 8000 employees working in the
organisation and company provides good services to consumers. In the present report, regulatory
framework of property service industry, advertisement given in newspaper, job description for
position is discussed. Further, different communication strategy such as, using plain language,
verbal and non verbal communication is described and its importance. Further, professional
development pathways within real estate is discussed and how it will help in achieving goals and
objectives of company.
TASK 1
Regulatory framework of the property service industry
Real estate industry is the one of the most important prime driver of the growth in the
economy and contributed to the GDP of the Australia. From the real estate sector gives the
tremendous growth in the country. The licensing framework of the real estate and the property
service sector was reviewed in 1997 in Australia (Ullah, and Al-Turjman, 2021). The NSW
government has introduced various reforms in the last 18 years for the protection of the
consumer in the real estate industry sector some of them are:
 The law are strengthen for forbid the underqouting in the real estate sector.
 Consumer’s compliant data are to be regular published.
 In the off plan property sales the use of the sun set clauses are increasing the protection
against this.
 Pre purchase property reports inspection cost is to be reduced.
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The NSW fair trading needs to necessary delivers the services and the regulatory frameworks of
the real estate and to the property markets that are experts. For this NSW government introduced
for the real estate and the division in the year 2015 of the fair trading. People who are working
the NSW service property sector have compulsory to have certificate or the registration or the
license according to the Property and business Agents Act. The license can be hold by the
individual or by the corporation. The property business can be done by the individual can hold an
appropriate license and have following can hold it:
 Real estate agents.
 Business agents.
 Stock and the station agent.
 Community scheme managing agents and many more.
There is general eligibility for the requirements in the real estate license that is managed the
business that is:
 Should be of 18 year of age for the license and have completed 16 years for the
registration.
 Individual should have to be fit and fine and if the business is in the partnership than all
the partners are to fit and fine (Carmichael, and Coën, 2018).
 Disqualified persons are not eligible.
 Qualification is must to get the license.
 Have to pay some contribution in the property service compensation fund.
Steps to take to be employed
To get work with the NSW industry of property as a agent need various documents
required and also other experiences that are:
First check the eligibility
To enter in the real estate business in the Australia firstly need the license and for that the
restrictions are imposed by the government. The eligibility for granting the license that an
individual has to be completed 18 years (Warr, and Inceoglu, 2018). Some restrictions that are
opposed for the entry are individual don’t have not opposed on crime like fraud, drug addict,
dishonesty and violence in the past 10 years, an individual don’t have insolvent under some of
the administration some include bankrupts, having the debt agreements.
Complete the classes of the real estate
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The competency units vary across the Australia, the local training are given to the by the
providers in a way that the units required are taught for the locations. The different classes is
arranged with the academics to build their knowledge in the field of the real estate and help to
understand the procedure and the requirements for the real estate. Some of them will provide the
different certificates for the real estate practice and for the certificate in the property service
course. Both this certificates are recognized nationally. Once the course is completed and get
passed in the assessments an individual is eligible for apply for the license. Some states and
territories in the Australia can require to work in the field for one to two years than they can
apply for the license for the real estate agents.
Start working
After getting the certificates and completed the course then an individual can enter in the
real estate service property sector. To enter in the real estate with the NSW one must has to start
with the assistant agents in the real estate and the in the sales and the leasing (Celuch, Bourdeau,
and Winkel, 2017). In the first year it is quite difficult as to build the networks with the clients,
learn to work with the burden and attending the phone calls etc.
Business identity that is utilized and rationalized
Business identity is a characteristic of the business that keeps the business different from
the others. The company LJ hooker that is well known real estate brand has some special identity
through its Tagline, logo etc. The tag line of the LJ Hooker that is “When you know, you know”
describes the brands to the consumer effectively that instinctual side of the decision making. It
created the best brand identity to the consumer by creating the trust to their customers. Company
get specialised in their sales and the property management from their effective networks and
making the effective strategies and the assisted offices to the priorities in competing the more
market share in the real estate industry in the Australia. Company retains with the use of the best
technology that is digital technology used recently (Grody, 2018). The business identity can be
made with the effective advertising campaign and the company like LJ Hooker, to advertise the
property photographs company uses the professional photography that helps to attract the
customers easily and can create the identity in the mind of the consumer. Excellent use of the
video graphics and the skills of the copywriter are used effectively to describe the property.
