Property Management Assessment: Leasing Agreement and Key Register

This assignment solution addresses key aspects of property management, focusing on a leasing agency agreement and key register procedures. It includes tasks such as analyzing an exclusive management authority, creating a listing sheet, developing a marketing strategy and risk management plan, and addressing breaches of the Residential Tenancies Act. The assignment also covers procedures for maintaining a key register, including security measures and protocols for key issuance and return. The document further discusses compliance with relevant laws and regulations, tenant communication, and property maintenance, providing a comprehensive overview of essential property management practices. Desklib offers a platform for students to access similar solved assignments and past papers for academic support.

Assessment Task 3: Property management

Table of Contents
Project 1.....................................................................................................................................3
Task 1.....................................................................................................................................3
Exclusive management authority.......................................................................................3
Listing sheet.......................................................................................................................4
Task 2.....................................................................................................................................4
Marketing strategy.............................................................................................................4
Property advertisement.......................................................................................................5
Risk management plan.......................................................................................................6
Task 3.....................................................................................................................................6
Task 4.....................................................................................................................................9
Task 5...................................................................................................................................11
Part A...............................................................................................................................11
Part B................................................................................................................................12
Project 2...................................................................................................................................12
a) Completion of key register...............................................................................................12
b) Procedure for maintaining and accessing key register.....................................................12
Format in which key register is kept................................................................................12
Responsibility for maintaining the register and issuing the keys.....................................13
Procedure for obtaining, using and returning the keys....................................................13
Procedure if key is not returned.......................................................................................13
Security for maintenance of key and register...................................................................13

PROJECT 1
Task 1
Exclusive management authority
Authority of the agent is restricted to the included provisions; it is because they might be
amended in written form on a timely basis as per the provisions held in the agreement.
Owners (Ian and Rebecca Harrison) explicitly withholds from Agent to do any structural
changes within the project or to do any other main modification or addition in the project, or
to add equipments, or to incur any expenditure entitled to other despite of the expenditure
associated with practicing he powers given to Agent according to the agreement, without pre-
written consent of owner.
The agent should possess the right to involve freely with contractors to conduct their duty as
per the Agent deems compulsory; however, the Agent should have the responsibility for the
performance management of their duties. All the contracts held with free contractors in a
surplus of $700 (rent per week) should be subjected to the owner’s pre-written consent.
Expenditure related with such assignment of the duties of Agent should be the sole obligation
and Agent and is to be paid from the management fee (7.7% inclusive of GST).
The agent should have proper compliance with every related law, orders, rules, regulations
regarding the use, operational activity, repairing, maintenance, leasing and renting on the
project. The agent should timely address any disobedience of such law, orders, rules and
regulations and notify the same to the Owner, for which Owner shall be responsible and
might be penalized. The agent is not allowed to take any action as long as there is consent of
owner has confirmed its purpose to consent.
According to the agreement, while performing the obligations, the Agent is required to
comply with given provision stated under Federal, State, or local Fair Housing law forbidding
discrimination in the use or in terms of caste, race, gender, family states, religion, nationality,
color, handicap or any other related nondiscrimination laws like Title VI of the Civil Rights
Act of 1964 (Public law 88-352, 78 Stat. 341), and the Age Discrimination Act of 1975, S
504 of the Rehabilitation Act of 1973, and the Americans with Disabilities Act, as applicable.

The agent is obliged to maintain high confidentiality regarding the acquired financial
information of Owner and is applicable even after the end of the agreement.
Listing sheet
Listing agent Mr X
Listing agent Mrs Y
Property address 5/256 Black Street
City Manly
State New South Wales
Postal/Zip code 2095
Country Australia
Description Two bedroom villa unit, central bathroom,
laundry and toilet, spacious kitchen with
open plan living and dining, large private
courtyard and lock up garage. Features:
BIR'S, wall to wall carpet in bedrooms,
stainless steel appliances, gas cooking,
reverse cycle air-conditioning, and gas
heating. Located within walking distance to
transport, shopping and cafes.
Task 2
Marketing strategy
For maximizing the rental or leasing needs, it is essential for the property owner to make use
of effective marketing strategies, techniques inclusive of paid advertisement referral program
and word of mouth advertising. The owner can apply the marketing strategy of brochures and
official Australian based websites, to rent their properties by forming an appealing,
comprehensive brochure and a website that explains and reflects the property. Property
exposure on the website is integral and very valuable in the present market. Along with this,
the owner can also hire property managers to address works of protecting tenants and
property maintenance.

