This report explains the real estate agency structure and personnel, as well as the legislation relating to ethics and professional conduct of real estate agents. It also discusses the different types of real estate and the services offered by real estate agencies.
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Contents INTRODUCTION.....................................................................................................................................3 MAIN BODY.............................................................................................................................................3 CONCLUSION..........................................................................................................................................6 REFERENCES..........................................................................................................................................7
INTRODUCTION The real estate industry refers to the land as well as buildings that are primarily used by industrial businesses for different activities such as factories, mechanical productions etc. There are various types of real estates such as commercial, residential, industrial and vacant land (Adnan and et.al., 2017). The report explains the real estate agency structure and personnel. It also explains the legislation relating to the ethics as well as professional conduct of the real estate agents as well as agents’ representatives. MAIN BODY Real estate agencies offer various business ownership options as well as services. Most agents in the real estate are independent contractors, who are self-employed business owners affiliated with a real estate broker who has a license. As such, it can be said that they run independent businesses. The different forms of business ownership options that are offered by real estate agencies include sole proprietorship, partnership corporation as well as limited liability company. Real estate agencies offer various kinds of services such as property staging, buying and selling different real estate properties, new construction as well as rental and investment properties. A real estate administrator is responsible for overseeing the day-to-day operations of the real estate offices. They have to interact with tenants and also, coordinate with property managers. On the other hand, estate agents are responsible for mainly working with the home buyers and sellers during the sales and purchases of homes(Botzem and Dobusch, 2017). They also play a role in guiding and assisting with tasks such as visiting homes that are for sale, listing properties etc. An agent’s representative has the responsibility of performing any legal functions that of an estate agent. Such as they can act as either a salesperson or a property manager. Lastly, the management is responsible for acting in the best interest of the owner and keep it occupied with the tenants. The legislation that relates to real estate in Australis is the Real Property Act 1900 and Real Property Regulation 2019. There are different legislations in Victoria, Australia that relate to regulation of the real estate.TheseincludetheEstateContractsRegulations2008,EstateAgentsEducation Regulations 2008, Estate Agents Exemption Regulations 2014, Estate Agents Fees Regulations 2018 andEstate Agents (Retirement Villages) Regulations 2016. A real estate sales manager in
Victoria is responsible for conducting interviews and hiring sales staff in the real estate industry. they take into account the learning needs of the sales staff and provide them training accordingly. it is important for real estate agencies to have access to the legislations in order to ensure that they can carry out their legislations in an effective manner. Ethics and professional conduct play an important role in the real estate industry in Victoria, Australia. Some of the important ethics include acting honestly and in the best knowledge and following the client’s instructions. The Estate Agents Act 1980 is the legislation that is related to ethics and professional conduct of the real estate agents as well as the agents’ representatives. The objective of this act is to promote appropriate standards of conduct as well as competency for people within the real estate agency as well as protect the interest of people using real estate services. Lastly, another objective of the act is to ensure that effective procedures for the resolution of any kind of disputes exist. The obligations of this act are that the realestateagentaswellastheagents’representativesmustknowthelawsrelatingto professional conduct as well as ethics. They also must always follow the lawful instructions that are provided by the clients and act in a fair as well as honest manner. it is important that they must inform the client about any personal or commercial relationship that they have with the supplier(Fields and Rogers, 2021). They must not accept commission from both a client as well as consumer for any kind of transaction. This is because it is considered to be unethical as per the respective legislation. Besides this, they must also not engage in conduct that is unprofessional in any case and mislead a tenant or a purchaser about the instructions of a seller. Instead, they must advise the clients and consumers about the agency complaint as well as the procedures for resolving a dispute. Client service standards in real estate refer to the interactions between the client as well as a real estate agency and the customer expectations that result from it. Today’s real property clients assume swifter provider than did any generation earlier than them. (Not most effective quicker than their mother and father expected, however even than they themselves predicted this time ultimate year.) An hour represents a year in net time; a potential purchaser who doesn’t pay attention from the agent the equal morning or afternoon in their try to contact the agent can also very well pass on, on the belief that the agent is in no way going to get returned to them. It can be said that responding quickly is one of the best strategies that can be implemented for
