Professional Practice Assessment for Real Estate Agencies - Desklib

This assessment covers various aspects of professional practice in the real estate industry, including agency relationships, licensing requirements, ethical practices, and marketing strategies. It also discusses the legislative requirements that agents must adhere to for promotion and advertising.

Professional Practice
Assessment
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Table of contents
MAIN BODY..................................................................................................................................2
REFERENCES..............................................................................................................................12
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MAIN BODY
Learning Activity 1 -
1. Function of real estate agencies is that they help the clients to rent, sell or purchase the
properties along with analyzing the market conditions which helps the clients and the agencies in
providing the guidance on the property.
2. The agency – principal is the relationship which deals in properties for the third party as the
agent is the person who represents the third parties and for who the act is being done is known as
the principal (Saxena, 2021).
3. Residential agency is agency which helps in dealing with property of buying or selling house.
Business agency is organization or firm which provides services to customers.
Commercial, industrial and retail agency deals in professional working of what are functions of
industries.
Learning Activity 2 –
1. Sole trader is an individual who runs enterprise on its own and legal requirements are to
register for self assessment, keeping records and information of working.
Partnership is done between two individuals in business and legal requirements are to register the
business on papers.
Corporation is the large company whose legal requirements are bookkeeping, securities, taxes,
licensing etc.
2. Independent agency is the board or federal agency which regulates the laws and rules in the
commission process.
Franchise agency uses the brand of the franchisor in selling the services and products to the
customers (Wright and et.al., 2020).
Marketing group is the agency dealing in particular business to build the brand value effectively
and significantly.
3. License in charge is the main aspect through which the agency takes the charge for its working
like business.
Key personnel in the agency are – operations manager, marketing manager, accountant etc.
Operations manager is an individual who takes concern of all the functions and work performed
in the agency.
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Marketing manager is an individual who takes concern of promotions and branding of the
products and services of the agency.
Accountant is the individual who is responsible for managing the financial accounts within the
agency.
Learning Activity 3 –
1. The Real Estate Regulation and Development Act, 2016 helps in promotion of the real estate
industry or segment which also ensures the development of the real estate activities which are
being undertaken by the agency. The role of agents is that they take concern of how agency is
working whether effectively or not.
2. Role of regulator is to sale the plot building or the apartment for real estate project to be
undertaken in an effective and significant manner possible (Echekoba, 2017).
3. Real estate professional industry bodies are American Guild of Appraisers (AGA) which is
formed to promote independence of the appraiser and to protect the public interest. Association
of Real Estate Society (ARES) is the organization for variety of professionals in research of real
estate that is performing their roles effectively and efficiently.
Learning Activity 4 –
1. Australia’s licensing categories for real estate are to be at least 18 years old, not to have
disqualified from holding Estate Agent’s License either in other state or territory or Victoria.
2. Educational qualifications for each category which is real estate to be of 18 years of age
should have education background of studying law. And for the second category, specifically
Australian law should be studied which helps in real estate management and business (Boocock,
2017).
3. Additional requirements which are there for each licensing category is that the agency should
take concern of having the information of all the details and the legal work on papers.
4. Yes, there are exclusion and exceptions to the above requirements and there are penalties
which such as punishments under the eyes of law for unlicensed trading.
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Learning Activity 5 –
1. Classifications of employment as an employee in real estate industry are – being an agent,
analyst, director of real estate, mortgage specialist/underwriter, home inspector etc.
Rates of pay and allowances from this classification depend upon how the work is being
performed under such employment and the services to be availed to the clients.
2. National Employment Standards employer and employee rights and responsibilities for
employment in Australia are – full time employee is entitled to 10 days of paid personal/carer’s
leave per year (Campbell and et.al., 2020).
3. Standard terms and conditions for employment in real estate are rates of pay, allowances,
ordinary hours, operation of the agreement, deductions authorized by the employee. The
employment contract consists of the essential and legal terms and conditions which are to be
fulfilled by employees and this is followed by the commission structure on large scale.
Learning Activity 6 –
1. Regulatory requirements for continuing professional development includes -
Type of Training – Compliance training is the employee training which is mandated by policy,
regulation and legislation. Regulatory training is the training which is done on regular basis.
