Comprehensive Report on Real Estate Management Practices

This report provides a comprehensive overview of the real estate industry, focusing on key aspects of property management and tenant relations. It addresses questions related to services offered by property management agencies, the leasing process, and strategies for property maintenance. The report outlines the importance of various legislations such as the Residential Tenancies Act, Equal Opportunities Act, and Privacy Act. It also discusses the key register system for property security, reporting responsibilities to property owners, and termination protocols for tenancy agreements. Furthermore, the report addresses common issues arising from tenant and lessor interactions, providing strategies for resolving conflicts and outlining a list of actions for property managers to follow during the vacates process, from initial inspection to bond disposal. The analysis is supported by conversations and structured tables that enhance clarity and understanding of the processes involved in real estate management.

Running head: REAL ESTATE INDUSTRY
Real Estate Industry
Name of Student
Name of University
Author Note

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REAL ESTATE INDUSTRY
Table of Contents
1. Answering questions..............................................................................................................2
3. Listing ways an agency can gain rental listings.....................................................................3
4. Response to question..............................................................................................................3
5. Outlining purpose of legislation listed...................................................................................3
8. Residential Tenancies Act......................................................................................................4
9. Explaining key register system..............................................................................................4
10. Reporting to the Millers.......................................................................................................4
11. Days for termination............................................................................................................5
13. Response to the comments...................................................................................................5
14. Strategies to resolve the situation.........................................................................................6
15. Arranging the list of actions.................................................................................................6
Bibliography...............................................................................................................................8

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1. Answering questions
Mr Miller What services does your agency offers us as prospective lessons?
Property Manager The services provided by the agency includes valuation of the property and
providing legal advice about the progress towards purchasing or selling a property
Mrs Miller Can you outline the leasing process for us?
Property Manager Step 1: Property valuation
Step 2: Choosing an agent
Step 3: Cleaning and preparing the property
Step 4: Marketing the property
Step 5: Viewings
Step 6: Negotiating an offer
Step 7: Tenant screening
Mr Miller How can you ensure that our property is maintained?
Property Manager We offer cleaning facilities and provide opportunities to the tenants to keep in mind
the valuation that has been made based on the property that is going to be sold
Mr Miller What is the difference between a fixed term and periodic tenancy?
Property Manager A periodic tenancy continues until the tenant or property owner provides notice to
end the tenure. Fixed term tenancy exists for a short time and a limited time is set
for the tenancy agreement
Mr Miller How will you market my property?
Property Manager The marketing of the property can be done based on the valuation of the property
and its proper maintenance
Table 1: Conversation#1
(Source: Created by author)

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3. Listing ways an agency can gain rental listings
1. Advertising
2. Screening
3. Gaining tax payment
Table 2: Rental listings
(Source: Created by author)
4. Response to question
Mrs Miller I think you should advertise for a middle-aged female tenant interested in
gardening. We have put a lot of effort into creating our backyard garden
and it must be well maintained
Property Manager The advertisement need to be provided in newspapers. It can be a difficult job to
get recommendation for a gardener however, proper advertisement channels may
help in fulfilling the demand
Table 3: Conversation#2
(Source: Created by author)
5. Outlining purpose of legislation listed
Legislation Purpose
Residential Tenancies Act Provide residents with an opportunity to maintain their
property in a legal manner
Equal Opportunities Act Provide opportunities for men and women to participate in
negotiation techniques
Privacy Act Protects the personal property and information of the people

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from any trespassers
Table 4: Legislation
(Source: Created by author)
8. Residential Tenancies Act
a) Bond of $1,80,000 without pets
b) Rent of $450 needs to be paid
c) 7 days
d) For essential services, it is 24 hours and for risk that may lead to injury or damage
to property is 48 hours
e) Routine inspection need to be done 4 times in 12 months
9. Explaining key register system
1. The key register identifies the keys that belong to a particular property
2. After the purchase of a property owners need to hand over the keys so that any theft can be
reported and the key be replaced
Why? The importance of the register system is that it provides security to the property and
any illegitimate actions in the property can be reported to the owner during its absence
Table 5: Key register system
(Source: Created by author)
10. Reporting to the Millers
1. Report about any damage to the property
2. Report about the condition of the items in the household

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3. Report on any activities that may raise concern of alarm for the sale of the property
Table 6: Reporting to the Millers
(Source: Created by author)
11. Days for termination
a) 7 days. However, if notice is given then it may be 14 days
b) 7 days if notice has not been given
c) 7 days
d) 30 days
e) 60 days
f) 7 days
g) 60 days
13. Response to the comments
Tenant says The marks on the curtains are due to “fair wear and tear”
PM response Yes, the marks show signs of damage in the property and it needs to be cleaned with
immediate effect
Tenant says Mandy who has left the agency last month told us we could to put hooks up
when we moved into the property when I called up and asked about it
PM response Yes, you can put up hooks so long it does not interfere with any activities
undertaken by the neighbours
Lessor says The curtains must be cleaned and the picture hooks removed

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PM response Yes, the curtains need to be cleaned and the hooks be removed. Based on this
activity, the valuation need to be done
Table 7: Conversation#3
(Source: Created by author)
14. Strategies to resolve the situation
1. Ensure that the previous property owners does not leave any damaged property in place
2. Provide legal law suits about the damage to property and its consequences
Table 8: Conversation#3
(Source: Created by author)
15. Arranging the list of actions
1 The property manager commences the vacates process and commences the final
inspection
2 The bond is placed in the agency’s trust account
3 The tenant pays the bond, a receipt is issued
4 The property manager issues the final inspection report to the tenants within 14 days
5 The property manager informs the lessor of the tenant’s intention to vacate
6 The property manager lodges the bond disposal with Bond Admin
7 The property manager lodges the bond with Bond Admin within 14 days
8 The property manager calculates reasonable expenses payable for property maintenance
9 The property manager receives the agent portion of the bond money from Bond Admin
10 The property manager compares the final inspection with the initial PCR
11 The property manager conducts the final inspection
Table 9: List of actions

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(Source: Created by author)

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Bibliography
Barnes, M. and Schmitz, P., 2016. Community engagement matters (now more than
ever). Stanford Social Innovation Review, 14(2), pp.32-39.
Benito-Hernández, S., López-Cózar-Navarro, C. and Priede-Bergamini, T., 2015. Examining
the relationship between firm size and external advice on legal matters and human resources
by family businesses. Journal of Business Economics and Management, 16(3), pp.483-509.
Cerutti, E., Dagher, J. and Dell'Ariccia, G., 2017. Housing finance and real-estate booms: a
cross-country perspective. Journal of Housing Economics, 38, pp.1-13.
Nevarez, L., 2018. Race and Real Estate, by Adrienne Brown and Valerie Smith. New York:
Oxford University Press, 2016. 352 pp. 26.95paperback, 105 hardcover, ISBN‐13:
9780199977277. City & Community, 17(1), pp.300-302.