Property Management Task-3 Project: Documentation and Agreements

This project solution for Property Management Task-3 comprehensively addresses various aspects of property management. It begins with completing required documentation, including exclusive leasing authority and listing sheets. The solution then outlines a marketing strategy, incorporating social media and newspaper advertisements, along with a sample advertisement. A detailed risk management plan is developed to mitigate physical, market, and administrative risks. The project further includes the preparation of an agreement form, a condition report, and steps for the termination process, such as a notice to vacate. Finally, the solution addresses the completion and maintenance of a key register, crucial for managing property access. The project is structured into two main components, covering all the necessary elements to effectively manage a property, from initial documentation to the conclusion of a lease agreement, and the associated risk management.

Task-3: property management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
Task 1: Complete required documentation.................................................................................1
Task 2: Market the property........................................................................................................2
Risk management plan................................................................................................................3
Task 3: Prepare the agreement form...........................................................................................3
Task 4: Prepare the condition report...........................................................................................5
Task 5: Undertake termination process.......................................................................................6
PROJECT 2......................................................................................................................................8
a.) Complete the key register......................................................................................................8
b.) Determining the process for maintaining and accessing key registers................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Property is referred to as a commercial, residential and industrial purpose for the
property. However, management of the property has resulted in the management of the real state
of the specific owner for the compensation (Altman, Larsen and Buchanan, 2018). This study
will highlight on completing the exclusive leasing authority and listing sheet. This study also
effectively outlines the marketing strategy for advertising the property. This study also develops
a risk management plan in order to manage the risk effectively. This assessment also prepares the
agreement form and prepare the condition report. Moreover, this study also useful in undertaking
the termination process and preparing a notice to vacate. This study will focus on completing the
key risk registers which is significant in managing the ABC real estate.
PROJECT 1
Task 1: Complete required documentation
The exclusive leasing authority is considered to be as the binding legal agreement between the
agent and the landlord. Upon signing up the landlord tends to give exclusive rights and authority
to the tenant to significantly manage the rental property by complying with the specific terms
and conditions.
The listing sheet in the property management is basically associated with the preparedness by the
agents of the real estate to give significant set of details related with the specific property. This
listing sheet helps in giving the buyers and the sellers key information associated with the
property or estate which are on sale. It provides the buyer and seller with the specific description
about the property, rates, square feet, location and purpose.
The leasing fee is the amount which has been charged by the property management company in
order to lease up the property. The rent per week is amounted to be $330. The bond is equivalent
to the one month’s rent. The free of an agent which is including the GST mainly comprise of
leasing fee of around 3.3%, releasing fee of 3.3% and managing fee of 7.7%. The listing sheet
within the property management is a form which helps in providing the key information which is
mainly linked with gaining key information linked with the real estate property.
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Task 2: Market the property.
a.) The property management company is significant in effectively carrying out the market
strategy in order to effectively advertise the property (Luo and et.al., 2017). The company
will advertise the property on the social media platforms and also advertise in the
newspaper letter in order to attract more customers for the investment property. The
company also has developed a website which is highly significant in advertising of the
property on the specific website.
b.) Advertisement for the property:
Advertisement for the property
The property is available for lease which is located at 5/256 Black Street, Preston. It is
located within walking distance to transport, shopping and cafes.
The key descriptions of the property includes: Two bedroom villa unit, spacious
kitchen with open plan living and dining, central bathroom, laundry and toilet, large
private courtyard and lock up garage.
The key features of the dining includes: BIR'S, wall to wall carpet in bedrooms, gas
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cooking, stainless steel appliances, gas heating, reverse cycle air-conditioning.
Please contact us for more details:
ABC Property Management Company
Mobile no: XXXXXXX
Email ID: [e-mail]
Risk management plan
RISK MITIGATION PLAN ACTION PLAN
Physical damage of
property
Managing the property
damage by claiming an
insurance plan.
Eliminating and reducing
the branches of trees,
stopping leakage in order to
protect the property.
Market risk Tracking and completely
analysing the market risk to
examine the problematic
areas.
Developing a risk
assessment plan by
analysing the value at risk
model.
Administration risk Assessing the feasibility and
also improving the database
of the rent rolls, property
managers which is useful in
analysing the data.