They uses the excellent use of the words through engaging the accurate text that attracts
the properties features in a way that benefits the regular life styles. As to be the best brand in the
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industry they effectively use the usage of the digital technology as from the online marketing,
from the real estate portals as where approx 86 percent of the clients use the online portals in
search for the properties and LJ Hooker is best in this by promoting their properties through the
portals. It is important to provide good quality services to consumers so that it will help in
building good image and more revenue can be generated. It is important to create brand image in
minds of customers as it will in increasing sales of company and help organisation in expanding
their business. Brand identity help in making different image from competitors and make unique
product identity. It is necessary for managers to take steps or benefit of company and motivate
employees to perform well. Proper plans or strategies should be made by managers so that more
revenue can be generated.
Task 2
Advertisement for sales
LJ Hooker company
Australia
Coming soon, 3 BHK home is available at Australia with modern design. It is well furnished and
having all the facilities which are essential. This will be sell soon because it has good interior and
people will be attracted.
For more details contact information which is given below and book as soon as possible.
Contact no. – 121-234355-333
Book online for $ 2000
Hurry up because offer is valid for few days.
Advertisement for property management
LJ Hooker
Australia
Reliable and effective management
What we have to offer :
 Marketing via mail
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 Increasing web presence
 Well furnished and good interior design
Comprehensive service includes:
 Inspections
 Leasing
 24*7 maintenance
 Accounting
Find out how easy it is.
Call today for free property management
121-546447-7366
[e-mail]
Contact on above information for any query.
Advertisement for administration
LJ Hooker
Australia
Responsibilities:
Setting rent
Property maintenance
Managing budgets
Screening tenants
Collecting rents
A good administrative person is required who can manage day to day activities and it will help in
increasing sales of company. Make attractive plans or strategies for increasing profit of
company.
Email your CV along with photograph: [e-mail]
For more details contact 121-73363-73838
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Task 3
a) Job Description
Sales
Responsibilities included in role
 Generating clients for buying, selling and renting of property
 Counselling client about conditions of market, prices and their requirements
 Creating competitive market price on the basis of comparison of different properties
 Providing information and suggestion to client regarding property suitable for them
 Showing properties to potential buyers and guiding them about property
 Facilitation of negotiation between buyer and seller of the property and between owner
and tenant
 Maintain knowledge and license for real estate
 Promotion of property with listings and advertisements
 Negotiation and preparing contracts and ensuring that conditions are met by buyers and
sellers
Requirements included in role
 Must have a real estate license
 Should have 3-5 years experience in sales
 Strong communication and interpersonal skills
 Strong knowledge of local property (Atalay and et.al., 2020).
Property Management
Responsibilities of Property Manager
 Preparing and managing budget
 Taking interview of potential tenants and also checking credit
 Addressing complaints of tenants
 Undertaking inspection of vacant property
 Determining rates for rent, negotiation for lease agreements and enforcing lease
agreements
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 Collecting and dealing with payments and handling operational expenses
 Maintaining records of income and expenses, complaints, signed leases
 Preparing reports about properties’ financial performance
 Attracting clients through advertising, property viewing and referrals
Requirement for Property Manager
 Degree in real estate, property management, business management or equivalent
 Experience of 3-5 years as property manager
 Knowledge about property regulations
 Strong communication and negotiation skills
 Ability to operate property management software (Gumban, 2021).
Administration
Responsibility of administrator
 Completing paperwork for all property transactions to ensue completion of deal
 Monitoring deadlines and providing timely notice
 Ensuring transactions are in compliance with legal rules and regulations and treatment for
taxation is done adequately
 Scheduling appointments with parties
 Creating and distributing weekly and monthly reports and communicating results with to
ensure goals of company are met
 Participating in training sessions and improving skills and knowledge
 Overseeing day-to-day operations of real estate organisation
 Interacting and coordinating with other organisational members
Requirement for administrator
 Real estate license
 Previous experience in real estate industry
 Has strong written and verbal skills
 Has knowledge of computer operations and real estate related software
 Strong managerial and multitasking abilities (Tomko, 2018).
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b) An example of each role’s contractual and fiduciary responsibilities
Sales
Contractual responsibility of sales includes reviewing purchasing contract between buyer
and seller to ensure terms of contract are met.