Penalties for non – compliance are - sanctioning of violations which can range up to$260,000
which depends on the legislation process which the state follows. This is done on the export and
trade and the criminal penalties for individuals can be on large scale which is defined as 20 years
of imprisonment.
2. There are two types of training which are explained as - Compliance training which is the
employee training and is mandatory in regulation by legislation and policy. Regulatory training
is based on the laws and regulations that are being framed (Fleuren and et.al., 2020). These can
be accessed under the law and legislation statement.
3. The role of property manager is appropriate for learning and development plan to include the
learning and experience opportunities on the scale so that the property manager is fulfilling all
duties and responsibilities effectively and efficiently. Property manager is the perfect role for
experiencing the opportunities for which the agency is provided help through them
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Learning Activity 7 –
Anti – discrimination and equal opportunity is the understanding that in the business of real
estate this should be considered as important and equal opportunity should be provided to the
customers on large scale. The real estate activities are being affected as equality may be the issue
which can create hindrances in the law and work.
The complaints in the organization are handled by solving them and generating clear
understanding of what the matter is all about. This helps in indicating the various ways through
which the problems can be solved and solutions are taken out effectively (Widiss, 2017). The
employees and the senior estate analysts handle problems and situations in the organization.
Examples of breaches to the legislation are conducted under NSW fair trading which and this can
be conducted by taking disciplinary actions against the not following the rules and legislations.
Learning Activity 8 –
1. Ethical practice is the practice which is done to ensure that the agency follows code of conduct
and the practices effectively and efficiently.
2. Understanding the ethical practice and following them will help in knowing the practice
through which all the process of work is done in effective and efficient manner. There is risk in
behaving unethically as this is the major aspect in which the personality and the behavior of the
individual are identified (Barsky, 2017).
3. Code of conduct is explained as how ethically the practices are being done effectively and in
significant manner. The legislation and industry are the basis through which all the codes of
conduct and ethical practices are being done so as to analyze the scale of progress.
Learning Activity 9 –
1. The three pieces of legislation are described as -
Privacy – It is very important aspect that protects the confidentiality of clients and customers on
large scale. Thus, should be maintained.
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Misleading Statement – There can be misleading statements which should be concerned more
about. As this is this is the major aspect as the information of the clients and customers should be
protected.
Real Estate Transactions – Real estate transactions should be placed appropriately and in
effective manner (Haq and et.al., 2018).
2. There are many risks which are to me, the agency and the consumers for breaches of
legislation if these aspects such as confidentiality and privacy are not maintained by the agency
on large scale.
3. Breach of consumer protection rights is considered when the practice is done for safeguarding
the buyers’ goods and services. This is also done for the unfair practices against the marketplace
which have been done.
Learning Activity 10 –
Ethical standards can be maintained by the privacy, confidentiality and security of customer
information, disclosure of material facts and this can be the main reason through which all the
possibility of understanding the practices and codes for ethical practice, legislative requirements
enables an agent to act in the best interest of clients and that the client do not face any difficulty
in leakage of their information and the privacy is maintained although the process of
safeguarding the data and information (Qaxxarova and et.al., 2020).
Learning Activity 11 –
1. Three examples through which behaviours can be considered unethical which is described as
follows -
The promise which was made by George to Mrs Ng was unethical on the monetary terms. This is
fraud activity because making any promise. This is fraud to make fake promise.
George also faked the scenario in front of the new buyers so as to make them buy the property.
This is unethical because fake scenario is created in front of new buyers.
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With providing the wrong information about the property George sold the property to the new
buyers (Robson and et.al., 2019). This is unethical because wrong information is provided to the
property.
2. As an agent, the resources or specialist advice which I could access for ethical practice or
concern will be on the scale of discussing and knowing the important information so that the
privacy is being detained to me and I am able to know how the privacy is being maintained. It is
important to apply some rules and regulation so that privacy can be maintained. Handle personal
data and information in a professional manner. Act consistently with relevant regulation and law.
Take responsibility for your actions and consider how professional’s principles and values
inform your approach. It is important to deal honestly with others.