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monitoring as well as review of the client standards. By responding quickly, the real estate agent is not only able to buildstrong relationship with the clients, but also develop an understanding about their preferences in much more detail. Between social media, on line buying, and facts at the push of a button, nowadays’s client expects rapid, ecient carrierffi(Liu and et.al., 2018). The faster you respond to an email, a cellphone call, text, or social media message, the much more likely you are to transform that lead into a consumer. If a lead contacts you via cellphone, do not permit it visit voicemail unless you're with a patron. Many purchasers received leave you a message and could circulate on to every other agent if you don’t solution their name right away. If you are away or with a customer, make certain to both text or set up an away message that announces you may be in contact rapidly. People attain out to you in a way that is most relaxed and ecient for them, so it is able to be beneficial to respect their desire whilst contacting themffi for the first time. It’s long been a great practice to respond returned within the way that the lead reached out to you. If a client sends an email, reply through e-mail(Mangialardo, Micelli and Saccani, 2019). If she or he sends you a textual content message, textual content again and then endorse a phone call. If a person reaches out on the phone, name again. However, facts is more and more showing that response time is the most crucial element in changing on line leads. If comes all the way down to a decision of short reaction or responding within the equal way as the lead reached out, go with velocity. One of the strategies for identifying and assessing risks in sale of a property is to speak to the landlord or the owner of the property. They can provide an overview of the potential risks about the same. As a result, during the sale, the real estate agent will be able to deliver the same information to the buyer of the property as well. Therefore, this is one of the strategies that can be adopted by the real estate agent. There are certain risks that are related with advising the clients on property management options. One of the risks include administration risk wherein the real estate advises the clients regarding contract and other paper work, there can be a case wherein the client or the buyer does not listen to the instructions properly and hence might have to deal with the negative consequence later(Rogers, Wong and Nelson, 2017). The real, estate agent has to manage the roll outs, maintenance tasks, claims and contracts. Therefore, in order to reduce the risk, they should make use of effective property management tools as this can help in overcoming the risk. Open house accidents and injuries is one of the other risks that can arise. If the real estate agent is showing a relatively large and open house property to the client, there are
chance of injuries and accidents. Furniture breaks and scratched paints is another potential risk that can affect the overall process of property management(Sangchan and et.al., 2020). Therefore, it is important to identify risks that are identified above to be managed in an effective manner such as the agent should have a general liability insurance in order to protect themselves from getting sued. On the other hand, in order to eliminate the administration risk, it is important for the agent to implement effective project management tools that store, organize as well as analyze the data. CONCLUSION From the above report, it can be concluded that the real estate industry is one of the fastestgrowingindustriesacrosstheworld.IncontexttoAustralia,therearedifferent legislations that are related with the regulation of the real estate as well as ethical conduct of the real estate agents. Also, there can be various risks that can affect the real estate agent as well as agents’ representatives.
REFERENCES Books & Journals Adnan, Y.M. and et.al., 2017. Importanceof soft skills for graduatesin the real estate programmes in Malaysia.Journal of Surveying, Construction and Property,3(2). Botzem,S.andDobusch,L.,2017.Financializationasstrategy:Accountingforinter- organizationalvaluecreationintheEuropeanrealestateindustry.Accounting, Organizations and Society,59, pp.31-43. Fields, D. and Rogers, D., 2021. Towards a critical housing studies research agenda on platform real estate.Housing, theory and society,38(1), pp.72-94. Liu, G. and et.al., 2018. Strategic business model typologies evident in the Chinese real-estate industry.International Journal of Strategic Property Management,22(6), pp.501-515. Mangialardo, A., Micelli, E. and Saccani, F., 2019. Does sustainability affect real estate market values?EmpiricalevidencefromtheofficebuildingsmarketinMilan(Italy). Sustainability,11(1), p.12. Rogers, D., Wong, A. and Nelson, J., 2017. Public perceptions of foreign and Chinese real estate investment: intercultural relations in Global Sydney.Australian Geographer,48(4), pp.437-455. Sangchan, P. and et.al., 2020. Fair value exposure, changes in fair value and audit fees: evidence from the Australian real estate industry.Australian Accounting Review,30(2), pp.123- 143.