Organizing the key
information associated with
the databases of residents,
incidents, rent rolls and
claims (Hobley and et.al.,
2015).
Task 3: Prepare the agreement form
Landlord information Tenant information
Name: Ian and Rebecca Harrison Name: Aaron Hamil
Email: [e-mail]
Phone Number: XXXXXXX45 Phone Number: XXXXXXX93
Number of Occupants: 1
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Rental information
House Address: 5/256 Black Street, Preston
Date of agreement: 1 January 2020
End date of agreement: 1 January 2021
Rent amount per month: $1500
Security deposit: $1000
Late charges: $400
Date of first due payment: 1st of every month
Pay period: 12 months
RESIDETIAL RENTAL AGREEMENT
The lease dated on 1st January, 2020 between the landlord and the tenant Aaron Hamil.
Leased Property
1. The landlord agreed to lease the property to the Aaron Hamil for the use of the residential
premises only.
2. The dogs are not allowed within the property.
Term
3. The lease is for the period of 12 months dated from 1 January 2020 to 1 January 2021.
4. Upon no notice or under any notice the tenant can terminate the tenancy in case the
breach of any provision.
Rent
5. The rent of the property is $1500 per month.
6. The tenant is requested to pay the rent on or before 1st of every month to the landlord.
Tenant Improvement
The tenant is required to take prior written permission from the landlord before carrying out any
of the following:
7. Insertion of the hooks or nails in wall or apply of adhesive material.
8. Redecorating or alerting the appearance of the property.
9. Performing any structural changes within the property.
10. Affixing TV antenna or tower.
Maintenance
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11. The tenant at its own expense will maintain the property.
Care and Use of the property
12. The parties will adhere will the legal standards associated with the health, housing and
safety and sanitation under prescribed law.
13. The tenant will not indulge in any sort of illegal trade related activity of property.
14. In case of any damage, the tenant will notify the landlord promptly.
Rules and regulation
15. The tenant and landlord will adhere with the rules and regulation of the property.
Task 4: Prepare the condition report
CONDITION REPORT
Upon investigation of the property it has been found out that there is a:
 broken light fitting in the bathroom
 a hole in the lounge room wall
 a broken wardrobe door handle in the master bedroom.
a.) The tenant has made a breach of contract because the whole has been witnessed in the
lounge room wall of property.
b.) Tenants of the property has their right for privacy. The right and obligation of the
landlord to enter the property is to check if the property has been maintained effectively.
To evaluate if there is a breach to the agreement made between the parties (Schwalbe,
2015). To critically examine the health and safety concerns which has to be maintained
within the property. The landlord must give prior information to the tenant upon such
investigation.
c.) The landlord can enter the property if there is a breach of contract within the parties as
from the above mentioned RESIDETIAL RENTAL AGREEMENT. The landlord can
also enter the property for the regular inspection.
d.) The landlord’s or owner of the company has the right to enter into the property to carry
out specific set of investigation. The residents and the tenants has the right to enter within
the property. The landlord can enter the property by giving prior written notice to the
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tenant and enter between 8:00 am and 6:00 pm. The tenant can enter the property at the
time and date which has been agreed upon by both of them.
e.) The 24 hours’ notice period must be given to tenant.
f.) No, Aaron does not have the legal right to refuse the owner Ian to inspect the property.
Task 5: Undertake termination process
a.) The notice to vacate the property.
NOTICE TO VACATE
Date: 1 December, 2020
Name: Ian and Rebecca Harrison
Phone number: XXXXXXX45
Email: [e-mail]
Address of the leased premises: 5/256 Black Street, Preston
Date intended to vacate: 10th January, 2021
To Aaron Hamil,
I hereby provide you with the advance notice to vacate the property within the 30 days
from the service of the notice. You are hereby requested to surrender the possession of
the property to the landlord i.e., Ian and Rebecca Harrison on or before the 10th January,
2021.
It is to understand that:
The property must be left in the same condition which has been set forth within the lease
contract. In case the property has any damages associated with the broken light fitting in
the bathroom, a hole in the lounge room wall and a broken wardrobe door handle in the
master bedroom, etc. However, the tenant is responsible for all the cleaning and repairs in
order to restore the property in same condition as it was before. The security deposit
cannot be used as the final rent for the month. The security amount will be credited to
your account once all the dues are cleared and property is in well condition. I hope you
understand the concern.