Fiduciary responsibility of sales includes accounting, care, confidentiality and loyalty for
client. This means that sales must account for all the funds that are entrusted to them and sales
are also require using their skill on behalf of client. Confidentiality is also a responsibility of
sales and according to this, sales is required to ensure confidentiality of information of client that
can harm their interest.
Property management
Property managers’ contractual responsibility includes laying out all specific
responsibilities for renting out property, managing property and following all legal regulations
regarding property management and different aspects of real estate.
Fiduciary responsibility of property management includes that they must act with highest
good faith and fair dealing with respect to owners’ assets and disclosing all material information
that is likely to affect decision of client (Abas and Raji, 2018). Along with this duty of care, and
loyalty are also there for property manager.
Administration
Fiduciary responsibilities of administrator include acting in best interest of estate and its
beneficiaries. Careful investigation of assets and property.
Task 4
In every organisation it is important that effective communication can be done so that
company can achieve its goals and objectives. If proper information is not communicated among
employees then it will create confusion and workers will get confused. So, to avoid confusion
and misunderstanding managers distribute work among employees according to their
specialisation as it will hep in completing work on time. It is important that managers should
give proper instructions to workers and they should make structure in which goals and objectives
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should be mention (Ataguba and Ataguba, 2020). Roles and responsibilities of every employee
should be clearly mentioned so that they can work according to guidelines given to them and this
will reduce duplicate work.
Effective communication refers to comprehensive statements which is taken and contain
all relevant details, rules and regulations should be made so that employees can work safely and
they can get healthy environment. Active and accurate listening is important for effective
communication as it helps in providing feedback, questioning, checking and restating. Types of
effective strategies that can be used by a company to improve their performance are, plan,
manage and conduct interviews to collect maximum information and it should be relevant. All
the employees should be given treatment and there should be no discrimination among
employees as it will help in creating good image in minds of customers and workers will get safe
and healthy environment. Another strategy which can be used is to exchange information with
other members as it helps in identifying details from various people and assess the relevant
information (Bolsen and Shapiro, 2018).
Strategies should be made to establish a relationship with an agency client, it includes
confirming client identity and details with client records, establishing active listening. Strategies
to process client inquiries includes, satisfying client needs efficiently. It will help in improving
performance of employees and overall productivity of company can be increased. This will help
in satisfying needs of customer and effective communication helps in getting proper details about
every employee. If proper details will be communicated to workers then they can do their work
properly and it will help in making good plans so that goals and objectives can be achieved.
Using plain language
In an organisation it is important that proper communication should be done within
company so that employees can understand what work they have to do and roles should be
clearly defined so that there should be no confusion among workers. It is necessary that
employees should interact with each other properly and discuss what work they have to do.
Methods which can be used by company is to use plain language which means that easy words
should be used while giving instructions to employees so that they can understand their work and
it helps in building good relations with each other. When sender sends message then there are
many barriers which affect company (Couzin, 2018). It is essential that managers should make
proper structure by which people can complete their work and it will reduce misunderstanding
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and duplicate work. When communication is done properly then it will help in building trust and
employees develop skills to work in a team.
Sometimes, when there is work load in LJ hooker then work is divided in teams so that
employees can understand about each other and they will build good relationship. It will help in
developing skills which is necessary for growth of company and work will be completed on time.
There are many ways which can be used by managers so that all employees can get proper
information and it will help in maintaining good environment of company. If plain language is
used then it is easy for all to understand and there will be no doubt among employees. When
there is workload then work should be done in groups so that effectively work can be done and it
will help in increasing productivity of employees as well as of firm.
Using plain language will help audience in understanding what speaker want to convey
and it will help in reducing information. Simple words and language is easily understood by all
and it will create interest among listeners and they will learn things (Dalton, Rapa and Stein,
2020). It is important that effective communication should be done among employees so that
goals and objectives can be achieved. Plain language helps in doing work fast and employees
will develop interest while working. It saves time of sender and receiver will understand easily
that what they have to do and all employees can do their work efficiently. Benefits of effective
communication is it helps in building trust, helps in solving problems, providing clarity and
direction to employees for completing their work. It increase engagement of workers and
promotes team building. It is important to work in a team and information should be
communicated properly so that there will be no confusion.