3. I would respond to concerns that might have about personal or agency ethical practice by
solving them with clarity and pay attention to the details which safeguards the privacy of
information and data which is being taken into consideration. There are some ethical concerns
that business is facing today like, health and safety at the workplace, ethics in accounting
practices, discrimination in the organisation, technology and privacy practices.
Learning Activity 12 –
1. Communication strategies that can enhance client relationships is described as follows –
Continuous flow of information should be there between clients so that they are able to
communicate effectively and the communication is also transparent. Establish a human
connection and be sensitive to client’s comfort zone. These two communication strategies help in
enhancing client relationship.
Technical knowledge also helps in maintaining effective communication on the scale of knowing
the details of the functions which are to be taken place with the process of the organization.
2. Communication strategies used while dealing with the clients or customers who have
complaints relating to ethical practice are – dealing with the customers by communicating
effectively and understanding what are their needs and requirements so that everything is being
clarified to them on large scale (Bayazovna, 2020). To deal with customers personalize the
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interaction, avoid negative phrases, use positive language, make communication clear and
concise, use consistent brand vocabulary.
3. Clear representation and communication when dealing with customers and clients can be done
by knowing and taking their consideration as to provide them essential information and listening
their issues and solving them. use simple and easy words for while communicating, actively
listen to what customers are saying, avoid interrupting in between when client is speaking, check
understanding regularly, after speaking confirm it with client to avoid misunderstanding or
confusion.
Learning Activity 13 –
1. Public expectations of customers, clients and community to the marketing and communication
strategies of real estate agencies are that the agent should be trusted advisor who knows
legislation and their functions and their operations of work.
2. Methods which can be used to promote the agent are their credibility in performing their role
and responsibilities on large scale (Asaari and et.al., 2019). The agency can be promoted by the
method of displaying information about the services and the products which the agency is
branding for and dealing in. The property can be promoted by displaying the advertisements on
the internet and through this all the aspects of the property are displayed to the client and the
customers.
Learning Activity 14 –
1. An agency would use different methods of marketing for their personal brand and marketing a
property so that they get to know the clients and the customers who are interested in buying the
property.
2. Marketing terms in its techniques are described as below -
Profiling – Profiling is to know the people and environment in the market which helps in
evaluating the scale through which the people perspective and the business environment is being
analysed (Kim and et.al., 2020).
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Target Market Analysis – Target market analysis is analysis of the market where the market
requirements are being analysed through the perspective of customers and their intentions in
buying a product or service.
Learning Activity 15 –
1. Legislative requirements an agent has to adhere to for promotion and advertising is done
through the Australian Consumer Law (Schedule 2, Competition and Consumer Act 2010 (Cth)
(ACL) (Daly, 2018).
2. Possible penalties for breaching legislative requirements include the fine of $10,000,000 under
Australian Consumer Law. Along with this, punishments are also applied in breaking the
breaching of the legal and legislative framework.
Learning Activity 16 –
1. Importance of personal profile helps in attracting the clients as it leads to know the perspective
and personality of the client as how the person is and this also helps in letting know what is the
scale through which all the aspects of the business can be further demonstrated and verified by
them.
2. Ideas that could be used in the enhancing the personal profile which helps in attracting the
customers on large scale is by evaluating their needs and requirements so that the requirements
and needs of the customers are identified (Lapointe and et.al., 2017). Framing of the personal
profile in such manner that it directly reaches the business perspective of the customers and then
their interest is being viewed on that basis.
3. To ensure that the personal profile is in line with ethical and legislative requirements can be
done on the basis of how effective and efficient the communication can be done with the clients
and the customers in the business environment. Proper ethics and code of conduct along with the
process of legislation should be followed on large scale.
Learning Activity 17 –
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1. Aspects of marketing which is appealing to clients can be promotion and branding through on
social media platforms like Facebook, Instagram, Twitter etc which helps in gaining more
customers through this publicity cycle which is being followed.
2. Target market affects the approach to marketing a property in various ways like the trends
which are being followed in the market and the scale of customers whose perspectives affects the
selling of products and services (Strobl and et.al., 2020).