Thanking you,
Ian and Rebecca Harrison
b.) Steps taken into consideration in order to work in the best interest of the owner:
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 Complying with all the legal documentation work while entering into the contract
with the tenant.
 Understand the needs of the tenant and verify the background of the tenant before
handing over the property to him.
 Complying with all the legal laws and legislations while coming into a contract.
 There must be no breach of contract which in turn is useful in to effectively work
in the best interest (George and Gibson, 2015).
 Proper documentation related with the name, ID, Proof, security deposit,
background history, etc. must be taken into consideration.
 Ensuring complying the government regulations and key legislation to work in the
best interest in a legal manner.
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PROJECT 2
a.) Complete the key register.
Risk IdentifiedDescription Probability Impact Risk
Score
Severity Owner Mitigation
Steps
Status
Advertising
for the
property.
Lack of
knowledge
about the
property is
the major
risk.
NoLack of
knowledge
about the
property is the
major risk
because this
way the
officer will
not be able to
give correct
description
about the
property
(Altman,
Larsen and
Buchanan,
2018).
Low 5 2 4 Officer The owner
must give
complete
knowledge
about the
property
which must be
included
within the
advertisement
to attract large
number of
customers.
In proces
Lack of
responsibility
YesAmanda is on
leave and she
needs to carry
out the two
OFI’s. the
responsibility
is given to the
receptionist
who might
not have an
Medium 4 3 4 Recepti-
onist
Complete
training must
be given to the
receptionist in
order to carry
out work in an
appropriate
and reliable
manner (TH,
In proces
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expert opinion
as Amanda
Watkins
(Poon and
Brownlow,
2015
).
2018
).
Time
constraints
YesThe Amanda
Watkins has
to manage the
work of two
property in a
limited time
period of 10:
am to 2:30
Pm.
Medium 4 3 5 Manager To develop an
effective plan
to coordinate
both the task.
She can also
gain assistance
from the
receptionist in
order to
complete the
task on a
timely manner
(Abdullah,
Nah, and
Razak, 2015
).
Approve
KEY REGISTER KEY LOCATION RESPONSIBLE
PERSON
TIME
REQUIRED
SIGNATURE
1. End of lease
inspection
Key
P06
13 Bucket
Way, Keilor
Officer Amanda
Watkins
2 hours Amanda
Watkins
2. Advertise a
rental property
Key
P267
25 High
Street,
Essendon
Officer Amanda
Watkins
2.5 hours Amanda
Watkins
3. Conducting Key 2/17 Paul Barber 2 hours Paul Barber
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OFI P515 Partridge
Street,
Niddrie
4. Conducting
OFI
Key
P349
23 Callum
Court,
Sydenham
Paul Barber 2 hours Paul Barber
Maintenance of the key registers is very useful because it helps in keeping track of the keys and
who is responsible to carry out certain task. This way it helps in completing the task in a
responsible manner.
b.) Determining the process for maintaining and accessing key registers.
The key registers is considered to be as one of the key significant phenomenon which is useful in
evaluating the keys which in turn are considered to be necessary for the evaluating key controls
which are to be taken into consideration to carry out the task in a legal and highly reliable
manner.
1. The key registers are kept in the spreadsheet format because it helps in keeping all the
data in a synchronized manner. It helps in easily finding out the key relevant data sets
from the complex and large set of information (Marona and den Beemt-Tjeerdsma,
2018).
2. The officer is responsible for maintaining the register and issuing keys in order to carry
out all the duties in a responsible and reliable manner.
3. The keys has to be obtained by the person who is in charge to visit the property. The keys
are signed by the registered person in the key register. The keys cannot be kept overnight
and must be returned to respective person within the stipulated time frame. The key
cannot be passed on to the third party and the person responsible must take the necessary
action.
4. In case the key is not returned, then the legal action can be carried out in the name of the
other person who has not acted in a responsible manner.
5. The security of the keys are maintained by keeping up all the keys locked up. This way it
is highly significant in protecting the keys of the property (Rammal and Zurbruegg,
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