Using verbal and non verbal communication
Verbal and non verbal communication is a way by which interaction can be done and it
will help in achieving goals and objectives of company. It is essential that managers should make
proper plans and it will in promoting team building. It is crucial that all workers should get
proper details and help in creating better relationship. Verbal and non verbal communication can
be defined as words which are used for interacting and sometimes body language plays a crucial
role in expressing views (Nurullayevna, 2020). Non verbal communication refers to body
movements, gestures, facial expression, physical appearance and other expressions which help in
communicating things to receiver. It is important that effective communication should be done in
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an organisation so that it will improve productivity of employee as well as of company. It also
helps in achieving goals and objectives of organisation, promotes team work.
Sometimes, it is difficult to express or share views by saying words, body language
describes what a person want to say or convey. In LJ hooker verbal and non verbal
communication takes place because it is important that proper interaction should be done so that
employees can work properly. Verbal communication is use because it helps in defining
everything from ideas, emotions and experience. It is important that managers should use easy
language and relevant information should be given to all so that there will be no confusion and
work can be completed on time. It is essential to make plans or strategies so that everyone can
get details and it will reduce misunderstanding. When a person is not able to communicate things
by words then his or her body language in understanding what they want to convey (Nwabueze
and Mileski, 2018). In a real estate company it is essential that proper communication should be
done so that there will be no confusion and it will help in determining choice of customers with
the help of body language.
Use clear and concise language
When proper communication is being done in an organisation then they should take care
that clear and concise language must be used. It is important to use simple words while
interacting because this help receiver in understanding easily and it helps in saving time. It
eliminates misunderstanding and all people can do their work properly. While interacting with
any person clear and concise language must be used because it will help in getting point easily. If
manager will give notice to employees and use hard words so it will be difficult for employees to
understand what is written and this can lead to miscommunication. When interacting with a
person it is crucial that easy words should be used and it will help in increasing productivity of
company and employees can perform better. If managers of LJ hooker will clearly describe roles
and responsibilities, use clear words then it is easy for all to understand and work can be done on
time (Swann and Ghelfi, 2019). Concise means to use simple and few words to convey your
views or ideas. If complex words will be used then it will take time in identifying that what
sender want to convey and may be wrong work is done.
This is the best way to communicate your views but in a short way. If long speeches or
hard words will be used then people will not able to understand and they will not develop interest
in listening to what speaker want to convey. It is necessary that proper plans should be made by
13

managers of company so that there can be effective communication in an organisation and it will
help in improving overall performance of employees and they will develop interest. Speaker
should have the ability to attract people and develop interest among listeners so that they can
learn new things and it will help in enhancing their knowledge (Yap, Abdul-Rahman and Chen,
2017).
So, these are few ways by which effective communication can be done but there are many other
ways which will help an organisation in making plans to improve interaction within the
workplace and it will help building good image in minds of customers and overall performance
of company can be increased. It is important to take necessary steps for proper communication
within the organisation and it will help employees in developing skills and learn new things.
Task 5
Professional development is concerned with developing and improving skills and
knowledge so that individuals involved in particular profession can improve their professional
performance. Continuous professional development is a way through which professionals within
real estate is a pathway for professional development (Berndt and et.al., 2017). In addition to this
real estate license course is a pathway for professional development within real estate.
Continuing Professional Development (CPD)
Continuing professional development is mandatory education program supervised by Fair
Trading. Requirements for CPD are published by Fair Trading and these can be found in
document titled Director General Guidelines for the Continuing Professional Development. All
individuals or professionals in real estate who hold a class 1 license, class 2 license or certificate
for registration are required to complete CPD that has been specified for their license or category
every year. Failure to comply with CPD requirement can result in suspension or cancelation of
license or certificate. CPD starts on 23 March every year and ends on 22 March following year.
CPD activities mainly depend on level and type of license that one holds. In this activities are
mainly divided into categories that are compulsory topics, elective topics and business skill
topics and all these categories require 3 hours per year.
CPD obligations are-
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Class 1 Agent- Real Esate or Strata Management- Must complete at least 9 hours of CPD
activities and these include 3 hours of compulsory CPD topics, 3 hours of elective CPD topics
and 3 hours of business skill topics (Hudson, Goel and Cowie, 2021). In this for 3 hours of
elective CPD topics professionals can select topics that are most relevant for them.
Class 1 Agent Stock and Station- Class 1 agent in stock and station are required to complete a
continuous professional development activity of 6 hours each year. Their Activity includes three
are the compulsory CPD topic and three r’s of business skill topics. In case individual hold class
1 licence for both real estate as well as stock and station in such situation they will be required to
undertake nine hours of CPD per year that include 3 hours of compulsory topics 3 hours of
elective topics and three hours of Business skill topics. Similar to class 1 agent in real estate
individuals can choose elective topics that are most relevant to them.