3. Property profile is aligned with the community expectations when it is able to fulfil the needs
and requirements of the community which helps in building the property on effective scale.
Agency profile is aligned with the community expectations when the agency fulfils the legal
documents and all the process and systems of the agency work in collaboration on progressive
scale.
Learning Activity 18 –
1. Impact of poor marketing strategies for the agency then fails to deliver the best in their
services and products which are to be reached to the customers. Due to poor marketing strategy
formation, the business will not be able to reach the progressive scale.
2. Poor marketing affects the community perception of the agency as it will fail to collaborate
and reach the potential customers and this will affect the business on large scale which includes
the whole community (Lucan and et.al., 2017).
3. There are various ways among which some are to minimize the risk of poor marketing and
communication strategies which are - Proper planning and applying of the strategies should be
done in appropriate and significant manner. Along with this, systems and functions of the
working of the agency should be determined efficiently.
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REFERENCES
Books and journals
Saxena, N., 2021. Unit-2 Inter-Agency Relationship. Indira Gandhi National Open University,
New Delhi.
Wright, J.D. and et.al., 2020. What Is an Independent Agency to Do? The Trump
Administration's Executive Order on Preventing Online Censorship and the Federal
Trade Commission. Admin. L. Rev. Accord.6.p.29.
Echekoba, F.N., 2017. A REVIEW OF THE CENTRAL BANK’S ROLE AS PRUDENTIAL
REGULATOR IN NIGERIA: AN ANALYSIS OF A SEPARATE SUPERVISORY
AGENCY.
Boocock, A., 2017. Caveats for the new localism in further education–why the use of principal–
agent solutions at the local level will not work. Research in Post-Compulsory
Education.22(2).pp.289-313.
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Campbell, I. and et.al., 2020. The National Employment Standards: An assessment. Australian
Journal of Labour Law.33(1).pp.1-16.
Fleuren, B.P. and et.al., 2020. Time equals money?: A randomized controlled field experiment
on the effects of four types of training vouchers on training participation. Journal of
Vocational Behavior.118.p.103403.
Widiss, D.A., 2017. Intimate Liberties and Antidiscrimination Law. BUL Rev.97.p.2083.
Barsky, A.E., 2017. Social work practice and technology: Ethical issues and policy
responses. Journal of Technology in Human Services.35(1).pp.8-19.
Haq, S.U. and et.al., 2018. Project governance, project performance, and the mediating role of
project quality and project management risk: an agency theory perspective. Engineering
Management Journal.30(4).pp.274-292.
Qaxxarova, M. and et.al., 2020. Evolution of views on ethics, ethical criteria and ethical
standards. The Light of Islam.2020(1).pp.110-115.
Robson, K. and et.al., 2019. Moral imaginaries of performance measurement systems in the
pharmaceutical industry: Struggles and negotiations to define what is an agent and what
is not. HEC Paris Research Paper No. ACC-2018-1301, AAA.
Bayazovna, G.N., 2020. Marketing communication strategy and its essence. Вопросы науки и
образования, (1 (85)).
Asaari, M.H.A.H. and et.al., 2019. Influence of salary, promotion, and recognition toward work
motivation among government trade agency employees. International Journal of
Business and Management.14(4).pp.48-59.
Kim, S. and et.al., 2020, April. Multimodal post attentive profiling for influencer marketing.
In Proceedings of The Web Conference 2020 (pp. 2878-2884).
Daly, A., 2018. The introduction of data breach notification legislation in Australia: A
comparative view. Computer Law & Security Review.34(3).pp.477-495.
Lapointe, J.F. and et.al., 2017, July. A review of personal profile features in personalized
learning systems. In International Conference on Applied Human Factors and
Ergonomics (pp. 46-55). Springer, Cham.
Strobl, A. and et.al., 2020. The impact of industry-wide and target market environmental
hostility on entrepreneurial leadership in mergers and acquisitions. Journal of World
Business.55(2).p.100931.
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Lucan, S.C. and et.al., 2017. Unhealthful food-and-beverage advertising in subway stations:
targeted marketing, vulnerable groups, dietary intake, and poor health. Journal of urban
health: bulletin of the New York Academy of Medicine.94(2).p.220.
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