Property advertisement
Beautiful yet elegant custom resident provides unique facilities inclusive of BIR'S, wall to
wall carpet in bedrooms, gas heating, gas cooking, stainless steel appliances, cycle air-
conditioning and many more jaw-dropping features at the most affordable price. The home is
well-furnished with two bedroom villa unit, spacious kitchen, dining and living area, lock-up
garage, laundry and toilet, central bathroom and a big private courtyard. The resident is
located at 5/256 Black Street, Manly a posh area with a walking distance to transport,
shopping and cafes for which the interested party is required to pay the rental cost of $700
per week.

Risk management plan
Risk 1: the Reduced value of the property
Strategy: To mitigate this risk, the owner must improve the possibility of protecting a
high-growth real estate and purchase the same in posh locations that are well researched with
evidence of capital growth. The best strategy is to do portfolio diversification throughout
various areas and market. With the help of reduced risk exposure, the portfolio will come as
more consistent with stimulated growth. The owner must plan for long-term investment to
prevent losses.
Risk 2: Expected rate of return is not received
Strategy: For improving the possibility of high rent return; owner must make an
investment in an area with future potential growth in order to ensure continual demand.
Making an investment in great rental yield and maintaining a proactive portfolio will help in
mitigating this risk.
Risk 3: Increased rate of interest
Strategy: maintaining a proactive portfolio and retaining an adequate cash buffer within
the balanced account will help in reducing the interest which is entitled and assist in
addressing the unforeseen expenditures.
Task 3

Task 4
Section 48 of the act has been breached in with some breaches of standard residential tenancy
terms. The section has been breached due to the issues held in the property and damage was
provided to the same by the tenant; broken light fitting in the bathroom, a hole in the lounge
room wall and a broken wardrobe door handle in the master bedroom.
The entry responsibilities and rights for the landlord given under the Atc are a responsibility
to repair, re-services, not to impede with reasonable enjoyment, not to harass, maintain
privacy and confidentiality. Further responsibilities are the entry with or without notice,
tenant applications, entry by canvassers, and exile with termination order, as well as order,
repair, compliance with applicable standards.

The Residential Tenancies Act 1997 has established some circumstances wherein landlord
might enter rental premises. It is considered as an offence for the landlord to enter despite the
fact which is according to the Act, until the time they have a particular reason for that.
According to the act, a landlord might enter a premise at any time as per the agreement
provided by the tenant as long as the entry occurs in 7 days of acquiring the consent of the
tenant. A landlord must provide a notice of 24 hours to the tenant, give in writing notice
stating the excuse for entry, provide the notice through the mail or personally.
Landlords generally inspect the property one time in a year, but some landlords inspect rental
premises more than one time or quarterly basis. In any case, the tenant is given a prior notice
generally in advance of 24 or 48 hours before the landlord carries out the inspection.
The notice of entry shall be in a written form and must be signed and agreed by the agent as
well as the landlord. It must be delivered to the tenant for at least 24 hours prior to the time of
entry. Further, the notice should convey the reason meant for entry as well as stating the
entry’s time and date.
Tenants might refuse to a landlord entry, in a situation where they have not provided accurate
legal notice for entry. Tenants are also required to make the unit accessible for the entry when
needed to do inspection or entry.

Task 5
Part A

Part B
If the owner does not renew the lease, then for compliance with the law the tenant should
follow some rules and regulations which is in the best interest of the owner are described as
below-
The landlord should use form 1C for informing the tenant about the termination of tenancy; if
the reason of termination is nonpayment of rent, then this form is not to be used. Moreover,
for this situation, he should use form 1B or form 1A. Tenant by using form 22 should inform
landlord about the termination of tenancy. Minimum notice period time depends on the
reason of termination, to ensure that notice is valid; he must give notice within the time.
Along with this tenant should leave the premises in the same condition as it was handover by
the owner at the beginning of the tenancy. He should notify the landlord about all the
damages of the premises, or he should not intentionally damage any part of the premises.
Moreover, he should return the keys to the owner of the property at the time of leaving the
house, and he also ensures that entry in the key register is made at the time of returning the
keys.
PROJECT 2
a) Completion of the key register
b) Procedure for maintaining and accessing key register
The format in which key register is kept
Generally, record of the key registered is maintained by two ways. First one is, a number
would be assigned to every key which is noted by the agent at the starting page of the
register. After this, the register is bifurcated alphabetically A-Z where the proper address is