Class 2 Agent Real Estate or Strata Management- Class 2 agent for real estate and stator
management are required to complete at least 3 hours of CPD activity every real that include
three hours of compulsory CPD topics and 3 hours of elective CPD topics.
Class 2 Agent Stock and Station- Class 2 agent in stock and station must complete at least three
hours of compulsory CPD topic every year. In case individual holder licence for both stock in
station as well as real estate they are required to undertake 6 hours of CPD activity per year.
Assistant Agent – Real Estate- Assistant agent in real estate those who hold certificate of
registration as assistant agent complete at least three units in each year from a valid certificate IV
qualification that is required for the issue of class 2 agent licence in real estate.
Assistant Agent – Strata Management- Those who are assistant strata managing agent and
hold certificate of registration are required to complete at least 3 units of each year from a valid
certificate IV qualification and this is required for issuing class to agent licence in strata
management (Trading, 2020).
Assistant Agent – Stock and Station- This agent those who hold certificate of registration as
assistant stock and station agent are required to complete at least 3 units in every year of CPD.
This should be done from certificate IV qualification that is required for issue of class 2 agent
license.
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Real Estate License Course
Real estate licence courses are those courses that enable individualsfor professional
development. In Australia in order to work in real estate industry as a licensed person individual
are required to obtain a real estate licence from their state and territories real state licensing
authority (Robertson and Rogers, 2017). In order to obtain licence every state and territory have
their own licence in requirement that involve meeting minimum education requirement for
working in real estate. Individuals when work on meeting their specific real estate licensing
requirement they are required to in developed certain qualities and skills to meet minimum
educational requirement and this contribute in their professional development for real estate.
Regarding qualification and requirement of obtaining licence for real estate individuals can
complete a real estate course that is delivered by a registered at wedding organisation. A
certificate IV in property services an example of organisation where individual scan complete a
real estate course.
As individuals work on completing their real estate course they are pursuing pathway for
professional development in real estate (Smith, Parr and Muhidin, 2019). Concerned with
courses there are no experience required for individual to start learning for real estate and to start
qualification for course in real estate. For performing in real estate industry and having trust of
customers and clients it is very important that individuals have license and in order to obtain
license they are required to have certain skills and qualification.
Real Estate Skills Training
There are organisations in Australia who can provide consistent and ongoing skill
training for real estate and this is also a pathway for professional development in real estate. Skill
training includes providing high energy informative training sessions for both sells as well as
Property Management team. In which they provide training about changing requirement of real
estate industry and skills are customised with needs of business. This means that on the basis of
specific requirement of individuals in real estate skill training is provided so that individuals can
develop in their profession and improve their performance in real estate. Improving and
enhancing skill has become very important in current environment for every industry and this is
important for individuals included in real estate as well.
16

It can be said that continuous professional development and courses for real estate licence
as well as real estate skill training are few of the very effective Pathways for professional
development in real estate. This means that from any of the above mentioned pathway
individuals can develop their professional performance in real estate (Oladokun and Gbadegesin,
2017). This is a very effective way through which professional development of individuals and
real estate agents can take place. This enables them to have all skills that are required for
successful career in real estate industry and also for enabling them to start their career in real
estate industry.
CONCLUSION
On the basis of above discussion it can be said that real estate industry is highly organised
and this is why there are Framework in real estate industry that regulate its working. Being
employed in real estate industry is also a difficult task and this is why individuals who are
looking for employment in real estate industry have to follow adequate steps in order to be
employed in real estate industry. In this report advertisement for 3 jobs for employing in real
estate industry that are role of cells Property Management and administration was developed.
This job description and contractual and fiduciary responsibility for the three rules was also
outlined in the report. Followed by this three different communication strategies that can be used
with clients were also discussed and this studies include using plain language using verbal and
nonverbal communication and using clear and concise language. Communication is a very
important requirement for all kind of job roles in real estate industry and this is why it was
included in report for real estate industry. Lastly professional development Pathways in real
estate industry for also outlined. Pathways for professional development are those ways
considering them individual can go ahead in the profession and career. Continuous professional
development was one of the pathway discussed in report for professional development in real
estate.
17

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